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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 20, 2018

10 Reasons Why New Year’s Resolutions Fail

10 Reasons Why New Year’s Resolutions Fail

A new year beautifully symbolizes a new chapter opening in the book that is your life. But while so many people like you aspire to achieve ambitious goals, only 12% of you will ever experience the taste of victory. Sound bad? It is. 156 million people (that’s 156,000,000) will probably give up on their resolution before you can say “confetti.” Keep on reading to learn why New Year’s resolutions fail (and how to succeed).

Note: Since losing weight is the most common New Year’s resolution, I chose to focus on weight loss (but these principles can be applied to just about any goal you think of — make it work for you!).

1. You’re treating a marathon like a sprint.

Slow and steady habit change might not be sexy, but it’s a lot more effective than the “I want it ALL and I want it NOW!” mentality. Small changes stick better because they aren’t intimidating (if you do it right, you’ll barely even notice them!).

If you have a lot of bad habits today, the last thing you need to do is remodel your entire life overnight. Want to lose weight? Stop it with the crash diets and excessive exercise plans. Instead of following a super restrictive plan that bans anything fun, add one positive habit per week. For example, you could start with something easy like drinking more water during your first week. The following week, you could move on to eating 3 fruits and veggies every day. And the next week, you could aim to eat a fistful of protein at every meal.

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2. You put the cart before the horse.

“Supplementing” a crappy diet is stupid, so don’t even think about it. Focus on the actions that produce the overwhelming amount of results. If it’s not important, don’t worry about it.

3. You don’t believe in yourself.

A failure to act can cripple you before you leave the starting line. If you’ve tried (and failed) to set a New Year’s resolution (or several) in the past, I know it might be hard to believe in yourself. Doubt is a nagging voice in your head that will resist personal growth with every ounce of its being. The only way to defeat doubt is to believe in yourself. Who cares if you’ve failed a time or two? This year, you can try again (but better this time).

4. Too much thinking, not enough doing.

The best self-help book in the world can’t save you if you fail to take action. Yes, seek inspiration and knowledge, but only as much as you can realistically apply to your life. If you can put just one thing you learn from every book or article you read into practice, you’ll be on the fast track to success.

5. You’re in too much of a hurry.

If it was quick-and-easy, everybody would do it, so it’s in your best interest to exercise your patience muscles.

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6. You don’t enjoy the process.

Is it any wonder people struggle with their weight when they see eating as a chore and exercise as a dreadful bore? The best fitness plan is one that causes the least interruption to your daily life. The goal isn’t to add stress to your life, but rather to remove it.

The best of us couldn’t bring ourselves to do something we hate consistently, so make getting in shape fun, however you’ve gotta do it. That could be participating in a sport you love, exercising with a good friend or two, joining a group exercise class so you can meet new people, or giving yourself one “free day” per week where you forget about your training plan and exercise in any way you please.

7. You’re trying too hard.

Unless you want to experience some nasty cravings, don’t deprive your body of pleasure. The more you tell yourself you can’t have a food, the more you’re going to want it. As long as you’re making positive choices 80-90% of the time, don’t sweat the occasional indulgence.

8. You don’t track your progress.

Keeping a written record of your training progress will help you sustain an “I CAN do this” attitude. All you need is a notebook and a pen. For every workout, record what exercises you do, the number of repetitions performed, and how much weight you used if applicable. Your goal? Do better next time. Improving your best performance on a regular basis offers positive feedback that will encourage you to keep going.

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9. You have no social support.

It can be hard to stay motivated when you feel alone. The good news? You’re not alone: far from it. Post a status on Facebook asking your friends if anybody would like to be your gym or accountability buddy. If you know a co-worker who shares your goal, try to coordinate your lunch time and go out together so you’ll be more likely to make positive decisions. Join a support group of like-minded folks on Facebook, LinkedIn, or elsewhere on the internet. Strength in numbers is powerful, so use it to your advantage.

10. You know your what but not your why.

The biggest reason why most New Year’s resolutions fail: you know what you want but you not why you want it.

Yes: you want to get fit, lose weight, or be healthy… but why is your goal important to you? For example:

Do you want to be fit so you can be a positive example that your children can admire and look up to?

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Do you want to lose fat so you’ll feel more confident and sexy in your body than ever before?

Do you want to be healthy so you’ll have increased clarity, energy, and focus that would carry over into every single aspect of your life?

Whether you’re getting in shape because you want to live longer, be a good example, boost your energy, feel confident, have an excuse to buy hot new clothes, or increase your likelihood of getting laid (hey, I’m not here to judge) is up to you. Forget about any preconceived notions and be true to yourself.

  • The more specific you can make your goal,
  • The more vivid it will be in your imagination,
  • The more encouraged you’ll be,
  • The more likely it is you will succeed (because yes, you CAN do this!).

I hope this guide to why New Year’s resolutions fail helps you achieve your goals this year. If you found this helpful, please pass it along to some friends so they can be successful just like you. What do you hope to accomplish next year?

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