Here are 5 Industries Late to the Tech Party
In the evolving world of technology, a lot of industries have significantly grown but some industries have been slow to join in. But that does not mean that they are not bound to experience technology disruption in the future. Well, technology has made things easier and there is a huge forward thrust for industries that have already adopted technology and innovations. So the following are 5 industries late to the tech party.
When it comes to logistics, a lot of resources like time, labor, and fule go to waste. The way that logistics work is somewhat archaic and this is one of the reasons it has fallen behind with assimilating technology into different functions. For instance, a lot of transports don’t carry cargo on them after delivery is made. And statistics have shown that this accounts for about 50% of transports.
When you do the math, this is a waste of resources including time, labor, and fuel. Thankfully, startups and other new entries into the industry are coming up with ways of minimizing such wastes. By using data predictions can be made to identify areas where there is high demand as well as reducing delivery times. Also, logistics companies can stop shipping air by utilizing their transport capacities.
The real estate industry is one of the biggest in not only the US but also the rest of the world. It contributes immensely to the GDP, but unfortunately, it still uses conventional systems of operation. Real estate agents, pen and paper transactions, title companies, and so on, are some of the ways how real estate works.
However, it is slowly entering the tech world, making major additions that will go a long way to boosting the industry. A major addition includes virtual home tours where customers don’t have to visit the actual location of the house. Also, digitization of loan processing management makes transactions for customers can easy.
While life insurance plays a major role, it has also delayed joining the tech party. For instance, physicians still have to access the customers’ health in person, and there are other manual processes that would be easier if automated. On the brighter side, the industry is slowly coming along with additions like wearable tech which collects customer’s health data to help give policy quotes. “Things have been slow to change in life insurance but many agents and companies have taken the right steps towards digitizing the industry” adds Ryan, founder of Over50LifeInsure and digital agent in his own right.
Blockchain smart contract is also playing a huge role in the industry by securing the processing of life insurance claims until the transaction is completed. Other innovations include comparison engineers and Robo advisors that have helped improve customer experience.
For construction, a lot of machinery like cranes, excavators, graders, and materials like brick, wood, clay, metal, and so on are used. Also, contractors need to be on-site in order for construction to take place. This has resulted in the slow adoption of technology in the industry. But lately, 3D printing, smart materials, VR, and other improvements have been made and slowly, the construction industry is slowly joining the tech bandwagon.
Tracking and inventory management has also been made easy through new innovations such that it is easier to use data analysis to forecast and receive alerts whenever material supply is low.
The healthcare industry is among the few that have been late to the tech party. There are a lot of manual processes in the healthcare industry, like billing and scheduling, which would be much efficient if automated. Also, it takes time to get appointments with doctors and sometimes after getting one, you are forced to sit in the waiting room before you are attended to. In the coming years, AI is expected to change the healthcare world through innovations like blockchain medical records, new drug development, and on-demand care.
Technology has continued to play a huge role, and the more it impacts industries, the more people are realizing how indispensable it is. The above industries have been slow in fully adopting technology, but things are bound to change with time considering the possibility of technology disruption in the future. As technology is slowly been integrated into these industries, it will eventually ease how companies operate while creating a special customer experience.