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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 September 16, 2019

How to Stop Procrastinating: 11 Practical Ways for Procrastinators

How to Stop Procrastinating: 11 Practical Ways for Procrastinators

You have a deadline looming. However, instead of doing your work, you are fiddling with miscellaneous things like checking email, social media, watching videos, surfing blogs and forums. You know you should be working, but you just don’t feel like doing anything.

We are all familiar with the procrastination phenomenon. When we procrastinate, we squander away our free time and put off important tasks we should be doing them till it’s too late. And when it is indeed too late, we panic and wish we got started earlier.

The chronic procrastinators I know have spent years of their life looped in this cycle. Delaying, putting off things, slacking, hiding from work, facing work only when it’s unavoidable, then repeating this loop all over again. It’s a bad habit that eats us away and prevents us from achieving greater results in life.

Don’t let procrastination take over your life. Here, I will share my personal steps on how to stop procrastinating. These 11 steps will definitely apply to you too:

1. Break Your Work into Little Steps

Part of the reason why we procrastinate is because subconsciously, we find the work too overwhelming for us. Break it down into little parts, then focus on one part at the time. If you still procrastinate on the task after breaking it down, then break it down even further. Soon, your task will be so simple that you will be thinking “gee, this is so simple that I might as well just do it now!”.

For example, I’m currently writing a new book (on How to achieve anything in life). Book writing at its full scale is an enormous project and can be overwhelming. However, when I break it down into phases such as –

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  • (1) Research
  • (2) Deciding the topic
  • (3) Creating the outline
  • (4) Drafting the content
  • (5) Writing Chapters #1 to #10,
  • (6) Revision
  • (7) etc.

Suddenly it seems very manageable. What I do then is to focus on the immediate phase and get it done to my best ability, without thinking about the other phases. When it’s done, I move on to the next.

2. Change Your Environment

Different environments have different impact on our productivity. Look at your work desk and your room. Do they make you want to work or do they make you want to snuggle and sleep? If it’s the latter, you should look into changing your workspace.

One thing to note is that an environment that makes us feel inspired before may lose its effect after a period of time. If that’s the case, then it’s time to change things around. Refer to Steps #2 and #3 of 13 Strategies To Jumpstart Your Productivity, which talks about revamping your environment and workspace.

3. Create a Detailed Timeline with Specific Deadlines

Having just 1 deadline for your work is like an invitation to procrastinate. That’s because we get the impression that we have time and keep pushing everything back, until it’s too late.

Break down your project (see tip #1), then create an overall timeline with specific deadlines for each small task. This way, you know you have to finish each task by a certain date. Your timelines must be robust, too – i.e. if you don’t finish this by today, it’s going to jeopardize everything else you have planned after that. This way it creates the urgency to act.

My goals are broken down into monthly, weekly, right down to the daily task lists, and the list is a call to action that I must accomplish this by the specified date, else my goals will be put off.

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Here’re more tips on setting deadlines: 22 Tips for Effective Deadlines

4. Eliminate Your Procrastination Pit-Stops

If you are procrastinating a little too much, maybe that’s because you make it easy to procrastinate.

Identify your browser bookmarks that take up a lot of your time and shift them into a separate folder that is less accessible. Disable the automatic notification option in your email client. Get rid of the distractions around you.

I know some people will out of the way and delete or deactivate their facebook accounts. I think it’s a little drastic and extreme as addressing procrastination is more about being conscious of our actions than counteracting via self-binding methods, but if you feel that’s what’s needed, go for it.

5. Hang out with People Who Inspire You to Take Action

I’m pretty sure if you spend just 10 minutes talking to Steve Jobs or Bill Gates, you’ll be more inspired to act than if you spent the 10 minutes doing nothing. The people we are with influence our behaviors. Of course spending time with Steve Jobs or Bill Gates every day is probably not a feasible method, but the principle applies — The Hidden Power of Every Single Person Around You

Identify the people, friends or colleagues who trigger you – most likely the go-getters and hard workers – and hang out with them more often. Soon you will inculcate their drive and spirit too.

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As a personal development blogger, I “hang out” with inspiring personal development experts by reading their blogs and corresponding with them regularly via email and social media. It’s communication via new media and it works all the same.

6. Get a Buddy

Having a companion makes the whole process much more fun. Ideally, your buddy should be someone who has his/her own set of goals. Both of you will hold each other accountable to your goals and plans. While it’s not necessary for both of you to have the same goals, it’ll be even better if that’s the case, so you can learn from each other.

I have a good friend whom I talk to regularly, and we always ask each other about our goals and progress in achieving those goals. Needless to say, it spurs us to keep taking action.

7. Tell Others About Your Goals

This serves the same function as #6, on a larger scale. Tell all your friends, colleagues, acquaintances and family about your projects. Now whenever you see them, they are bound to ask you about your status on those projects.

For example, sometimes I announce my projects on The Personal Excellence Blog, Twitter and Facebook, and my readers will ask me about them on an ongoing basis. It’s a great way to keep myself accountable to my plans.

8. Seek out Someone Who Has Already Achieved the Outcome

What is it you want to accomplish here, and who are the people who have accomplished this already? Go seek them out and connect with them. Seeing living proof that your goals are very well achievable if you take action is one of the best triggers for action.

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9. Re-Clarify Your Goals

If you have been procrastinating for an extended period of time, it might reflect a misalignment between what you want and what you are currently doing. Often times, we outgrow our goals as we discover more about ourselves, but we don’t change our goals to reflect that.

Get away from your work (a short vacation will be good, else just a weekend break or staycation will do too) and take some time to regroup yourself. What exactly do you want to achieve? What should you do to get there? What are the steps to take? Does your current work align with that? If not, what can you do about it?

10. Stop Over-Complicating Things

Are you waiting for a perfect time to do this? That maybe now is not the best time because of X, Y, Z reasons? Ditch that thought because there’s never a perfect time. If you keep waiting for one, you are never going to accomplish anything.

Perfectionism is one of the biggest reasons for procrastination. Read more about why perfectionist tendencies can be a bane than a boon: Why Being A Perfectionist May Not Be So Perfect.

11. Get a Grip and Just Do It

At the end, it boils down to taking action. You can do all the strategizing, planning and hypothesizing, but if you don’t take action, nothing’s going to happen. Occasionally, I get readers and clients who keep complaining about their situations but they still refuse to take action at the end of the day.

Reality check:

I have never heard anyone procrastinate their way to success before and I doubt it’s going to change in the near future.  Whatever it is you are procrastinating on, if you want to get it done, you need to get a grip on yourself and do it.

More About Procrastination

Featured photo credit: Malvestida Magazine via unsplash.com

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