How Are Big Industries Adapting To Technology Changes 

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digital

Nowadays, no one will be surprised to hear that smart usage of tech represents an integral part of the success of any business today. We’re in a digital age – utilizing smartphones to communicate and create, cloud computing to collaborate, AI to streamline operations, and data analysis to discover key insights. And this is just the tip of the iceberg.

Techs are constantly evolving and their impact on the business world can be felt in every corner. For instance, the oil industry uses new technologies to improve operations and make equipment more easily available.

Blockchain

The blockchain technology stores and transmits data in a transparent, decentralized and secure manner. Basically, it is a register or account book consisting of a list of all exchanges made between users. Although it is often confused with cryptocurrencies, blockchain technology can be used for much more:

  • As a register with improved traceability of assets and products
  • For smart contracts – as autonomous programs that automatically execute the conditions and terms of a contract without a need for human intervention.
  • For transfer of assets – securities, votes, currencies, shares, bonds, etc.

In a nutshell, blockchains could possibly replace most centralized “trusted third parties” – notaries, banking trades and land registry – through distributed computer systems. Or even replace intermediation platforms used by Uber, Airbnb, and BlablaCar which are just intermediaries that centralize data management and interactions between users, receiving a commission for it.

Better and more accessible equipment

Innovative technologies have impacted, and even disrupted, every major industry in the business world. The oil industry is no different, as it has also undergone a lot of changes in the last few years. Engineers from this sector are constantly designing better equipment for oil companies to use. Every new innovation leads to better and safer equipment that also saves time and energy consumed. The innovations don’t stop here, as today we are witnessing the rise of digital oilfield equipment marketplaces that enable oil companies to purchase equipment without the need to go to a specific physical location. A critical time-saving benefit for any oil business looking to use more advanced equipment in order to improve operations.

Narrow AI

A report from Gartner stated that the use of narrow AI – highly scoped machine-learning systems that target a particular task and have algorithms selected specifically for that task – is one of the several strategic tech trends that marked 2018.

Apps with such narrow AI tech can complete tasks such as filling out your tax forms and booking travel accommodations, plan your day, and even recognize customers and provide them with a personalized experience. They only need to use previous preferences and existing data. This AI isn’t only for simple tasks – it’s the current core for self-driving vehicles – but it’s a prime example of a rising technology that can be used for multiple business tools, services, and platforms to enhance our focus on more complex tasks such as predictions, creativity, decision-making and problem-solving.

The health industry

The Fundera’s report, “10 businesses to start now to be rich in a decade”, named the health industry as one of the rising stars in the business world. The health industry is swiftly becoming a highly diversified sector with numerous opportunities for small businesses, and stands to be one of the biggest industries in the future. Its best sub-sectors include health data management, biotechnology, and personalized health. Although the traditional health care facilities such as hospitals are facing closures and lower profitability, new entrepreneurs can concentrate on convenient, data-driven, and personalized health. Companies will be able to cash in by finding new ways to manage the millions of records and even more data points that make up the health industry, and provide personalized health care. Imagine a world in which you go to an emergency room and find yourself in an area for immediate treatment, as all of your data is already available and stored on a cloud – which enables instant identification and response.

We are still a long way from discovering and using all the benefits technology has to offer. However, we can confidently say that it will play a role in helping businesses succeed. We only need to ask ourselves how to use this technology, and in what form? Whether you have a job in transportation, the oil industry, retail or the technology industry itself – the result will surely be fascinating.