As the world rapidly embraces the digital era, the role of technology in shaping successful businesses is more apparent than ever. This has given rise to the seemingly inescapable influence of technology in our everyday life. We witness this impact in the form of mobile devices that enable creation, cloud computing that facilitates collaboration, cognitive computing and artificial intelligence (AI) that streamline operations, and data analysis that provides key insights. The effects of technology stretch far and wide, from lab-grown diamond retailers seamlessly changing the face of the jewelry industry to automation enhancing efficiency in food production.
If an individual is in the market to establish a business that would not only be profitable but also withstand the test of time, then delving into the ten most significant areas influenced by technology would provide ample opportunities.
Industries of the Future: Fueled by Tech
The quintessential industry leading this transformation is, of course, technology itself. Capturing almost half of all venture capital funding, tech companies have become a powerhouse driving innovation across various sectors. The projected output growth for this sector is a staggering 135%, with cloud computing, machine learning, AI, and big data emerging as the significant game-changers.
A common thread weaves its way through various industries – technology is the driving force behind their expected success. It has altered the trajectory of industries and will continue to shape their future course.
Consider healthcare, an industry grappling with various challenges, including declining profitability, especially in primary care facilities in rural areas. Despite this, the future of the healthcare industry looks promising, with a strong output predicted, thanks to technology-backed subsectors like biotech, health data management, and personalized health solutions. The latter builds on the premise of using individual health data to drive immediate and long-term treatment options, akin to personalizing entertainment and hospitality sectors.
Every industry is energized by the opportunities that technology brings. For the energy sector, the spotlight is on the increasing use and efficiency of sustainable energy sources and the notion of “energy trading” through tech devices. In finance, the waves are being made by fintech and cryptocurrencies. Real estate is seeing the rise of flat-fee online brokerages and other disruptive forces promising to change the trajectory of this traditionally slow-to-adopt industry.
Legacy industries, such as retail, construction, and hospitality, have been around for ages, are experiencing remarkable growth opportunities due to tech innovations.
New Businesses and Technology: A Strategic Approach
What do these shifts imply for budding entrepreneurs and those looking to penetrate any of these next-decade winner industries?
The goal should not be to rush into these industries if your existing business operates in an entirely different realm, or to invest in technology products and platforms impulsively. Unnecessary investments in technology can lead to significant losses, even bankruptcy. As a business owner in the digital era, you’re likely already utilizing technology in some form – maybe as an e-commerce site or a digital marketing agency, or even in the form of digital platforms like G Suite for document collaboration or Slack for communication.
The critical aspect is to contemplate how technology can further refine existing operations. Are there processes that could be improved using automation, software, or AI?
Gartner’s report on strategic technology trends in 2018 highlighted the rise of narrow AI – highly specialized machine-learning solutions that target specific tasks, with algorithms optimized for those tasks. Applications using narrow AI can handle a multitude of tasks like filling out tax forms, booking flights and hotels, recognizing customers and providing a personalized experience, and planning your day – all using existing data and past preferences.
Narrow AI’s application extends beyond simple tasks – it is the foundation for self-driving cars, for instance. It serves as a prime example of an emerging technology that is being incorporated in an increasing number of business tools, platforms, and services to assist humans in focusing on higher-level tasks like decision-making, problem-solving, and communication.
There are other more straightforward transitions such as moving from desktop-based to cloud-computing software or replacing manual inventory and asset tracking with management software. Companies that can delegate essential but time-consuming tasks – like planning, bookkeeping, auditing – to automation will emerge as winners.
Conclusion
Though the future course of various industries is yet to unfold fully, one can confidently predict that technology will play a crucial role in their success. The question that remains is how these companies will utilize technology and the forms it will take. Whether it is in transportation, retail, the expansive field of tech itself, or any other field enhanced by digital tools, the results will undoubtedly be riveting. Technology’s role in shaping the business landscape is undeniable, and the industries that adapt to these changes will thrive in the future.
