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3 Industries Permanently Changed by Disruptive Technology

3 Industries Permanently Changed by Disruptive Technology

Since the dawn of civilization, technological advances have transformed society in unimaginable ways. Austrian economist Joseph Schumpeter was one of the first scholars to discuss the role of disruptive technology in depth. In the 1940s, he coined the term “creative disruption”, which refers to the jarring changes technology has on industries and consumer lifestyles.

During the industrial revolution, creative disruption took place on a scale never seen before in human history. New technology allowed manufacturers to boost production and create new products people could never have dreamed of a couple decades earlier. While these changes were welcomed by consumers, they were a bane to many professionals that soon found themselves out of work. Talented artisans were quickly replaced by assembly lines of people with fewer skills.

In the late 1990s, a second industrial revolution gripped our world. Computer technology created new jobs, while making others obsolete. Computers also changed the nature of existing jobs, because many tasks were replaced by computers. They have also permanently changed the way people interact with each other. Here are 3 industries that have been disrupted by digital technology.

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Financial

The financial industry has been heavily disrupted by new technology. According to a report from PwC, massive changes are expected through 2020 and beyond. PwC find that the driving forces of disruptive technology have accelerated since the end of the global financial crisis.

The post-crisis regulatory frameworks have been gradually settling into place, and financial institutions have been adjusting their business models accordingly. It is now becoming obvious that the accelerating pace of technological change is the most creative force—and also, the most destructive one—in the financial services ecosystem today.

Bank of America and Charles Schwab have been around for centuries. Digital technology has been a double edged sword for brick-and-mortar banks. They use computers to offer timelier service, reduce staffing needs, and improve actuarial processes. On the other hand, digital technology has created new competitors that have taken on the world’s largest banks. Disruptors like Paypal and Stripe earning market share of the payment processing industry.

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Startups like Betterment are rapidly gaining market share from millennials that shun traditional financial institutions in their quest to find more affordable service and streamline their approach to investing. Betterment currently manages over $5 billion, so clearly disrupting traditional wealth management powerhouses.

Healthcare

The healthcare industry is growing at unprecedented pace. According to the Bureau of Labor Statistics, healthcare jobs are expected to grow at an annualized rate of 26% by 2022. Growth in the healthcare industry is largely attributed to digital technology. Many disruptive companies offer more direct and automated solutions to help customers reach their healthcare goals. Consumers no longer need to rely on physical trainers or fitness coaches, because they receive similar benefits from wearable devices like Fitbit, which track everything from sleep patterns to daily movements. They also use apps like MyFitnessPal’s Calorie Counter and Diet Tracker to monitor calorie intakes.

Even pets have benefited from healthcare technology TopDogDinners and other pet food companies have developed custom dog food that is tailored a dog’s individual nutritional needs.

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Pet owners can provide relevant information such as their dog’s breed, weight, age, activity to get customized nutritional advice for their dog. Using simple, natural ingredients and complex computer science, TopDogDinners proves that the trend of technology, as a means to improve health, is only just getting started.

Travel

The travel agent is a thing of the past. Companies like Expedia aggregate data on thousands of flights and hotels from around the web to give the consumer the best deal for the next trip. Even disruptive travel companies like Expedia are being disrupted by new adapter like Airbnb. Instead of booking a stay at an expensive hotel, you can work directly with the owner to reserve an entire house or apartment.

Companies like Uber are disrupting the taxi industry. Consumers can get cheaper, higher quality service with their smartphone apps.

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Consumers have always reaped the rewards of disruptive technology, techniques, and companies who promise to bring products and services faster, cheaper, and with greater efficiency. We should forget that there’s another side to this coin and that is: the worker. As one industry become obsolete so does someone’s job; but with one job lost another is gained. The artisan who got replaced during the industrial revolution would still be needed to make the cast iron mold that shape the future.

Featured photo credit: Pexels via pexels.com

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Ryan Kh

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Last Updated on March 24, 2021

8 Smart Home Gadgets You Need in Your House

8 Smart Home Gadgets You Need in Your House

We’ve all done it. We’ve gone out and bought useless gadgets that we don’t really need, just because they seemed really cool at the time. Then, we are stuck with a bunch of junk, and end up tossing it or trying to sell it on Ebay.

On the other hand, there are some pretty awesome tech inventions that are actually useful. For instance, many of the latest home gadgets do some of your work for you, from adjusting the home thermostat to locking your front door. And, if used as designed, these tools should really help to make your life a lot easier—and that’s not just a claim from some infomercial trying to sell you yet another useless gadget.

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Take a look at some of the most popular “smart gadgets” on the market:

1. Smart Door Locks

A smart lock lets you lock and unlock your doors by using your smartphone, a special key fob, or biometrics. These locks are keyless, and much more difficult for intruders to break into, making your home a lot safer. You can even use a special app to let people into your home if you are not there to greet them.

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2. Smart Kitchen Tools

Wouldn’t you just love to have a pot of coffee waiting for you when you get home from work? What about a “smart pan” that tells you exactly when you need to flip that omelet? From meat thermometers to kitchen scales, you’ll find a variety of “smart” gadgets designed to make culinary geeks salivate.

3. Mini Home Speaker Play:1

If you love big sound, but hate how much space big speakers take up, and if you want a stereo system that is no bigger than your fist, check out the Play:1 mini speaker. All you have to do is plug it in, connect, and then you can stream without worrying about any interruptions or interface. You can even add onto it, and have different music playing in different rooms.

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4. Wi-Fi Security Cameras

These are the latest in home security, and they connect to the Wi-Fi in your home. You can use your mobile devices to monitor what is going on in your home at all times, no matter where you are. Options include motion sensors, two-way audio, and different recording options.

5. Nest Thermostat

This is a thermostat that lives with you. It can sense seasonal changes, temperature changes, etc., and it will adjust itself automatically. You will never have to fiddle with a thermostat dial or keypad again, because this one basically does all of the work for you. It can also help you to save as much as 12% on heating bills, and 15% on cooling bills.

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6. Smart Lighting

Control your home lighting from your remote device. This is great if you are out and want to make sure that there are some lights on. It is designed to be energy efficient, so it will pay for itself over time because you won’t have to spend so much on your monthly energy bills.

7. Google Chromecast Ultra

Whether you love movies, television shows, music, etc., you can stream it all using Google Chromecast Ultra. Stream all of the entertainment you love in up to 4K UHD and HDR, for just $69 monthly.

8. Canary

This home security system will automatically contact emergency services when they are needed. This system offers both video and audio surveillance, so there will be evidence if there are any break-ins on your property. You can also use it to check up on what’s happening at home when you are not there, including to make sure the kids are doing their homework.

Featured photo credit: Karolina via kaboompics.com

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