Nowadays, with the rapid advancement of science and technology, every day, new technologies are being invented to handle our old jobs. Sometimes, this happens so fast and so incredibly that what was once considered an essential job or service may not even exist today.
This digital disruption has become a headache for many business industries. Without a doubt, it’s leaving a huge impact on them. Particularly, the market leaders often find themselves vulnerable. It happens both in terms of their profits and positions when they fail to keep pace with the ever-changing digital world.
On the other hand, startup companies seem to capture the market too quickly with the help of their new age wisdom. Their enthusiasm for innovation, outstanding adaptability, and ability to promptly upgrade themselves let them become the game changer overnight, making their giant counterparts or related industries suffer.
Due to this situation, investment has become critical too. With the big names no longer holding your confidence and your lack of faith in the startup’s stability in performance, your notion of investment policy has been shaken. In such cases, investment newsletters like Eric Fry’s can be a great help to decide on the right deal.
However, Industry leaders, too, are not sitting back and letting small startups overtake them; they are now embracing up-to-date technologies and investing in them. But you must also be aware of industries that are vulnerable to digital disruption so that you can make your own judgment.
Industries Prone to Digital Disruption
Improvement and innovation are the two things the healthcare industry needs the most these days. Digital disruption has opened the door for such advancement that the expectations have gone high, and patients are nowadays more into personalized services.
Digital disruption in the healthcare industry mainly started with the introduction of mobile devices in our lives, which gradually became essential and indispensable. Tech-savvy startups took the opportunity to exploit this technology using their innovative ideas and keen observation of current social needs and behavioral patterns.
Therefore, they came up with ideas that turned the mobile devices into a one-stop solution, where only having your cell with you can facilitate healthcare services to a great extent. For example, people can now check their blood sugar level on their own and thus can cancel or postpone their doctor’s appointments based on the results.
Besides, remote treatment and remote check-ups are also possible and popular these days, since they save valuable time and money and decrease hassle, causing hospitals to lose their business.
Oil & Gas
Oil and gas have been recognized as a remarkably profitable business in terms of investment and have been investors’ favorite for years; however, they are facing some uncertainty nowadays.
IT-dependency of the oil and gas industry was significantly higher in the last five years, and they have been investing highly in developing their digital properties. Therefore, leading technology firms like Microsoft, as well as small startups, have engaged themselves in developing new technologies for the industry.
However, the increasing demand of these startups is also remarkable, since they are being hired as big data analysts by the big players of this industry to find out ways to increase their success rates and ensure the optimum profit.
In many countries of the world, using public transportation is not a pleasing experience. But, thankfully, due to the introduction of the app-based transportations, people can now enjoy the comfort of a private vehicle in a rather cost-effective way.
Therefore, people can avoid waiting in the queue, and there’s no need to sit or stand for hours in discomfort on a daily basis to reach the office or to go places to meet your friend or family. These apps also help navigate the place, showing the shortest possible route, while also informing about the existing traffic jams on the route and the tentative time for reaching the destination.
You can travel in the vehicle alone or share it with others to reduce the fare you have to pay. But, many of these services use outdated technology, hence, failing to keep their promises or meet the expectations.
Therefore, disruption is happening since new companies are coming forward to fulfill those demands with their advanced technologies that use big data to ensure improved customer satisfaction through more efficient networking systems.
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Being in this era of VR, 3D printing, and other advanced materials, the construction sector, too, could not avoid digital disruptions. Although the construction industry is known for its stability, the aggression of digital advancement in recent days has made a huge difference in its work processes.
Now we find engineers and architects using start-ups 3D printing technologies in their firms to create accurate parts according to their actual needs, thus saving their time and money.
Also because of the current innovative inventory management and tracking system, construction is now more efficient as an industry that uses data analysis to get alerts when stocks are low. Firms can also find the exact location of the inventory using a GPS tracking system.
Online shops have enabled us to buy goods from overseas markets sitting in our own homes, paying bills with cards or mobile banking systems. The popularity of online shops, even of small startups, is so overwhelming that even leading retailers with physical shops are coming up with their online versions.
With the unparalleled popularity of social media and our constant attachment to them through our cell phone devices, digital marketing now has become the most powerful and essential mode of communication regardless. From small to big industries, no matter what the product type is, they cannot think of their business without digital communication.
Moreover, digital marketing is much cheaper than its counterparts and works more effectively and efficiently with the help of advanced data analysis. In terms of content too, the digital medium is grand and offers a range of them which includes blogs, videos, stop motions, animations, and whatnot!
Due to this, smart and innovative startups with their tech-savvy minds are coming forward with apps and digital marketing companies that are going neck to neck with the leading enterprises.
With the pace that technology is advancing these days, in near future, there will be no sector left that will not be disrupted by digital inventions, more or less. Therefore, invest wisely and stay upgraded.