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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 May 28, 2020

How to Overcome Boredom

How to Overcome Boredom

Have you ever been bored? Restless? Fidgety? In need of some inspiration?

I have a theory on boredom. I believe that the rate of boredom has increased alongside the pace of technology.

If you think about it, technology has provided us with mobile phones, laptops, Ipads, device after device – all to ultimately fix one problem: boredom.

What is Boredom?

We have become a global nation that feeds on entertainment. We associate ‘living’ with ‘doing’. People now do not know how to sit still, and we feel guilty when we are not doing anything. Today, inactivity has become the ultimate sin.

You might not realize it, but boredom stimulates a form of anxiety and stress. It evokes an emotional state that creates frustration and feeds procrastination.

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It’s a desire to be ‘doing something’ or to be ‘entertained’ – it’s a desire for sensory stimulation. What it boils down to is a lack of focus.

If you think about those times when you’re bored, it’s usually because you did not know what to do. So, indecision also plays a big part.

When we are focused on what’s important to us and what we want to achieve, it’s pretty hard to be bored. So, one answer to boredom is to become focused on what you want.

Sometimes It’s Good to Be Bored

If boredom is a desire for sensory stimulation – then what’s the opposite of that? To be content with no stimulation – in other words – to enjoy stillness.

Sometimes, it’s not boredom itself that causes the frustration but the resistance to doing nothing.

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Think about it. What would happen if you were to ‘let go’ of the desire to be entertained? You wouldn’t be bored anymore, and you will feel more relaxed!

In my experience, it’s often the most obvious, simplistic solutions that are the most powerful in life. So, when you’re bored, the easiest way to combat this is to enjoy it.

It may sound weird but think of ‘boredom’ as a form of ‘relaxation’. It’s a break from the constant stimulation that 21st-century living provides – constant TVs, mobile phones, radios, internet, emails, phone calls, etc.

Who knows, maybe ‘boredom’ is actually good for us?

Next time you’re ‘feeling bored’ instead of feeding the frustration by frantically looking for something to do, maybe you can sit back, relax, and savor the feeling of having nothing to do.

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In this article, I’ll share with you my 3-step strategy on how to overcome boredom.

3-Step Strategy to Overcome Boredom

1. Get Focused

Instead of chasing sensory stimulation at random, focus on what’s really important to you. Focusing on something important helps prevent boredom because it forces you to utilize your time productively.

You should ask yourself: what would make good use of your time? What could you be doing that would contribute to your major goals in life?

Here are a few ideas:

  • Spend some time in quiet contemplation considering what’s important to you.
  • Start that creative project you’ve been talking about for the last few weeks.
  • Brainstorm: think of some ideas for new innovative products or businesses.

2. Kill Procrastination

Boredom is useful in some ways because it gives you the energy and time to do things. It is only a problem if you let it. But if you use it to motivate yourself to be productive, then you can more easily overcome boredom.

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So, the next time you’re bored, why not put this good energy to use by ticking off those things that you have been meaning to get done but have been too busy to finish? This also presents a great time for you to clear your to-do list.

Here are some ideas:

  • Do some exercise.
  • Read a book.
  • Learn something new.
  • Call a friend.
  • Get creative (draw, paint, sculpt, create music, write).
  • Do a spring cleaning.
  • Wash the car.
  • Renovate the house.
  • Re-arrange the furniture.
  • Write your shopping list.
  • Water the plants.
  • Walk the dog.
  • Sort out your mail & email.
  • De-clutter (clear out that wardrobe).

3. Enjoy Boredom

If none of the above solutions work, then you can try a different approach. Don’t give in to boredom and instead choose to enjoy it. This doesn’t mean allowing yourself to waste your time being bored. Instead, think of it as your time to relax and re-energize, which will help you be more productive the next time you work.

Contrary to popular belief, we don’t need to be constantly doing things to be productive. In fact, research has shown that people are more productive when they take periods of rest to recharge.[1] Taking breaks once in a while helps boost your performance and can help make you feel more motivated.

So, take some time to relax. You never know, you might even like it.

Final Thoughts

Learning how to overcome boredom may be difficult at the beginning, but it can be easier if you make use of some techniques. You can start with my 3-step strategy on how to overcome boredom and work your way from there. So, ready your mind and make use of these tips, and you will be overcoming boredom in no time.

More Tips on Overcoming Boredom

Featured photo credit: Johnny Cohen via unsplash.com

Reference

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