Technology innovation is an inseparable part of the modern world. It is the reason behind all the advancements and progress we have made. It is the reason businesses thrive and people get to lead a comfortable life. Technology and innovation are a basic aspect of all business sectors, encouraging constant advances and wonderful new use cases. None of the industries can be completely distanced from technology. However, while some have been in the thick of the technological revolution, others have been on the fringe.
Technological change fueling growth is slated to intensify as advanced robotics, cyber physical systems and artificial intelligence take the digital revolution to the next level. On that note, let us take a look at industries that have not yet been penetrated by technology innovation.
Industries In Need of The Magic Touch of Technology
- Health Care Systems
Technology has contributed tremendously to the treatment and diagnosis of illness and diseases. However, the existing health care system has not attained significantly more efficiency than a decade or two ago. Undoubtedly there are detailed medical records, and few consumers even have required access to their online health records.
However, procedures like getting a referral, knowing the price of a service, determining the efficiency of a doctor, booking an appointment or understanding the quality of a treatment facility or hospital still remains an arcane process. Now, this also has a bit to do with the industry, since it has not been able to accommodate the benefits offered by technological advancements. For instance, mobile payments are still not a widespread option.
- Building and Buying a House
Suppose you have recently been involved in the process of buying a house. In that case, you might come across the fact that applying for and acquiring a mortgage interestingly still remains an analog process. You may find yourself filling more forms than you ever have, including the deed, title, and many more. This makes it a fairly paper-driven and time-consuming process. The only notable improvement that has been made is the ability to e-sign documents, scan them, and then email them to your mortgage broker, which saves you some stamps.
An interesting column was recently written by Wall Street Journal journalist Christopher Mims on how productivity in the manufacturing sector has risen eightfold over the past six decades. Nevertheless, there have been no impressive improvements in the construction industry worth $1 trillion, and a few compelling startups like Katerra have started to address this immediate opportunity.
- Real Estate
Real estate stands tall as the largest of all industries in the U.S, contributing $3.5 trillion to the nation’s GDP. However, it still seems to be stuck in the dark ages. The market relies on title companies, pen and paper, real estate agents, and other service providers for all its transactions.
That said, like several other industries, it is changing. Zillow has been offering a wealth of valuable information to potential home buyers and is using a 3D Home tour. This feature allows interested buyers to take a digital walkthrough of a prospected house.
Companies like Built digitize the manual loan management procedure for the banks. Thus, with time, the role of agents in real estate will become less demanding since users will be able to buy and sell using technological advancements.
Yet, the complete real estate discovery, evaluations, and loan acquisition is very siloed and hasn’t been mastered utilizing technology.
How Can Industries Surpass Barriers with Technology Development?
For industries to thrive and survive in today’s competitive market, it is vital to improve and innovate constantly. Introducing novel business technology is an integral part of this entire process. Without investing regularly in technology, industries can run the risk of lagging considerably in the consideration.
So, how can technology get past existing vital market barriers using effective business strategy and technology development?
- Get User-Base Comfortable with Technology
By quantifying improvements made in the industry meant to improve revenue or efficiency, you can link technology to the prime objectives of a business. It is vital to make your user base feel comfortable with technology by introducing it to them early and helping them fathom how it can make their roles more effective.
- Review Present Technology Map
Review your current technology map and think about how it might develop in the future. Are you planning to phase out from any of the present platforms? Will you make any changes to the business functionality, having an impact on the usage of applications? Capture all these notable views by examining the compatibility of new solutions.
- Long-Term Corporate Strategy
One of the best ways to approach all negotiations is to focus the conversation on long-term corporate strategy and how a particular solution might support it. Ensure that all proposed spending is securely embedded as a part of the complete vision for the business.
- The Right Resources
To implement technology and innovation, one must have sufficient staff with the right qualifications and time dedicated to supporting, updating, and managing the technology. This is vital for the prolonged success of all industries. Though purchasing a set of licenses or a platform can be a massive cost for a business, it is not the only one. So, to extract optimal value from solutions, the industry needs to invest effort and time continually in innovating its market to connect with customer needs.
The age of technology, innovation, and intelligent machines have much to promise. With the introduction of some innovative policies, the future can be more growth inclusive and robust for all kinds of industries in the market.