Business

How Technology is Changing Big Industries

Technology has already changed our everyday lives – we use different devices to transfer money, make video calls with people from other continents, order food and clothes without having to leave the house. It has accelerated the transfer of information, and since many processes have become automated, it consequently made our lives easier.

If it has remodeled our lives to this extent, it’s not difficult to imagine its monumental effect on different types of industry. With that in mind, it’s the business owners who have to keep up with all the changes the most if they wish to be successful. To illustrate the extent of technology’s impact, here are instances of a few industry branches and their association with technology.

Retail industry

Those who hate shopping, rejoice! Imagine a big event coming on and you not having to go from shop to shop and trying on a dozen combinations. Instead, you will be able to try on and purchase an item from the comfort of your armchair. Augmented reality apps, such as the one developed for Gap, will be available in not that distant future, so you will be able to, for example, enter your body measurements and see how a particular garment looks on a mannequin based on those measurements.

Naturally, other retail businesses will be affected by technology. With a perfect insight into the supply and demand system, food wouldn’t be wasted and a lot of the products would be made only when required by consumers. This also means that shops will be less spacious since there will be no need for any big scale stocking, which will in return change the urban plan of the cities. 

Financial services

Our perception of banking has already changed significantly from what we have been taught by our parents. There are many new services available, and the ‘old’ ones have been updated and can be used via computers and phones. The future of the banking industry holds even a greater degree of digitalization, which means that apart from sending and receiving money, you will be able to also raise a loan, and perform many other transactions from your home via different devices.

Since a lot of our private data will be shared with numerous companies across different devices, it is inevitable that new types of insurance will emerge. All that information will be used for a more personalized experience so that the banks and insurance houses can define your needs more closely and offer you service tailored to those needs.

Oil industry

This branch of industry has also been revolutionized by technology. Take drones for instance – they can be piloted remotely to places difficult for people to access which can be useful with calculations, planning and other strategic evaluations. Also, if some dangerous situations arise, such as fires, explosions or oil spills, drones can help with assessing the risk and even save lives.

Equipment utilized by oil companies has also been improved to a great extent. It has become more sophisticated, precise, and what’s also important, more available. E-commerce integrated into many businesses, so you can find the most unlikely of things online, such as a slick drill collar, a drilling equipment component. This and many other items weren’t that easy to acquire a few years ago, making efficiency the most important by-product of the technological advancement in this field.

Manufacturing industry

The automotive industry is a good example of technological growth’s positive impact. Electric cars, such as Tesla, brought about the idea of sustainable energy to an industry considered one of the biggest air pollutants. Not to mention the electronics built in modern cars which monitor components and their operations, such as ignition, engine, the entertainment system, making the ride safer and more comfortable.

Factories have introduced different monitoring systems in the control rooms so as to track the assets and production procedures. In this manner, the management knows which segments need tweaking and which need to be completely re-made. Newer factory machines come with sensors, leaving little or no room for mistakes. Needless to say, all these devices are also making factories a safer place for the workers.

Final thoughts

Technology has become an inseparable part of our lives and in time, most businesses have become technology-driven. It has aided multinational collaboration, creating opportunities which were only dreamt about. It has made our homes, cars and workplaces safer, and our lives easier since devices have taken over a lot of chores from us. Modern household appliances save valuable time, which we can then use to spend with our friends and families if we choose so.

Although we can predict, to some extent, future developments and their influence, not everything can be known. Some jobs will disappear, some new positions will appear, industries will continue to grow and interlace and brilliant minds will continue to push the limits of science and bring innovations. Regardless of whether you are a business owner in the retail industry or an employee in an oil company, it’s vital to stay informed about the technological achievements if you wish to excel at your work and make your life less complex.

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