Today, we have a big debate regarding incumbent industries and startups. Some people believe incumbent sectors will always lead the market, while others think that startups are shaping our future. That’s why many people are worried about technological disruption. Yet, incumbent industries could embrace technology and use it in their favor instead of staying with the old methods. In this guide, we show you some of the early signs of technology disruption.
Your Customers Are Changing Preferences
One of the first signs that tech disruption is coming after your industry is that customers change their habits. This usually happens when there are new trends that shape their preferences. When smartphones began to be more common, companies started to migrate their marketing efforts towards mobile phones.
They started to invest in Mobile Development to create apps or in digital marketing. Therefore, if consumer behavior is changing some way, you need to do some research and find out why it’s different now. This way, you’ll be able to identify new possible business models.
More Venture Capital In Your Industry
Venture capital is a financial term that refers to the amount of money that investors provide to new companies that have innovative ideas. If there’s a high volume of venture capital flowing into your industry, it means that some startups might bring new solutions to your industry that you should be aware of. This is a clear sign that technology disruption is close to your sector. Therefore, it is crucial to closely follow startups that are leading the market if you want to stay afloat.
New Business Models
If new trends are coming your way, you’ll probably have to reinvent your business model. A business model is a path to communicate with and attract customers, and add value to a company. Therefore, if you ever see that companies in your industry are creating new business models, it means that tech disruption might come soon. Now, this isn’t necessarily negative. What it means is that you need to be creative and find new ways to approach your audience.
The best example of this situation is how the retail industry managed innovation. When online shopping started to be more popular, many people believed that the retail sector would be replaced. However, most of these companies embraced technology and began to invest in web development.
Top Tech Trends Disrupting Leading Industries
We’ve all heard that tech disruption could come from anywhere. Many people believe that in the future, there might be jobs that don’t even exist today. However, we can indeed identify some trends that are more powerful than others. These technologies change the way we communicate, the way we buy things, and many other activities in our daily lives. If your company wants to cope with technological disruption, it should be aware of these trends:
Artificial intelligence, along with robotics, sounds like it belongs to a distant future. However, both technologies are already part of our lives. Although we don’t always notice it, we use artificial intelligence more than we think. AI refers to a discipline that focuses on helping machines mimic human activities. Therefore, AI is crucial for automation.
Artificial intelligence could replace jobs that require repetitive or redundant tasks. That’s why many companies have started to invest in AI. Some of the industries that are more affected by AI are retail, manufacturing, and logistics.
Machine learning is also a strong trend in the tech industry that’s disrupting many industries. Machine learning helps computers learn from experience, but they don’t need to be programmed to do it. This is a powerful technology that can optimize many processes. That’s why many companies are now using machine learning-driven software for business purposes.
Some of the industries that are most impacted by machine learning are animation, finance, and healthcare. The animation industry is using machine learning software to automate the process of design. Although it still requires creativity and innovation, designers don’t have to spend as much time on programming.
Something similar happens in the translation industry. With machine learning and deep learning translation software, the results are more accurate. This means that human translators don’t have to do all the work.
Internet of Things
IoT refers to how devices are connected via the Internet. This trend has grown exponentially over the last couple of years and will continue to do so. IoT is widely used by companies to optimize processes and gain remote access to devices. Companies now have IoT security cameras or smart thermostats that reduce energy consumption.
IoT could potentially disrupt industries like agriculture, healthcare, and the automobile industry. With IoT devices, doctors can make a more accurate diagnosis and make the process more effective to save lives. Today we even have smart pills that help doctors see what’s happening in the stomach.
On the other hand, IoT can also make autonomous vehicles more secure. Since automated cars are still in their early stages, they don’t recognize traffic lights. However, in an IoT-powered world, this wouldn’t be a problem.
Cloud computing is here to revolutionize the way we store data. It could be the safest and most efficient way to store data. In the past, when companies saved their dataset in the official servers, the system used to be very slow, and there was a high risk of cyberattacks. However, companies can share their files more easily with cloud computing systems, improve their communication with customers, and avoid cybercrime.
It’s hard to predict how technology will change the world, even with the most sophisticated analysis. However, there are indeed some hints that alert you about the upcoming trends that affect your industry. The best thing to do is to continue to acquire innovative knowledge and capabilities that will create a sustainable business. And don’t forget about soft skills; remember that resilience and innovation could be the most life-saving skills in the future.