How Technology Is Driving Change In Almost Every Major Industry

from Forbes

I’m sure I won’t surprise you if I write that smart use of technology is an integral part of success in business today. We live in the digital era—using mobile devices to create, cloud computing to collaborate, cognitive computing and artificial intelligence to improve operations, and data analysis to extract key insights. And that’s just scratching the surface.

I’m not sure, however, that most people recognize how technology can help make a good company great, and great business owners—and hopefully, their teams—wealthy.

Last month, my team at Fundera released a report called “10 Businesses to Start Now to Be Rich in a Decade.” The report aggregated and analyzed data from the U.S. Bureau of Labor Statistics, market research firms, and investment firms—and determined 10 industries expected to generate high levels of job growth, revenue, and output in the next decade.

Basically, if you’re looking to start a lucrative business that will stand the test of time, something in these 10 areas would be a good bet.

More here.

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  1. Technology is implemented into literally almost everything in today’s world, and townhome who says their not a tech person is going to be in trouble moving forward in this world. When it comes to any industry someone is working in, you can guarantee more and more technology will be implemented into use in the field year after year. We have to be ready to tackle all of the learning curves this may bring in our selected fields because it will happen to everyone and it’s happening as we speak. The great thing about this technology is that it will no doubt improve efficiency according to how it will be used. Machine learning, cloud computing and AI are the biggest players that are contributing for this massive change to take place in technology across industries. These technologies just continue to improve meaning that what we can use them for just keeps growing and growing. The downside to this is that many jobs will cease to exist due to these types of technology that will make the need for a human to do certain work obsolete. To prepare for this it is beneficial for students if today to get into a field and job where they’re job won’t really be that affected by machines taking over.

  2. One final time, tech surpasses expectations and continues to infiltrate every aspect of our future lives. Just twenty years ago, technology allowed for the social norm to happen. People would attend college, get good grades, and would end up working in a job that lasted 40 years. However, with the introduction of new technology, certain jobs start to become obsolete. An example of that would be accounting. Because of technology’s grip on our daily lives, our jobs are starting to become more and more susceptible to AI’s ability to adapt. And we as humans cannot outperform robots because people have needs. We are a species that have to take breaks by eating, sleeping, etc. This is where the problem comes in. Because we are simply acting like humans, we are not as efficient as robots, who are capable of working consistently until they break down.
    This implies that robots are slowly going to take over all aspects of our jobs. As we improve the abilities of the robots, businesses and government would want to maximize their efficiency in production and everyday activities by implementing more robots. They would have a one-time cost (and little maintenance) and slowly become preferred by owners in the workplace due to their cheap cost and efficient work ethic. This would clearly create heavy competition between human workers in today’s world. As we can see, jobs such as accounting and lower skilled jobs are starting to become very unnecessary because of the robot’s ability to perform. Now, each generation is starting to slowly demand more and more from the common worker because we have the need to prove ourselves better than the robot or AI. This is clearly unfavorable in my case because I am currently in college hoping to have a job once I graduate.
    The best way to adapt to the extraordinary benchmarks technology is meeting is to find a way to adapt to the technology. This would require that the person understands how the technology actually works. In obtaining that information, we would be able to manipulate the technology to our favor, and wouldn’t be vulnerable to it. For example, Cybersecurity is an up and coming major. In learning cybersecurity, you are exposed to the way that networks and security measures operate digitally. It is terrifying realizing how easy it is to hack somebody. But, once you know the ways that they do it, you know ways that prevent them from infiltrating your boundaries in the first place. Overall, this tech boom is coming, and there’s nothing we can do about it. The most important thing we can do is stay ahead of the curve and be the bus driver or passenger, not the roadkill.

  3. Using technology to the best of our ability is a must in today’s world if you want to be successful whether it be in your own personal life, your business, etc. Competition is the main cause of this because if you take one company who uses technology in the best way possible and another company who doesn’t, the company using the technology will simply be more productive. The advancements that technology in our world has made over the past decade has made life easier and has allowed us to be more successful at what we do. Some people prefer the classic ways without using technology, but that is because they don’t know what the technology is capable of. I believe that once we start using technology we are somewhat reliant on it, and that can be a dangerous but also beneficial way. If we can keep our priorities in order and focus on the specifics, then we will be able to create a great sense of efficiency from using technology. The only drawback to technology such as machines is that it replaces jobs for human beings, however there is also jobs needed to manage, maintain, and run these machines which makes up for the lack of jobs.

  4. This article brings up a lot of great points about technology in different industries. When I think about the effects of technology today, I generally only think about cellphones, apps, and websites. However, the author makes a super intriguing point that technology, within the next decade, will be dipping its tie into every industry. Whether it’s data technology or cryptocurrency we really are at the forefront of a technological age that will shape the way we operate. And even though all this technology is being created right now, I think an important point that the author made in the article was that, “companies can suffer heavy losses or even go bankrupt by investing in the wrong technology at the wrong time”. This is such a key point that I believe should be emphasized. There shouldn’t be a rush to adapt all new technology that arrive but rather a new approach to be taken in order to maximize efficiency. For example, had banking started to adapt Bitcoin at its highest back in 2016/2017, they would have been met with tons of difficulties. In my opinion, there’s definitely a place for crypto occurrence in banking but it definitely is not now. Other industries are similar, and should certain companies rush to adapt beta type technology before it is fully maximizing their efficiency, just for the sole purpose of hopping on the tech train, there will be problems. One part of this article that I felt applied to my life was the section which discussed using technology to optimize what we already do in the workplace. I’ve worked in a restaurant for years and when I first started, in order to work the rotation of tables every shift we used a pen, paper, and logic. However, within the past year we’ve switched over to automated systems which tell you where to go next, when a table is likely to get up, whether each guest has special request, etc. Although this has made a huge difference in out restaurant, there are times where I feel that the computer isn’t equipped to deal with certain situations and there are certain operations that just aren’t fit for the system. As time goes on, I am sure we will begin to see a better version of the app we now use, however, as of right now there is still a lot of work to do. Similar to this app, technology is just at its beginnings and will continue to grow extremely fast. Industries, regardless of what type of industry, must learn to adapt early on.

  5. Technology has changed the world we live in today. It has affected our personal lives in a drastic way. In 1990, the internet and Wi-Fi was like a dream and only was available in some colleges and was very rare. However, in just about 10-15 years starting in 2000 the internet and technology was everywhere and everyone had it in their homes and work places. Much of today’s society runs around technology and without the knowledge of how to use it will be hard to do everyday activities. With the introduction of technology it has hurt some industries in a negative way but also has helped other industries in a positive way. With the era of cloud computing, AI, and improved operations because of technology it has changed the way every industry operates.

    For example, technology has been the driving force to improve healthcare for patients. Technology has allowed health care workers to look at data collection and conduct research which has allowed medical professionals to use to provide the fastest and most productive heath care aid to their patients. Patient care has become safer and more trustworthy in recent years because of information technology. Now a days heath care workers use computers to record patient data and use it to help diagnose a patient. Additionally, robotics has help the paralyzed people. Robots have helped create robotic legs and arms which is amazing for the patients that need them so they can walk and use their arms just like the rest of us. Therefore, the healthcare industry has benefited greatly from technology changes and will continue to improve as technology continues to grow every day.

    A negative way technology has hurt an industry is retail banking. I actually used to work at a retail bank and I can see how technology has taken over human presence at banks. During my finance and technology class we talked about how ATM’s and online/mobile banking are stealing jobs. There are many disruptive technologies that hurt retail banking, one of which is AI (Artificial Intelligence). AI is transforming the way people bank and Teller jobs are hardest hit by AI. Due to the rise in mobile and online banking people are less likely to go do a transaction at a bank when they can just do it from there phones. Additionally, the added aspect of ATM’s that banks offer is taking away jobs from retail bankers. Now, a person can use the ATM to deposit cash, checks, see balances, and transfer money instead of going to see a banking specialist. Additionally, banks like Santander and HSBC have launched voice-banking technology where they ask about card spending transaction and they have feature to make payments, set up account alerts, and answer any questions. Also, it is easier to open accounts through variety of ways instead of going to a retail bank. Therefore, block chain is also a disruptive technology that affects retail banking. Instead of relying on intermediaries to approve transactions block chain technology can create faster payments with lower fees than the banks can. Block chain also makes it a lot more secure to borrow money and initiate lower interest rates for the user. Additionally, block chain has made it quicker to transfer funds. The funds that are transferred will be available faster and with less fees attached internationally and domestically by using cryptocurrency. Block chain also provides a trading platform for securities exchanges by making the settlement of trades faster instead of waiting three days or more to complete a transaction. Therefore, AI and Block chain are trying to take over the retail banking industry and without any help there will be no branch banking and jobs will be lost in many numbers

    Therefore, as shown in the article there are ways that technology has changed many industries in a positive way. However, technology has taken over jobs which can hurt the unemployment rate and the economy. I believe that technology is a good thing and will successfully benefit companies to succeed in the future. It will create new discoveries and helpful ways to make our lives easier and less likely to make a mistake. Therefore, technology is a driving force for a positive change in many industries and I believe it will continue to be beneficial to society.

  6. Technology is growing exponentially in every business field and with our tech savvy society that we live in today, it is important to utilize these advances and to incorporate them in one’s business. As the article stated, “Tech companies capture nearly half of all venture capital dollars, and forecast output growth is at 135%” (Hecht 2018). This is a remarkable statistic because it shows the need to apply the latest technology in any business in order to be competitive in today’s marketplace. Whether one is an entrepreneur just delving into a new business or the owner of a long-established business, it is crucial to keep up with the technologies of today because if a business does not adapt, it will be left behind. The advancements of technology are even included in one’s everyday food shopping experience. Amazon is creating autonomous stores where one can walk in and walk out with groceries and not stop to check out. Another example is the online shopping experience. It is not only groceries that one can order online and pick up in store but office supplies as well. One can order necessary items at Office Depot online and within an hour pick the order up in the store. This advancement has made strides in convenience for people and if competitive businesses do not adhere to the future then they will lose the customers needed to survive in business. This ease of service allows the fast-moving world to continue to grow with technology. If one thinks about it, as the big stores continue to advance rapidly, the small, independent, family-owned stores have an even greater need to keep evolving in order to continue to stay relevant in their business community. The challenge lies in being able to afford the technology necessary to stay ahead of the curve and promote a healthy business. Although it may be a difficult budget to start with for some smaller companies, the advancements of business ventured technology will increase sales and promote a future for one’s company. With this forward motion, the future of one’s business will be surpassed if one does not keep on trend.

  7. Technology is transforming the methods in which businesses operate. Today business use online communication platforms, like slack, almost exclusively. Furthermore, there is a shift in the use of cloud computing and greater use of software to perform simple tasks. It’s not just business, nearly every industry is utilizing new tech. Data-keeping, biological technology and personalized health options are working together to alter the healthcare landscape. Additionally, block-chain is changing the way finance performs on a day to day level.

    This is nothing new. Technology has been the catalyst of change for the entirety of human history. Sometimes a single invention or scientific revelation impacts the entire world. For example, the invention of the internet forever changed how people communicate, shop, research, work and perform a myriad of other tasks. Every time a significant technological aspect is introduced into the world societies, economies and governments are effected. With the onset of the airplane the government was forced to respond with a whole new code of laws to manage and regulate air travel. This came with the revolutionizing impact on transportation and subsequent economic benefits that were associated with airplanes.

    Today artificial intelligence is at the fore of innovation. The applications of artificial intelligence are nearly endless. AI can perform a range of complex to simple tasks. AI can now execute physical tasks that were previously exclusive to humans. Formerly, computers were limited to organizing and processing information. Now technology is at the point where AI can physically sort, transport and identify objects in a warehouse setting.

    With this leap in modernization comes consequence and responsibility. Corporations that can effectively implement new forms of technology into their business will flourish and more importantly, stand the test of time. Business that fail to adjust or implement these innovations appropriately will be left in the dark. Equally important is the fact that the labor force must adjust. Eventually AI and software will replace humans in more and more positions. There are two options for these laborers: adapt or resist. The Luddites of the past are a perfect model for how reluctance to conform to new technology is a dead end. People preparing to enter the workforce must make themselves valuable again by gaining new skills. Change isn’t necessarily negative; the new labor force won’t be smaller it will just be different. Just as there is a higher education level now compared to 50 years ago, even more education will be needed to compete in a robust job market dominated by machines. Likewise, a greater level of technicality will be necessary to operate AI and new software. It is with these sacrifices that human progress is possible.

  8. Technology has completely changed the world we live in today. It has helped many businesses grow in ways we could have never imagined! Businesses today have been able to expand on many inventions and create new things due to the technology we have today. I thought it was pretty interesting how the team at Fundera was determined that at least ten businesses were expected to achieve high levels of job growth, income and outcome within the next decade. They put together a report stating that there are ten businesses that people should start now in order to be rich in the future. Those ten businesses are tech, health, energy, media, consumer retail, construction, hospitality, finance, real estate and transportation. I was fascinated with the fact that these were the top ten results, but it also made me think because I feel as though that is what most individuals try to make their profession. The number one industry is of course tech because as the article states, “Tech companies capture nearly half of all venture capital dollars, and forecast output growth is at 135%.” I thought this was very interesting because the entire world had changed due to the use of technology. No matter which business you get into, technology changes everyday and the business will lead to a huge success because of it.

  9. Technology has already started to consume individuals’ lives in many ways, mainly through the use of social media. In this day in age, technology is starting to expand from just social media, but venture into businesses themselves. Corporate companies are now switching from paper to digital in hopes of saving time, money, and manpower; however, what are we losing from ditching paper all together? In my opinion, technology is associated with many great things such as AI (artificial intelligence), cloud computing and analyzing date, but technology is also associated with a plague- laziness. As companies and people move further into technology, we start to develop on dependency on it. In this article, technology is looked at through the scope of our children. By age 10, it is reported that a child first receives his or her smartphone, and by age 12, half of children already have social media accounts. Smartphones, in the hands of children, are exposing them to new opportunities, but not all are good. There is a growth in cyber bullying that comes along with social media that children are now exposed to. Technology, in the hands of children, also serves as a distraction in class and in the “real world itself”. Because children are so now invested in social media, they are now invested in the portrayal of a “perfect” life of others, without focusing on reality. Simply put, technology has already consumed our lives and the lives of our children.

    As companies begin to rely on technology, there is now no longer a need for manual labor. The development of robots to complete simple task, although may improve the timely manner of a project, it also causes a great dent in the job market. The demand for humans to do simple tasks will no longer be needed, as companies will now rely much more on machine learning. In this case, many Americans will be out of a job. What does this mean for our country? This means with the increase in demand for technology in businesses, also comes in increase in the rise of unemployment rates. Now, technology in business does not mean a total demise in the need for human employees; however, it does mean that there will no longer be a need for humans in certain industries. Because of this, people will now have to re-allocate their resources in different fields. This also means that there will be a growing dependency on states’ unemployment compensation funds. Taxes will eventually be raised so that individuals can apply themselves in a new field.

    Although technology does have certain benefits in business, the growth of dependency takes away jobs from individuals in our country. Does this mean all companies will completely switch their business to totally digital- no. Some companies, such as ones in the legal field, also depend on things not entirely digital. Is technology a powerhouse for businesses? Yes, but at what cost, and where do we draw the line for technology in businesses?

  10. Technology is becoming more and more imperative in all businesses in the world by the minute. The two top industries of the future are the technology industry and health industry. Both types of companies rely heavily on new innovations in technology. The top ten businesses to start now are technology, medical, energy, media, consumer retail, construction, hospitality, finance, real estate, and transportation. All these fields are expected to increase at substantial levels in the next ten years. The wide range of these fields, reaching from medical to construction, shows how the expected technological innovation is perceived to increase the capabilities of these fields to make more profit.

    One of the new technological innovations that are expected to improve and make business more efficient is Narrow AI. Narrow AI is a machine that can perform specific tasks effectively. These tasks can vary from filling out tax forms to booking flights and hotel rooms. The effect of this becoming more effective is incredibly intriguing. Firms would have the ability to use Narrow AI over hiring actual people could save money and improve the productivity of the company. The Narrow AI makes the idea of firing someone to replace this be a huge win. The company would save money from firing the employee and have the potential to make twice as much. The innovation of Narrow AI could prove to increase a company’s profit substantially.

    It is shocking to me that so many fields are benefiting from the technological boom of the 21st century. Technology giants such as Apple and Microsoft are companies that I would expect to have substantial growth from the enhancement of technology. Finance and construction are two fields where I initially couldn’t figure out the effects new technology could have on them. Narrow AI can create algorithms for finance industries that inform them on when to invest and when to sell. It can also influence how many people are needed and the amount of work is required from each person for a company to thrive in the present and future. In conclusion, this article showed me the widespread effects of technological advancements, like Narrow AI, can allow many fields to substantially grow and profits in a short ten-year period.

  11. Technology has had a very rapid growth in the last decade. Many small business were able to succeed just from moving their business to a digital platform. Everyone uses the internet today. It is very hard to maneuver around your daily life if you don’t use some type of technology. People are constantly looking for easier and faster ways to do their everyday tasks. For example, one of the reasons Toys R Us failed is because Amazon was taking all of their business. People no longer wanted to leave the comfort of their own home and go buy toys for their kids. Instead they found them online and waited for them to arrive at the door.
    My oldest brother works for the corporate offices of BMW. When he was getting acquainted with the office and the people there, he realized that there was a woman who worked there that controlled all of BMW’s social media. This is creating jobs for many companies because of the fact that social media is playing a huge role in marketing today. Another way for people to make money today is by creating helpful apps for smart phones. One app that really took off in the past couple of years was Uber. Before Uber, people would have to call car services and get cabs, but today people are saying that if you need to get to the emergency room fast, call an Uber because it is cheaper and faster than an ambulance.
    In this article, it is mentioned that “companies can suffer heavy losses or even go bankrupt by investing in the wrong technology at the wrong time”. This can be a huge downfall for companies because investing in the wrong type of technology that does not respond well with people could make your company go under. This is a reason why it is such a risk to branch out in the technology community. Technology changed a lot in the past 10 years and it is going to keep changing the way we do things and how we do them. Companies will be so advanced and it will get to the point where everything will be online based and real stores will no longer exist.

  12. This article should serve as a wake-up call to those that are holding on to the past. These 10 businesses are only the tip of the iceberg when it comes to change in industries. Finance for instance use to all be done by the financial planner but now they just guide the process and work the tech software in the background. This also serves as a call for us college students to see the workspace differently then we have already. In class I was taught the phrase “Think different”. Apples marketing team came up with the phrase when they were trying to convince people to switch from Microsoft to apple products back in the day. Now we see apple as a tech monster, and they have taken hold of the cellphone and laptop industry. They thought different and that helped them succeed and so should we. Personally, one of my majors is finance so I know that I have to have a heads up for change in the industry as traditional jobs aren’t there anymore. Technology is huge today and I don’t think that the AI aspect was touched on enough in the article because it is a huge component to the job market. In fields like finance the computer is starting to do more and more of the work and soon people will just be able to talk with a computer to get the advice they need of where to invest the money they have. In the health field they mention in the article AI is going to takeover more and more of the doctors’ position in the field. AI will be able to be custom for each and every patient so they will always know what to do when the patient is having some sort of trouble.
    Overall the most important part of the article is that people have to adapt, or their careers will die. We no longer have the ability to just go get a college degree and just go get a job that will last us until we retire. We have to find work in places that we can be useful because if we don’t make ourselves unique and helpful to business we will be out of a job. Humans naturally resist change because of the risk of what will come if things are changed but we can’t stop the progress of technology. Technology is a great thing and we all should look forward to not only its progress but the progress its going to force us to make in changing the way our society works as a whole to adapt to changes in the workplace and ever progressing AI.

  13. Technology is taking over. Enough said, everyone knows. The article here pinpoints that obvious statement and talks about 10 businesses to start now that will make you rich in a decade. After clicking on that link, it leads to another page where it discusses the big ten: tech, health, energy, media, consumer retail, construction, hospitality, finance, real estate, and transportation. Each of these has many benefits but should also look at some of the negative aspects.
    Starting with technology, it has grown throughout every generation, more and more technological advances developed. There was a time when advertisers who sold simple products like water bottles might say something like, “We have a new variety of water bottles in different sizes and colors”. Today the same advertisers would say, “We have developed a new technologically advanced water bottle using this type of technology”. The industry has grown, and investors are taking advantage of this. However, the one downside is with the new increase in technology, products are being released and later recalled due to faultiness. Take example the release of the hoverboards. Those were the new hit product to buy but were recalled due to them catching on fire. Even as this industry grows, people need to realize that there are always going to be faults.
    The health industry has grown, too. This industry is increasing in jobs which is benefiting millions of people. Like before, the health industry needs to watch for possible defects in products. There are all these apps that are being created, but apps can be misdirected and cause patients to possibly take wrong doses of medication or even the wrong medication. With a problem like this, it would be hard to find the source because if a doctor set the wrong dose for a patient, you know to blame, but if a computer or app makes a mistake, there is nobody to blame.
    The energy field is rising and many investors are taking advantage of this. The media field is also expanding which can cause problems for people who cannot control their social media habits, games, and other sources. People will be willing to buy more and more products, but this can cause harm to society once they become far less productive. Consumer retail has changed since now people have the urge to online shop. That industry has grown but this puts many retail stores out of business which can affect employees. Construction tech has grown providing more safety for workers and construction itself becoming less costly. This is good for current of future home or business owners but means less pay for the workers themselves. One of the big advances listed was transportation. As technology advances, people are always talking about self-driving cars but as the news has sated, they are still not ready. However, when the day comes, this would put many drivers out of work.
    In conclusion, technology is advancing and can bring much profit to investors, business owners, and possibly the employees. The only problem is as one business grows, another must fall. The more technology takes over, the less opportunity there may be for average workers.

  14. It’s no surprise that technology is changing business or that it’s a deciding factor in whether or not a business will continue to do well against its competitors. When the idea of economic growth is ever uttered, the fact that technological growth and usage are a major factor isn’t far behind. It’s been known for years that technology and industry go hand in hand, and only the companies that won’t utilize it to its fullest potential are the ones that are also failing and falling away to the annals of time.

    To look at a prime example of one business succeeding over another just due to technological intelligence and understanding, one has to look no farther than personal entertainment. Blockbuster LLC and Netflix are the two generational behemoths of personal movie and tv show entertainment. A decade and a half ago, one couldn’t drive to the next town without seeing another Blockbuster. They provided rental movies, tv shows, and even video games to consumers at their brick and mortar locations, or online through the postal service. In 2001, after the dot com bubble and 9/11, many companies were hurting, Netflix included. At this point, they were only an online dvd rental service, and were nowhere near the giant streaming platform that they are today. They cut about three thirds of their overall company, understood what they needed to do, and began growing. They cut the employees that no longer fit their standards, worked on setting up their streaming service, and quickly passed the desolate stores of Blockbuster in terms of customers. Netflix did a fantastic job of reading where technology was able to take their industry, and capitalized immensely on it. Now, Blockbuster no longer exists, and Netflix has a near monopoly on the online streaming service, rivaled only by Hulu and HBO.

    That’s just one example of how companies have to look toward the future of the industry and where technology can help guide them in order to stay afloat and keep earning a profit. The article talks more about how important technology is, which is evident by anyone living in the current era, regardless of it they make proper use of what resources they have at their disposal or not. Overall, the takeaway of note is that some companies still refuse to internalize that change is constant and that they have to jump on whatever ship they can find that leads them to future endeavors lest they be left behind by everyone else that is smarter than they are.

  15. At first glance of this article I was not all that surprised by the industries that have skyrocketed from the implementation of technology. The author Jared Hecht talked a lot about how applications, firmware and devices have aided the performance of certain industries. However, I think Jared’s argument is missing some valuable information. While technology is creating a substantial amount of new income for businesses there are some dangers that come from the implementation of technology. For example, look at the transportation industry which has been flipped upside down by the integration of apps like Uber and Lyft. Thousands of people are now employed through the use of ride sharing with a vehicle they already own, but many overlook the effects this can have on already established taxi companies. For unemployed taxi drivers who don’t own their vehicles it can be hard to tap into this technology. With the new competition that comes with technology, many can be left jobless because of the accessibility of it. To look at it from an economist perspective, technology can turn an industry that was once dominated by major companies into a perfectly competitive marketplace. Now there are no barriers to entry and many new companies are able to start selling items/services. With my own entrepreneurial experience, I have seen that more websites and learning tools have been available to the masses for free. Technology and social integration have made educational sites like Khan Academy and devices like laptops more cost efficient. Even though this creates an issue where specialists are now diluted in the employment market, technology still allows an increase in the productivity of workers which creates overall economic growth. Even though I seem like a pessimist when it comes to technology, I feel that we should accept it if it has the ability to save lives from diseases. Applying this idea further to my major in finance, I can see how the industry is using blockchain technology to diversify their investments and technology. I saw this happen last year with the explosion of Bitcoin in the market and the hedge funds that were newly founded off cryptocurrency. Not only has that industry been transformed off digital currencies, but there are now new scanners that are being utilized to detect potential stock trades and forecast a future economic collapse. Overall, I believe that technology can make or break our future industries and job markets. If society can successfully and efficiently implement technology in our world, then maybe we can work to solve more pressing issues.

  16. Technology continues to advance every day in order to improve our lifestyles. It came as no shock reading that technology is driving change in almost every industry because we live in a society that depends on technology. As I mentioned technology is used to make our lives easier, our generation likes short cuts which help tasks get done in less amount of time with minimal effort. Short cuts like hands free driving, automatic entry for tax forms, booking flights, and etc.

    Often times companies do not invest in the right technology, which can eventually lead to bankruptcy. Therefore, it is important to invest in technology that will benefit your company the best. For example, an accounting firm needs programs that store all their accounts and balances of their clients. Technology like excel, allows accountants to not only store these accounts, but use all tools to make their job easier. Therefore, this program is very beneficial for the firm and increases productivity within the firm.

    Technology leads to more productivity with less effort. Due to this, we can become more successful as well. Often times business workers want help on problem-solving and decision-making because they can’t rely on themselves. Thankfully, there is technology created to do all that for us! The narrow AI makes all of our lives easier. It is crazy to see how software like this tries to mimic the human mind! The accuracy of technology is unbelievable.

    As technology increases it seems as if the rise in job production towards that field will rapidly increase as well. Our generation is always on the hunt for new technology and is willing to immediately purchase to use for our means of necessity. Every time Apple comes out with a new iPhone with new features, all the products immediately sell out. People desire to go into jobs fields that produce a lot of income. However, developing technology is not as easy as using it. Developing technology is very difficult and time-consuming! Once new technology is brought into this world, our society becomes very eager to purchase it.

    Personally, I use technology on a daily basis. Whether it is to search up something or use my social media, technology is very important part of my life. Not only do I find technology beneficial but often times it can impact my mood. For example, I can watch my Netflix show on my phone, when I have some free time and I will be very happy! I use technology for all my homework assignments as well, especially for this one. Technology allows us to form a sense of communication with one another as well without physical presence. I know if technology use was not as strong as it is today, then I would have difficulty handing in my assignments or even watching t.v. shows!

  17. Technology shows no mercy to any industry, as the article” How technology Is driving Change In Almost Every Major Industry” mentions a major reason for that industry’s expected success is “how technology has changed, and will continue to change, its trajectory.” The true nature of technology is like a language fulfill with rituals, values, commerce and the arts-it’s a fundamental part of a cultural system that both shapes and reflects the system’s values. For many industries technology is necessary one way or another, technology is a complex social enterprise that includes not only research, design and crafts but also finance, manufacturing, management, labor, marketing, and, maintenance. The article” 10 Businesses to start Now to Be Rich in a Decade,” states “technology leads the peak primarily because their sector overlaps with other industries. Transportation tech, fintech, and health tech are all thriving sub-industries.” It is not a surprise that technology is the number one thriving business, it is the base of nearly everything we do and experience these days. It is crucial to understand how businesses can use tech to their advantage, regarding the business field that one may have does not necessary mean that you must purchase tech products and platforms just to feel “up to date.” If the wrong technology is brought it can reverse the effect on your company and can suffer bankruptcy instead of prospering. The key to technology is to see how it can continue to improve existing operations. Technology also offers a wide range of improvement in many business areas such as efficiency and productivity. Technology can improve efficiency by allowing staff to either speed up processes or allow new more flexible ways of carrying out the job. Now, productivity is essential in any business, the output of any business is essential to the nourishment of a company. The article “Increase efficiency to maximize your profit“ by Fundera mentions that when productivity and technology are mixed together they can; “improve communications across business, increase connectivity of staff, including those working remotely, enable collaborations between different terms or parts of the business, enhance employee engagement and motivate staff, and help you track and analyze performance and progress toward goal completion.” In the long run every industry that was listed on by Fundera is in some way powered by the gains that technology can offer them.

  18. While reading this article, one sentence stood out to me throughout. “The industries of the future are all powered by tech” (Hecht). While this is true, looking around today, we can already see it happening. Hecht does a great job at showing how almost every business today operates with the aid of technology. For example, one of the largest Registered Investment Advisers (RIA’s) Vanguard, would manually back up data from day to day operations on to tape and storage drives to be kept in a secluded area. With the advancement of cloud computing, everything can be backed up and stored in a cloud environment. While this is a fascinating advancement, some see it as a detriment to the American job market. An example of this is McDonalds. In the past couple of years, McDonalds started to integrate kiosks, a device that requires nothing more than pressing buttons to place your order. While this is helpful to those who wish to order from McDonalds, it is at the demise of a paying job. The integration of technology to “legacy industries” has changed the way we eat, sleep, travel and live. A few examples include Uber Eats, Sleep Number Mattresses, Airbnb and These are not only prominent goods and services that have been involved with tech, but have skyrocketed to compete within their respected industries. However, using technology and integrating technology into your business are two different entities. Using technology can be taken as using preexisting technology to either ease your workload or to further your expose your business. Integrating technology into your business an essentially be a rebranding effort. Depending on what kind of technology you wish to implement, this can further innovate how you do business or cause a total restructuring of your business model. It is important to understand all the aspects that will be influenced by the addition of the chosen technology. Technologies do not exist in a vacuum. They are dependent upon each other. There are many aspects of the business that, on the surface, are unaffected, but in reality, have huge organizational disruptions and budget impacts. Business processes need to be changed, date sharing formats need adjustment and resource management and training needs are all impacted. Technology investment is never as simple as flipping a switch. New technology brings unforeseen costs, shifting of resources and in some cases an overhaul of the entire organizational structure and culture.

  19. At the beginning of the semester Professor Shannon told my class that if we had the opportunity to take Information Technology as a minor, we should do it. He said that almost all areas of employment are switching to a more digital way of working. This article states the same message that Professor Shannon was giving to my class. My father was worked in the IT department with my large companies, Johnson and Johnson and Merck just to name a couple, and he has told me that companies are always looking to hire people who are good with computers because of the importance that the computers have to the company. The article states that technology is not only powering its own industry but also a large number of other industries, such as health, energy, finance and real estate. The article brings up cryptocurrency as a way that new technology will affect the finance industry. Back in high school I had a friend who bought one Bitcoin when it was only $1,000 per Bitcoin. All of my friends and I teased him about because he never thought that it could go anywhere. Little did we know that it would grow it be worth almost $20,000. He sold it at $20,000 and looked at all of use and started laughing. He had paid for the first two years of his college and had money to go Europe for the summer. This example showed me how technology could not only affect the technology industry, but also the financial industry. Another example of technology influencing a new industry is transportation industry. With the emergence of Uber and Lyft it is more affordable and environmentally friendly to use the new technology to get from one place to another. Not having to ride a bus to work every day or just driving around the block to pick up dinner is a huge convince. Being able to call a ride or being able to order food from your phone is a great example of how new technology was shaped the different industries in America.

  20. I am not at all surprised about the impact technology continues to have on various businesses across the country and all around the world. According to an article on Forbes, published by Jared Hecht, “Regardless of industry, a major reason for that industry’s expected success is how technology has changed, and will continue to change, its trajectory.” The evolution of technology can help businesses grow in tremendous ways. Jared Hecht has developed another article with his team, “10 Businesses to Start Now to Be Rich in a Decade,” describing the top ten businesses that would gain profits due to the change in technology, with the top three industries being technology, of course, health, and energy. As I was reading this other article, I was surprised to see that the transportation business would be number ten on the list because of how technology has evolved in this specific industry, especially when it regards automobiles; the automobile industry has truly shown how technology has improved with the electric cars from Tesla, an automobile company owned by Elon Musk. In my opinion, the transportation business should be in a higher position on the list. Now, I do not necessarily mean in the top three, but maybe in the number five or number six slot. Also, during my read of this other article, I found interesting about the description of the construction business. We are all accustomed to construction being hands-on labor, but according to Priyanka Prakash, publisher of “10 Businesses to Start Now to Be Rich in a Decade,” she describes how technology, along with current policy issues, will change “the face of the sector.” As a result, construction will gain more outgrowth, after the top three industries, with the following statistics: as described by Prakash, “The industry employed 6.7 million people in 2016, and this is expected to increase to 7.6 million jobs in 2026.” That is a 131% increase in projected output. With this evolution and improvement of technology, great things are going to take place for all businesses in a decade, utilizing technology to their advantage, whether it would be for advertisement and sales or to conduct a research.

  21. Every single part of our lives has been impacted greatly by technology, which is the core idea of this article from Forbes. Jared Hecht focuses on the idea that growing technology helps business really take operations to the next level. It also touches on the underlying idea that technology helps to take society to the next level, making great advancements that improve the lives of all humankind in various areas. The sector of tech itself has already revolutionized the way that information is stored and shared, as well as the way we see the world itself. Business has reaped the benefits of tech.
    The benefits of tech have helped us to streamline processes and generally make life easier. This principle is not just applied to business in the article, but also the fact that technology has made it easier for all of us to live. Examples of these tasks that some people find daunting included tax forms, booking flights and getting hotel rooms. All of these have become easier with the rise of technology.
    Technology is interesting because in 2019, we all think technology is digital, where as the ideas of technology and innovation have been around for a while. The original motorized car was technology as much as a self-driving car is to us now. It is interesting that the article reflects so deeply on the idea of ‘technology,’ in such a digital fashion. While digital is a primary function of the idea of technology, it is important that we do not discount the idea of innovation outside of the digital sector.

  22. This article was a very interesting read but what I noticed is that the author, Jared Hecht, only looked at the positive sides of advancing technology, not the downsides. He describes how many industries can expect major growth from technology and that people should focus on how technology can continue to advance and improve many fields of work.
    While I agree with the statement that technology can advance certain industries, all of the new technology leads to decreases in jobs and increase in unemployment. In my Management Information Systems course (CIS 385) we just read an article that details how jobs like manufacturing, and even office jobs are be taken over by technology.

    Robots and machines are now able to do jobs of collecting data, manufacturing products, and more; jobs that used to be only done by humans. Jobs in law offices, clerical work, and finances are being depleted while jobs in engineering and computer systems are increasing. However, now a days people need degrees in these fields and many workers can not get these jobs because they do not have a degree. In terms of the unemployment increase, I do also see the benefits of the advanced technology.
    In the article, it gives the example on how the health industry can grow with the capabilities of the new technology. The article states, the health industry’s overall future output looks strong thanks to the subsectors of biotech, health data management, and personalized health solutions—which is based on the idea that your health data will drive your immediate and long-term treatment options” (Hecht par. 7). Technology can lead to major profitability in certain industries especially in health care. With the ability to preform more advanced surgeries and provide better and more personalized health care, an increase in profitability is definitely on the horizon for health care. This can go for many different industries also.
    While I agree with this article in that technology can be a positive for the future, one has to take into account however that although industries and companies may become more profitable that it could come at the cost of people losing their jobs.

  23. The growth of technology has given drastic changes in the world of business, society and personal encounters. The first major impact that I could remember with technology was the introduction of the internet and Wi-Fi, in which, would be used into cell phones, computers and other electronical devices. Along with the use of libraries, it would disappear slowly due to the easy ability of ordering or looking up books through the e-commerce. In addition, with the introduction of technology today, many businesses and companies can use digital platforms, saving their budgets on sending paper mail, supplies and paper files.
    For instance, technology has come a long way in improving in the world of business operations, healthcare and even schools. Technology has allowed businesses or companies to operate using different data that can provide the most productive way to become efficient and top of everything. Such as, knowing the recent market shares, communicate with international companies and even help workers who are in disability still be able to work from home using the company software. In healthcare, as mention in this article, technology has allowed the medical field to become faster and reliable in hospitals and medicines. With the evolution of 3-D printing, it has helped the medical field to build limbs for patients or use it for surgical practices. Technology in school have improve tremendously. From chalk board to smart board, students can interact in class more than usual. College students can take classes online and being interactive as they would be in one-on-one classes. Moreover, technology have made shopping easier too. With e-commerce growing every year, customers rely much more on communicating with the suppliers through email than on the phone as well as tracking the shipments.
    However, technology is not just a positive aspect today. For example, regarding schools, college students are not as enthusiastic in doing research papers or studying for exams because they can look up almost everything on the internet. Some businesses are relying on the evolution of mechanical help rather than having actual workers. This has given companies to save money on paying employees, although it has allowed people to be unemployed. In addition, the writing industry, such as books, magazines and newspapers are falling too. As people are on their phones almost 24/7, they are not interested in picking up a newspaper as it was back then, they would rather read current issues and news through social media or on internet websites. As well as, in reference to law, the copyrights issues are placed heavily today because of free streaming and downloads for music, movies and books are easier to do with the correct technology.
    As shown and talked in the article, there are ways where technology has changed different industries positively and negatively. Technology has taken jobs from people and businesses, also has made changes to the economy as well. Technology in my opinion has created successful benefits for different industries to succeed, such as, making helpful ways in making less mistakes. Although, we all must be careful on what to use and click on because now everything is protected and secured and can be easily tracked down. Furthermore, technology is not just driving industries to commit into changes and taking over, rather it is giving industries a chance to improve and have people be ready to use it to the best.

  24. The technology industry has, time and time again, continued to push the envelope for how business, both big and small, are run and operated. The tech sector is already one of the biggest industries and continues to grow every year by huge margins, with growth expected to exceed 135%. If we look at the number one industry expected to grow, its technology. Number two is healthcare, which is an industry that needs tech to survive and grow, and even the “legacy industries” are continuing to evolve because of technology. Nearly all industries, no matter the age or size, is dependent on technology for growth. An example of this is AirBnB which has revolutionized the hotel and hospitality industry. Hospitality has basically been the same for years; you give someone a place to stay and they pay you, but with the use of technology, the advent of services like AirBnB has turned the industry upside down. This is being seen in industries all over as well, and is not an isolated incident. We are seeing new technologies everyday and in turn those new technologies are being integrated into existing and new business alike in the pursuit of making their day to day more streamlined and efficient which in turn means a bigger payday for all involved.

  25. It is important for businesses to realize that they must utilize technology to expand their business to new heights. We are now in a digital era and we must understand that and accept it we can not run business the same way that we did in the past since things are much different. Some businesses are utilizing technology more than others for a variety of reasons, but I feel that the most important one is that does that business have someone who understands technology? Every business must have someone who understands it and how to use it. For example using technology to advertise their products this is important of course if you want to sell to a large number of people. Another is keep track of the revenue that you have obtained for each specific product. Having that type of organization is why technology is proving to be important to every business. For my career I must learn how to utilize technology efficiently because it will allow be to diversify my skill set and it will help me grow my business in the future.

  26. As time passes day by day technology is becoming a part of our everyday lives. With technology taking over more and more businesses must learn to adapt or they will be left in the dust. We live in an era where kids my age and down are far more technologically advanced then any group of people. With this knowledge businesses have so much opportunity to improve in their hands. For example, Toys R Us’ inability to keep up with technology Is what had ultimately put them out of business.
    I believe that in 2019 a business must be technologically advanced. Technology is implemented into every business and has too many benefits for a business to not implement it. One of those benefits is the ability to improve communication with the customer. This is especially prevalent now where social media runs everyone’s lives. Social media has made it much easier for a company to not only communicate with their customers, but also gain new ones. Technology is not only improving communication, but it is also improving company efficiency. Technology helps a business understand its cash flow needs and preserve precious resources such as time and physical space. For example, many companies use software like excel to manage cashflows. Another example is warehouse inventory technologies let business owners understand how best to manage the storage costs of holding a product. With proper technology in place, executives can save time and money by holding meetings over the Internet (I.E Skype) instead of at corporate headquarters. Another benefit of implementing technology in businesses is security benefits. Technology can be used to protect financial data, confidential executive decisions and other information that leads to competitive advantages.
    In my opinion the more companies implement technology, the better the companies will become. A great example of this is the sports industry. For example, Because of improvements in technology, sports coverage is more extensive than ever before. For instance, I watch a lot of basketball and in previous years to get basketball coverage it had to be through TV channels like ESPN and NBA TV. Now with the advancement of technology I get the coverage straight from my phone through Twitter, Facebook. This benefits the sports industry because now they can reach a larger market simply by posting a video to all their follows for people to share. Not only has coverage become seamless but buying tickets has as well. Not too long ago, buying tickets to sporting events was a hassle. Not only was it very expensive, but it was very inefficient. Now sports fans can buy tickets online in a matter of minutes. Platforms like ticket master and stub hub have made the entire ticket buying process much more efficient and less pricey.
    The more technology advances the more companies have in their arsenal to improve their business. I believe that if companies do not implement new technology the company will not reach their max potential and potentially put their business at risk of falling through like many companies have begun to.

  27. After reading this Forbes article, I am not surprised at all by the predictions being made of the future. The technology that we see now is honestly considered old and used up. In agreement with the author of Fundera’s article “10 Business to Start Now to Be Rich in a Decade,” Priyanka Prakash, the number one industry is and will be technology for a very long time. Tech innovations will not stop here, and I really wonder what else they have in store for the world. It has come so far, and I know that there will be much more to come. For businesses that want to survive and make it through, they must work with the means of the digital era. An important thing to take into consideration is that the point here is for companies to come up with ideas on how they are going to take what they already have and upgrade it all using technology. Some businesses may need to understand the fact that buying the newest technology is going to be a simple waste of money. Whether these companies use their technology to market their product or digital platforms for trading, they will need to up their game. In the article, “How Technology Is Driving Change In Almost Every Major Industry,” major companies can see exactly what they need to do in order to stay in the business.
    The goal here should be to just improve. Improve, and more improvement. Companies and any business that wants to remain standing will need to do this or they will just simply die out. The technology is not stopping or waiting for anyone. Our world is becoming digital and I think many businesses will not survive this. In my opinion, technology can only help and make money for these companies. These upgrades should be taken with an open mind and gratuity because it is only there for improvement. Technology is only getting better from here and so can these businesses. I agree with the author, Jared Hecht when he mentioned that “the results are bound to be fascinating.” Personally, I am very excited to see what the next big thing is, where the digital world will take us, and how much more efficient our lives can become in ways we did not imagine were possible.

  28. In my eyes, this article is not presenting anything that has not become common knowledge or any type of profound idea. The idea of technology taking over the working world has become either one of the largest fears or something to look forward to for many employers. Already technology has reached incredibly heights all over the job world making the efficiency and speed of work much easier. As I see more and more articles with a headline concerning the change that is coming with technology, I am unsure how I feel about the future of a world filled with advanced technology. There are many situations which I feel as if the advancement of technology in the workplace has allowed many businesses to create much easier workspaces for their employees. For example, many times when watching my brother work from home through conference calls and certain meetings all being done through technology, I can appreciate the ability that technology has allowed for employees to have a much more convenient work style. Even beyond that, much more advanced technology has allowed for many to have jobs that have become entirely more efficient and much more convenient such as jobs relating in the medical fields or the engineering field. Although, the issue I start to have with the advancement of technology in the modern world is how much the job market will be affected by the growth and change of technological devices. Especially as someone who is expecting to enter the work world in less than a decade, it begins to worry me when I think about the idea of investing half a decade and nearly a quarter of a million of dollars on a career that may be replaced by the press of a button. It is not something that can be easily predicted which makes it all more difficult in someone like me who is planning the rest of their life. Yet, I still find it hard to disregard and discredit all that the advancement of technology is allowing employers to now do in their work field. There are hundreds of lists that can be found that all credit how much introducing technology in the workplace can improve the efficiency of the workspace. At the end of the day, when balancing the pros and cons of any technology related question, it seems as if I am always siding with the pros as the brilliance of the advancing of technology is solely outweighing any of the downsides.

  29. For decades now, technology has always been the number one industry. Technology drives the way into the future and determines how we live an everyday life. Considering health is the number two industry, technology plays a big part in that through biotech, health data management, personalized health solutions amongst other areas where technology plays a big part in the medical field.
    New businesses will have technology in almost every area. Just like the article states, whether it’s an e-commerce site, or a digital marketing agency, technology is an important part of running a business in 2019 and for the future. Also for starting a new business, you should think how technology can help your business and its operations. There seems to be a new technological innovation almost everyday. When it comes fro running your own business, you should use technology that will continue to help you succeed. There will always be technology that won’t last no matter the hype behind it so it’s everyone’s individual responsibility to do great research both good and bad on new technology and how it can be useful to you and your business. But as the past indicated, I am confident on technology and how it will make our lives both professional and personal, not only easier but more friendly to different businesses in different industries.

  30. Technology is the driven force in today’s industry. Essentially, the number one market industry we have today is technology. Even industries such as retail, construction, and hospitality have improved due to the upside that tech innovations afford them. Technology has tangible and intangible benefits that will help industries make money and produce results that consumers demand. From artificial intelligence, cloud computing, CX and UX, data driven decisions, AR, VR and MR, blockchain, and connection. As fast as digital transformation seems to be moving, it’s the high-tech companies who are driving the change by enhancing the technology we work with on a daily basis. We live in the digital era where using mobile devices to create, cloud computing to collaborate, cognitive computing and artificial intelligence to improve operations, and data analysis to extract key insights How Technology Is Driving Change In Almost Every Major Industry. This type of technology will continue to improve the efficiency on how we work each and every day. We should continue to think critically about how technology can continue to improve existing operations.

  31. No one should be surprised that technology is making a change in every major industry. With today’s technology, we basically have all the information that we could possibly need just in our smartphones. Especially for technology companies, these new models of desktops, laptops, and smartphones makes people want to buy every new device that gets released. Also, with technology changing everyday, there will always be something new for people to try and that is what gets people attached to always using technology and revolving their lives around it.

    I can see how technology could be beneficial in the health industry. With things such as computers, heart monitors, and much more, the companies in the health industries are starting to be more dependent on technology There are many treatments for many different kinds of things that are being done through machinery. Technology, specifically in medicine, are getting much more advanced because something new in the field of medicine happens almost everyday.

    In this generation, new business owners are most likely to use the internet to help build their business. They can start to market their brand by using commercials or online advertisements. In today’s technology, most companies have 24/7 help through a chat service on their websites. For most people, that is something that most users find very helpful and really appreciate the opportunity to use it. Along with technology improving, companies will also find ways to use it to their advantage and start to improve their own companies.

  32. Technology is a wonderful thing. It is used everyday in daily life whether it be cooking food, driving a car, doing work, creating a business, etc. There is pretty much no aspect of life that does not involve technology in some sort of way. The article is absolutely right when they said that the use of technology is important for any kind of success in business today. It is kind of hard to imagine a business being successful without some sort of technology because it just is not practical anymore. Businesses will not survive if they do not start converting to the digital lifestyle. Let’s take retail for example. Shopping malls and retail stores have exponentially lost a lot of business because nowadays people prefer to shop online. The foot traffic within malls and stores has seriously decreased. The only thing keeping these companies alive is the use of online websites that allow customers to shop from home. Currently, it is almost the season of Black Friday shopping. A while back, waiting in line and going to the mall at the brink of dawn was a popular thing in society. Now, many people do not even participate when they could simply open up their laptops and click a few buttons which does exactly the same thing as standing in the store. Thanks to technology, people are able to save time and become more efficient. Although this is all great, technology has also led to a lot of laziness within society. Now that everything is digitalized, people become less productive. Another example of businesses involving technology would be the rising popularity of Youtube and social media influencers. Today, many younger generations have started business or have become successful by sort of branding themselves online through media sources such as Youtube, Instagram, Snapchat, etc. It is so easy to start a successful business thanks to technology and social media. It is no surprise at all that technology is definitely a driving change within many fields. Without technology, it is almost impossible to be remotely successful or get anything done.

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