New Technologies and How They Are Disrupting Incumbent Industries
One hundred years ago, Henry Ford changed the production world with the implementation of the assembly line. His audacity created a framework that innovated nearly every industry around the globe. Technology today is looking to repeat Ford’s feat by meshing technology with every industry, even those that are the furthest thing from technology.
It only takes a small idea to create such a significant disruption. Amazon started as a bookseller, of all things. No industry is safe from tech disruption. These innovations are often creating simpler ways to receive a product or make a process more accessible through automation. If there isn’t an app for a particular industry yet, there is probably one in development as you read this.
A seemingly impervious industry because of the need for a physical building, construction, and cleaning staff, the hotel sector was rocked by a simple app that lets people rent out their unused homes, apartments, and even rooms. The idea itself was pretty novel. The implementation was made possible by many remote developers creating the app we use to book, pay, and review our stays.
Airbnb and VRBO aren’t going to put hotels and motels out of business, but this wasn’t their aim. Hospitality is such a large industry, even a small percentage of Airbnb had done what many startups struggle to do—be profitable.
Media, of all types, has been riveted by innovations in the tech industry—even print-based. Books are available on any screen you can find. E-books aren’t only for reading Stephen King novels; thousands of entrepreneurs sell small e-books as versions of white papers, how-to-guides, and literature.
The Internet can be a tool to make anything, really anything, a means to make money. Reservation apps help restaurants by filling seats and get a fee or percentage of the bill. They are especially helpful for assisting when patrons cancel or don’t show up for their reservation. Like a coveted DMV opening, guests who are willing to change their plans at the drop of a hat to eat at the hottest new restaurant use these apps, often for free, to write their snarky review on a review app. These apps are popping up left, right, and center, and you can be a part of the next team by attending one of the best online coding bootcamps.
Meetings aren’t technically an industry, but they are a niche where tech companies can improve and make money. We have been attending meetings via the phone for more than a few decades, but instead of sliding the receiver closer to the speaker, we now troubleshoot by reminding our co-worker—for what feels like the tenth time—to turn off mute when they are talking. Virtual meetings have been the go-to since the beginning of the Covid-19 pandemic, and it has been their top advertiser. Companies are seeing the savings of company-wide subscriptions instead of the flights, hotels, and cab rides they would pay for a meeting that requires travel.
These software programs have features that emulate a real meeting in ways a phone or simple video chat option cannot. Be careful to turn off your silly filters before you jump on a meeting with your manager. Some features may seem trivial, but what was once novel often becomes expected and required.
One example is hiding your background if you don’t already live in a tropical paradise. At first a fun way to pretend you’re on the Millenium Falcon, it has transitioned to a way to hide your messy room, kids running in the background, and make sure subordinates are solely focused on you. If you want to be a part of the next wave of video conferencing, consider the role of a Cybersecurity Expert as companies don’t want any third parties to listen.
Technology is helping break the stigma of seeking mental health assistance and making it easier to obtain. Therapists, psychiatrists, and counselors are available 24/7, providing much-needed guidance to those in need. Again, there is nothing new about counseling, messaging, or video calls, but providing the service is a viable business.
Innovation by tech companies is far from over. We might not have flying cars, but in many ways, we have taken technology much further than we thought was possible. Innovation blossoms with an idea and a team of software developers create the magic to make it happen.