Disruptive technology is driving many exciting changes in the business world. Disruptive technologies shake up an entire industry and result in different ways of doing business. When an industry is disrupted, there are great opportunities to become the “next big thing.” Rohit Antao, an IT executive, explores the ways in which industries are disrupted and names some of the hottest tech trends going forward.
Some industry professionals state that AI will be as disruptive to all industries as electricity was 100 years ago. Some people are skeptical about this statement, but they should keep an open mind.
AI has made amazing strides in the past several years. AI has developed from a largely academic exercise to an essential daily component of successful industries. From its beginnings in the lab, AI has become incredibly helpful to professionals in insurance, real estate, and customer service.
Insurance companies like Lemonade are relying on AI algorithms to run fraud checks that were once tediously done by hand. Combining computing power with a good understanding of the subject matter, AI can help to reduce costs as well as the time needed to process a claim. Companies which do not partake in AI activities run the risk of being priced out of the market, as well as finding that they cannot compete with other companies which use the new technologies.
AI is also a huge disruptor when it comes to background checks. Where this activity was mostly undertaken “by hand” in the past, AI can comb through hundreds of data sources at a time. This helps keep companies up to date and quickly weeds out potential employees who could be a problem in the workforce.
Real estate is another area in which AI has made giant strides. Potential home buyers and tenants can look at carefully curated databases with properties that meet their criteria. Using AI to sort these properties means that the potential tenant’s wishes are all considered. Rohit Antao discusses how generally real estate professionals are also using AI to enhance home showings, in some cases using robotic assistants to answer questions and do basic property walk-throughs.
Another example of how helpful AI can be is in customer service. Many websites are beginning to roll out AI chat bots to supplement their ranks of human customer service agents. In many cases, customers are not aware that they are dealing with an AI. When the AI’s information is exhausted, the text chat can be smoothly transferred to a human operator.
The Internet of Things
The Internet of Things or IoT has the potential to revolutionize how customers interact with technology. Refrigerators can register what is inside them and to send alerts to a customer when they are out of a item. This feature can integrate with popular list-making apps.
Voice-activated assistants are huge in the tech world, and they are beginning to automate people’s homes to an extent that has never been seen before. Voice-assisted technologies like Alexa and Google Assistant are beginning to make an impact in the business world as well. When these technologies are built into household appliances, they produce seamless results for the average homeowner.
IoT devices can also be programmed to react differently in certain types of situation. For example, when a child is trying to use an appliance, the IoT device could make sure that none of the settings could harm the child. This could be especially helpful with stoves and other heating appliances.
The rise of 3D printing has foreshadowed a huge shift in how people bring products into their homes. As of 2019, 3D printing is not common in every household, but many experts predict that this technology will become widespread in the coming years. Rather than spending time and money buying simple objects, they could be printed at home, saving resources and shipping costs. 3D printing is making particular strides in the medical device’s arena, with prosthetics and dental equipment at the forefront.
While Bitcoin and other cryptocurrencies have experienced wild swings in price, the underlying technology is poised to make a transformation in the financial industry. Blockchain is predicted to disrupt the financial industry over the coming years, using its unique capabilities to provide better security and agility to transactions. Blockchain will continue to make its influence known, with many different technologies depending on the protocol.
Disruption and Industry
When all of these disruptive technologies are taken into account, it is easy to see how different the business world will become. These constant advances in the way companies do business can save time and money, making the world more efficient. Rohit Antao encourages all interested parties to keep an eye on the spread of these technologies.