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 making 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. However, it also has redefined certain industries and how they do business.
Why does it matter?
By understanding how certain industries have grown through embracing technology, it proves that any industry can benefit from adding this into their business. This blog is meant to show you how new technology can revolutionize an industry and encourage upper management in a variety of ecosystems to embrace this ever-changing climate.
Industry Leaders in Technology
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. However, a few brave souls have blazed a new trail in how these industries do business. These industries have recently grown tremendously. This is in large part due to their stance on being on the leading edge of innovation
More and more organizations have begun to implement technology into their business. As a result, these companies 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.
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.
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. The use of financial technology has not only impacted the banking industry but has helped a wide range of industries.
The Power of Cashless Commerce
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.
Since adopting technological advancements, the healthcare industry has boomed. Those directly in the industry, such as doctors or researchers, have experienced this impact.
Significant technological advancements have occurred to identify treatments to diseases. However, technology has also improved communication and tracking between doctors and patients. For instance, medical clinics have adopted a new system of checking patients in.
Going Paperless with Patient Records
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. These request your contact and address information. You also summarize any symptoms.
But now, clinics are beginning to give an iPad to their patients to quickly fill out this paperwork. 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. Taking this process digital saves the healthcare industry a tremendous amount of time and resources.
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. The continued advancements will greatly benefit the industry.
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.
What’s holding the Industry back?
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. It should not require a team to implement and use it. Many construction software platforms pride themselves on usability. Most offer demos, trial periods and training to make the transition easier.
New construction technology has been developed for a vast assortment of applications. Each one of these software solutions seeks to connect its users and save them valuable time and headache. People just need to try them.
ConTech & its Role in the Workforce
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, new construction technology adoption will be easier. This younger generation is more familiar with technology. As a result, the fear of usability is not an issue for them. Accordingly, this means that new construction technology will steadily rise over the next five to ten years.
Making Construction Billing More Efficient
Flashtract was created because the founders sought a need for an immersion of technology in the construction industry. 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. Pay management grows in popularity due to the reduction of unnecessary duplicate work. Companies no longer want to waste time with inefficient payment processes.