How Technology Can Impact Your Industry

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In the 21st century, technology has completely transformed our world. From the way that you listen to music, to the way you pay back a friend, to the way you order take out at a restaurant, all sectors of our day to day life has evolved to include technology. The use of technology has empowered consumers and has made their lives easier and more efficient. In a time where everyone is so busy any piece of technology that can save an individual time and hassle has become an extremely powerful tool. It’s no question that technology is an ever-growing industry that has greatly impacted individuals, but it also has redefined certain industries and how they do business.

By understanding how certain industries have grown through embracing technology, it proves that any industry can benefit from adding this into their business. Two industries that have adapted technological methods and flourished are the healthcare and finance industries. Many people 20 years ago would say that the finance and healthcare sectors were entrenched in old ways, but a few brave souls have blazed a new trail in how these industries do business. The healthcare and finance industries have recently grown tremendously in large part due to their stance on being on the leading edge of innovation

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More and more organizations have begun to implement technology into their business and have seen tremendous returns on their investment. In 2019, over 93% of organizations have used at least one cloud-based software service. This shows that companies across all industry sectors all looking for new ways to separate themselves from their competition and streamline their internal processes.

This blog is meant to show you how technology can revolutionize an industry and encourage upper management in a variety of ecosystems to embrace this ever-changing climate.

Finance

An industry that is now empowered by technology is finance. Rather than taking a trip to the bank to deposit a check, it can be done with a few touches of a button from your phone. According to a study from ABA, 7 out of 10 Americans use online or mobile bank channels to access their accounts.

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It seems as though finance has completely transitioned into a more technological setting. Fintech has become a new industry that challenges traditional banking and it is taking over. There are over 12,000 startup fintech companies across the globe ranging from P2P (person-to-person payments) to investing. The use of financial technology has not only impacted the banking industry but has helped a wide range of industries.

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Cashless is becoming the new mantra, especially among millennials.  There are mobile applications in which you can sync your debit or credit card information and send and receive payments. Some of these include Venmo and Cashapp. This is especially effective among the millennial and Gen Zers, but Gen Xers are beginning to adopt this technology.

By empowering businesses and consumers to be able to electronically send and receive money the financial industry has completely revolutionized how companies do business. Transactions have been simplified to better help B2B practices, as well as consumers. With technology, this has been made possible and the adaptation of it has made a significant impact on the financial industries.

Healthcare

Since adopting technological advancements, the healthcare industry has boomed. Those directly in the industry, such as doctors, nurses or researchers, have experienced the impact of technology in healthcare. But it expands to the general public as well.

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Significant technological advancements have occurred to identify treatments to diseases, but technology has also improved communication and tracking between doctors and patients. For instance, medical clinics have adopted a new system of checking patients in.

MacPractice is a software company that released an application called Clipboard to streamline the patient registration process. Rather than filling out paperwork, this process can be done digitally. It saves time for patients and provides real-time updates for the doctor.

Typically, when you go to the clinic, you fill out paperwork forms which you give your contact and address information, as well as provide the symptoms you are feeling. But now, clinics are beginning to give an iPad to their patients to quickly fill out forms and show symptoms. Instead of having to re-log this information each time you go, this is information is saved and sent to the doctor resulting in a much more efficient process. Streamlining patient registration alone has saved the healthcare industry a tremendous amount of time and resources by taking this process digital.

Time and money have been saved by healthcare technicians and practices across the globe by utilizing technology. From patients to doctors, efficiency has been capitalized on and the continued advancements will greatly benefit the industry.

Construction

Following these patterns, how can construction utilize technology? Construction software solutions have been on the horizon, but many general contractors have continued to go the traditional paper-based route. Regarding not going in a technological direction, those in the construction industry state challenges.

39 percent of companies cite a “lack of IT staff” as reasoning to not progress technologically. While this is understandable, the right software will be simple to use and not require a team to implement and use it. Many construction software platforms pride themselves on usability. To defeat the stigma that it takes a village to understand this software, request demos from software providers to better see how it works and see if they offer a trial period to test out the software at no cost.

Construction technology has been developed for a vast assortment of applications such as: online construction payment management, bid management, document management, project management, scheduling, accounting, estimation, safety, risk management, 3D modeling, QA/QC, and time tracking. Each one of these software solutions seeks to connect its users and save them valuable time and headache.

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With the majority of those in the construction industry retiring in the next 5 to 10 years, there will be new opportunities for the younger generation. In 2015, it was reported that only 7.3 percent of those in construction were between the ages of 20 and 24. With a younger generation soon to enter the workforce, technology adoption will be easier. This younger generation is more familiar with technology, so the fear of usability is not an issue for them. This means that technology in the construction industry will steadily rise over the next five to ten years.

Flashtract was created because the founders sought a need for an immersion of technology in the construction industry. Living in a period where conceptualized ideas can be made into reality, the idea of a simplified and affordable billing and payment process for construction workers came to life. Flashtract’s construction payment software was created to remove the hassle out of the payment application and invoice approval process. Construction payment management is a relatively new idea but has been growing in popularity due to the reduction of unnecessary duplicate work and wasted time that is so often a part of the construction payment process. If you are interested in finding out how to take the next steps in adopting technology for your construction company, visit flashtract.com or email [email protected].

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