Technological advancements are happening at a rapid pace, bleeding into every facet of our lives, including the way most industries do business. If you really stop and analyze it, there is not a single sector around that hasn’t been touched in some way by the huge shifts in technology in the past few years. We’ve taken a closer look at some key industries to investigate the many ways in which technology is shaping their futures.
Technology has been advancing for decades now, but it seems in the last few years, the pace has accelerated at an unprecedented rate. Specifically, blockchain technology, AI and cloud computing have become mainstream technologies used by many of the businesses we have everyday contact with. For example, online sports betting sites like BetMGM are leveraging AI to enhance the gaming experience for players through:
- Personalized homepage recommendations
- Automated customer support for faster response times
- Early detection systems for cheating
- Problem gambling pattern recognition to put limitations on at-risk player accounts
The technological shift in healthcare
Telemedicine
Healthcare has been one of the primary beneficiaries of the technological changes in recent years. The events surrounding 2020 forced many healthcare providers to find innovative ways to provide quality health services to patients while reducing physical contact. This led to a telemedicine boom where doctors, psychiatrists, therapists and many other healthcare providers began offering their services remotely. This has been facilitated primarily via video calls but also through revolutionary apps such as BetterHelp. The BetterHelp app brings quality mental health services to patients across the globe at a fraction of the cost of an in-person therapy session.
Genomics and preventative medicine
Another exciting area in the medical science space is advanced genomics. Essentially, doctors can leverage AI and predictive analytics to map a patient’s health and susceptibility to certain conditions. This will contribute a great deal to preventative medicine and improving patient outcomes.
Virtual makeovers
Advanced digital imaging and virtual reality can also give patients a glimpse of their new and improved selves in the cosmetic dentistry and plastic surgery realms. Dentists, for example, are able to show young patients what their teeth may look like following braces and map out a precise treatment path to produce the very best results.
3D printed medical devices
On that note, advancements in 3D printing now make it possible to print prosthetic devices such as limbs and dentures. It has also made cosmetic dentistry procedures such as clear aligners more affordable and accessible with 3D printed versions available at mobile clinics.
Technological transformation in retail
Personalized recommendations
Believe it or not, retail has also experienced huge changes thanks to technological advancements. One of the most obvious changes is personalized online shopping experiences. AI-powered content recommendation engines can analyze user behavior, interests and preferences to offer personalized recommendations tailored to them specifically, such as personalized product suggestions. An example of this is the “Frequently Bought Together” Shopify tool that enables merchants to make recommendations to customers of items that are most often purchased together, encouraging an increased average order value (AOV).
Improved customer experiences
Another interesting area where technology is being applied within the retail sector is AR and VR. While AI is most definitely the buzzword of the moment, these preceding technologies are not to be overlooked. AR and VR can be used to create engaging and immersive customer experiences. For example, flooring and paint stores use VR technology to allow customers to get a preview of what the products would look like in their own homes by uploading a picture to the website.
Another prime example is Ikea’s virtual show room, which allows customers to view products from every angle before committing to a purchase. Beyond creating an unparalleled online experience for customers, it can improve a retail business’s bottom line by increasing the likelihood of a customer following through with a purchase.
Changes in the financial sector
Blockchain and cryptocurrency
We doubt this one comes as much of a surprise but blockchain technology and cryptocurrency have revolutionized a once very rigid industry. Despite receiving a rather devastating blow last year and a fall from grace, crypto is still very much around and shouldn’t be expected to be going anywhere anytime soon. Financial services companies can leverage blockchain technology to protect data, undertake enhanced identity verification processes and securely sign contracts.
Fraud detection
Fraud detection in another crucial area within the finance sector that is benefitting from technologies such as AI and machine learning. AI systems can be trained to recognize behavioral patterns fraudsters may exhibit, helping to stop fraudulent behavior in its tracks.
Risk management
Insurers are already able to make use of AI risk management software to determine whether a potential client will be too much of a liability to insure based on past claims, health issues and whether they exhibit risky behavior, such as skiing, skydiving or driving fast cars. This can be used to guide insurers on setting suitable premiums and excesses for high-risk clients.
Wealth management
Financial advisors utilize AI to refine each client’s individual investment strategy. By analyzing markets in real-time with smart insights, advisors can make more informed investment decisions on behalf of their clients and produce favorable investment growth as a result.
Virtual banking
Cloud banking is another area being improved upon thanks to technological shifts. Cloud-banking services such as Payoneer and Wise break down global barriers, making it easier than ever to transfer funds across international borders. This is an essential advancement as global barriers continue to be broken down as more companies engage in cross-border business transactions, with remote teams and clients around the world.
The evolution of the automotive industry
Autonomous driving
Anyone who has kept abreast of technological advancements over the past few years knows many vehicle manufacturers aim to develop self-driving cars using autonomous driving technology. This technology would predict and react to the behavior of other road users to get you from A to B without you having to so much as lift a finger. Talk about a joy ride! Tesla is undoubtedly at the forefront of this technology but companies such as Cadillac, BMW and Mercedes are not far behind with their own versions of autonomous driving features.
Improved maintenance and safety features
AI is also being used by vehicle manufacturers to improve vehicle safety and maintenance procedures. Manufacturers can run simulations of various scenarios in which AI would predict various outcomes based on the safety measures in place. This can produce more robust and thoroughly tested safety features in the vehicles of the future. In addition, AI has been used to develop safety features such as crash avoidance software, pedestrian detectors and lane departure warnings for a safer driving experience as a whole.
From a maintenance perspective, AI can analyze vehicle data more efficiently than a human and make predictions on potential mechanical issues to prevent breakdowns before they happen. A real-life example of this technology being put to use is by F1 to make vehicle maintenance and repairs more efficient.
Technological revolution in agriculture
Precision farming
Ever heard of precision farming? It is essentially the fusion of agriculture and technology to increase crop efficiency and improve the efficiency of time and resources. Farmers can manage large fields in real time with an overview of data from each field available to them. This way they can efficiently apply inputs such as irrigation, fertilizer and seeds where they are needed while scheduling harvests at optimal times.
AI crop and livestock management
AI has become instrumental for farmers managing crops and livestock more efficiently. It can be applied to predict weather patterns, pest invasions and disease outbreaks to empower farmers to take preventative action before disaster strikes.
Drones and IoT devices
Farmers can make use of drones to provide detailed aerial imagery to assist with crop scouting, disease detection and irrigation management. IoT devices, such as smart sensors, enable farmers to intuitively monitor soil conditions and livestock health to make better decisions on the fly.
Conclusion
When we look at the key sectors that we often interact with, it is quite surprising to see just how much technology is shaping the way they operate. From virtual banking facilities to increased access to quality healthcare, as fast as things are changing, many of these changes are for the better. Technology is set to revolutionize these sectors and more in the years to come, so we look forward to watching this space and witnessing history unfold before our eyes.
