Technology Teaches Old Dog Industries New Tricks
Learn why these industries are benefiting from this transformation.
Changes in society occur regularly throughout history. Some of it is for the better, some of it for the worse. The same holds true for business. Just as the industrial revolution changed the world and brought about substantial increases in production (while also easing the physicality of some work performed), we’ve all seen the impact technology has had in the way businesses are managed and operate.
As we’ve also learned technological disruption can create a lot of short term pain. But the outcome of this change is clear: Those businesses and industries which have embraced technology by replacing and augmenting business processes have maintained a competitive edge, or even carved out a new competitive category to create new revenue. However, you may be surprised at some of the old industry stalwarts who have scrapped their conventional way of doing business by embracing new technologies to survive the ultra-competitive marketplace and grow their sector.
Here are 3 unlikely “old dog” industries that have learned more than a few tricks:
#1. Insurance Industry
The insurance industry had to shift its mindset and embrace technology to deal with the emerging threats now challenging the sector. The following outlines 4 technology driven solutions that have redefined how Insurance companies have become operationally more efficient, as well as smarter marketers:
- Telematics – a method to provide access to “Big Data” – mountains of actionable information. By combining computers and wireless technology in order to stream data across multiple platforms to aid in information analysis. So it doesn’t matter where the data resides, the information can be collected. This tech approach supports a variety of critical areas for insurance companies such as, setting insurance rates, claim management, adjuster assessments, including speed, location, braking, and exact moments in time which an event occurred.
- Mobile Applications – an easier way for end users to research quotes, report claims, document accident evidence, or even wake your agent in the middle of the night to request help.
#2. Commercial Trucking Industry
All kinds of industries are embracing technology to make business more efficient and the commercial truck industry is no different as everything from driver devices and regulator logs are utilizing the latest technological advancements. The following are a couple of emerging innovative solutions:
- 3D Printed Spare Parts – the transportation is ready to pounce on the advantages of 3D technology to solve several issues including Prototyping Concept Vehicles, Tool Production ( Volvo Trucks) or Trucking/Automotive Parts molds to leverage high speed manufacturing, at a reduced cost.
- Internet of Things (IoT) Transportation Tracking and Management – Radio frequency identification, GPS, acoustic sensors, near-field communications and more are combining to give transporters more information than ever about the status of a given shipment. This translates into greater profits, more insights into where things are going wrong and stronger visibility. In addition, customer service levels have improved as companies have been able to boost operational times to nearly 100 percent around the globe, reports Jenipher Wang, Ph.D. of theWIOMAX Smart IoT
#3. Restaurant Industry
Technology is having a significant impact in one of the most competitively saturated categories. What once seemed impossible for new competitors to break into, technology has actually opened new doors for better chefs and new concepts re-igniting interest by deep pocketed investors anxious to gain market share. Three technology solutions that are expanding the category:
- Inventory Management Software/RFID – Tracking Food Inventory – Rolled out several years ago, this technology has made a significant impact to help widen narrow revenue margins for restaurants across the globe. RFID, a technology quickly adopted in the grocery category over a decade ago, for inventory tracking has made its way into the Restaurant industry to help tracking as well as the timely delivery of fresh food products.
- Mobile Consumer Engagement – Starbucks’ was one of the first to implement its mobile order and pay application. What they didn’t anticipate is the rapid customer adoption, and the ensuing operational challenges such as, congestion at the handoff counter due to the high volumes, which led to walk-in customers reversing course and walking out because of the heavy rush. On one hand, the disruptive technology served as an innovative solution to increased sales, but it also served as a great example of operation’s need to test processes and make the necessary adjustments prior to a full roll-out. The clash between pre-orders and walk-in cancelled each other out, and resulted in the an extreme slowdown in Q1, 2017 revenue/sales. This pre-ordering and payment application isn’t going to go away, but rest-assured lessons were learned by all within this highly competitive category.
- Point of Sale Systems – IT techs have been busy re-inventing this invaluable hardware/software application. The new technology not only enhances productivity, but it’s become an invaluable marketing support application with the use of analytical software that captures valuable patron likes and dislikes such as, a customer’s favorite beverage, or knowing which entrees to suggest to a first-time visitor to almost guarantee a return visit. But more importantly, the current systems also tracks social media interactions, reviews, and other critical on-line information.
All industries must change to survive, and innovative technology solutions are leading the survival of many surprising categories. For more information about how technology is changing the business landscape, talk to one of our IT Staffing Professionals here at CultureFit. CultureFit Technology Staffing is a full-service Chicago IT recruiting firm for corporate cultures and IT professionals that value organizational fit, employee satisfaction, and an extremely high level of technical IT skill.