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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 November 19, 2019

20 Time Management Tips to Super Boost Your Productivity

20 Time Management Tips to Super Boost Your Productivity

Are you usually punctual or late? Do you finish things within the time you stipulate? Do you hand in your reports/work on time? Are you able to accomplish what you want to do before deadlines? Are you a good time manager?

If your answer is “no” to any of the questions above, that means you’re not managing your time as well as you want. Here are 20 time management tips to help you manage time better:

1. Create a Daily Plan

Plan your day before it unfolds. Do it in the morning or even better, the night before you sleep. The plan gives you a good overview of how the day will pan out. That way, you don’t get caught off guard. Your job for the day is to stick to the plan as best as possible.

2. Peg a Time Limit to Each Task

Be clear that you need to finish X task by 10am, Y task by 3pm, and Z item by 5:30pm. This prevents your work from dragging on and eating into time reserved for other activities.

3. Use a Calendar

Having a calendar is the most fundamental step to managing your daily activities. If you use outlook or lotus notes, calendar come as part of your mailing software.

I use it. It’s even better if you can sync your calendar to your mobile phone and other hardwares you use – that way, you can access your schedule no matter where you are. Here’re the 10 Best Calendar Apps to Stay on Track .

Find out more tips about how to use calendar for better time management here: How to Use a Calendar to Create Time and Space

4. Use an Organizer

An organizer helps you to be on top of everything in your life. It’s your central tool to organize information, to-do lists, projects, and other miscellaneous items.

These Top 15 Time Management Apps and Tools can help you organize better, pick one that fits your needs.

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5. Know Your Deadlines

When do you need to finish your tasks? Mark the deadlines out clearly in your calendar and organizer so you know when you need to finish them.

But make sure you don’t make these 10 Common Mistakes When Setting Deadlines.

6. Learn to Say “No”

Don’t take on more than you can handle. For the distractions that come in when you’re doing other things, give a firm no. Or defer it to a later period.

Leo Babauta, the founder of Zen Habits has some great insights on how to say no: The Gentle Art of Saying No

7. Target to Be Early

When you target to be on time, you’ll either be on time or late. Most of the times you’ll be late. However, if you target to be early, you’ll most likely be on time.

For appointments, strive to be early. For your deadlines, submit them earlier than required.

Learn from these tips about how to prepare yourself to be early, instead of just in time.

8. Time Box Your Activities

This means restricting your work to X amount of time. Why time boxing is good for you? Here’re 10 reasons why you should start time-boxing.

You can also read more about how to do time boxing here: #5 of 13 Strategies To Jumpstart Your Productivity.

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9. Have a Clock Visibly Placed Before You

Sometimes we are so engrossed in our work that we lose track of time. Having a huge clock in front of you will keep you aware of the time at the moment.

10. Set Reminders 15 Minutes Before

Most calendars have a reminder function. If you have an important meeting to attend, set that alarm 15 minutes before.

You can learn more about how reminders help you remember everything in this article: The Importance of Reminders (And How to Make a Reminder That Works)

11. Focus

Are you multi-tasking so much that you’re just not getting anything done? If so, focus on just one key task at one time. Multitasking is bad for you.

Close off all the applications you aren’t using. Close off the tabs in your browser that are taking away your attention. Focus solely on what you’re doing. You’ll be more efficient that way.

Lifehack’s CEO has written a definitive guide on how to focus, learn the tips: How to Focus and Maximize Your Productivity (the Definitive Guide)

12. Block out Distractions

What’s distracting you in your work? Instant messages? Phone ringing? Text messages popping in?

I hardly ever use chat nowadays. The only times when I log on is when I’m not intending to do any work. Otherwise it gets very distracting.

When I’m doing important work, I also switch off my phone. Calls during this time are recorded and I contact them afterward if it’s something important. This helps me concentrate better.

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Find more tips on how to minimize distractions to achieve more in How to Minimize Distraction to Get Things Done

13. Track Your Time Spent

When you start to track your time, you’re more aware of how you spend your time. For example, you can set a simple countdown timer to make sure that you finish a task within a period of time, say 30 minutes or 1 hour. The time pressure can push you to stay focused and work more efficiently.

You can find more time tracking apps here and pick one that works for you.

14. Don’t Fuss About Unimportant Details

You’re never get everything done in exactly the way you want. Trying to do so is being ineffective.

Trying to be perfect does you more harm than good, learn here about how perfectionism kills your productivity and how to ditch the perfectionism mindset.

15. Prioritize

Since you can’t do everything, learn to prioritize the important and let go of the rest.

Apply the 80/20 principle which is a key principle in prioritization. You can also take up this technique to prioritize everything on your plate: How to Prioritize Right in 10 Minutes and Work 10X Faster

16. Delegate

If there are things that can be better done by others or things that are not so important, consider delegating. This takes a load off and you can focus on the important tasks.

When you delegate some of your work, you free up your time and achieve more. Learn about how to effectively delegate works in this guide: How to Delegate Work (the Definitive Guide for Successful Leaders)

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17. Batch Similar Tasks Together

For related work, batch them together.

For example, my work can be categorized into these core groups:

  1. writing (articles, my upcoming book)
  2. coaching
  3. workshop development
  4. business development
  5. administrative

I batch all the related tasks together so there’s synergy. If I need to make calls, I allocate a time slot to make all my calls. It really streamlines the process.

18. Eliminate Your Time Wasters

What takes your time away your work? Facebook? Twitter? Email checking? Stop checking them so often.

One thing you can do is make it hard to check them – remove them from your browser quick links / bookmarks and stuff them in a hard to access bookmarks folder. Replace your browser bookmarks with important work-related sites.

While you’ll still checking FB/Twitter no doubt, you’ll find it’s a lower frequency than before.

19. Cut off When You Need To

The number one reason why things overrun is because you don’t cut off when you have to.

Don’t be afraid to intercept in meetings or draw a line to cut-off. Otherwise, there’s never going to be an end and you’ll just eat into the time for later.

20. Leave Buffer Time In-Between

Don’t pack everything closely together. Leave a 5-10 minute buffer time in between each tasks. This helps you wrap up the previous task and start off on the next one.

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Featured photo credit: Unsplash via unsplash.com

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