The past few years have been stellar. The rapid growth of technology has helped several industries to grow into major businesses, and it is believed to be all for the better. About a decade ago, going on a road trip would mean flipping through pages after pages to find which direction to head towards. Today, we can take the fastest, shortest and even toll-free routes with utmost ease. Even getting a taxi has become so much easier. Gone are the days standing on the side of the road, either burning under a scorching sun or getting wet in the rain. Thanks to the transportation industry that has revolutionized so much for their digital disruptors like Uber.
What is Digital Disruption?
Digital Disruption is making use of digital technologies like social media, mobile phones and analytics to challenge the status quo. Typically, it’s about improvements on ideas that haven’t been thought about. Digital disruption is almost everywhere. But unlike traditional systems, they do not intend to be disrupted themselves.
The pace at which technology is rapidly growing and evolving, digital disruptors are almost everywhere and moving quickly to every corner of the world. What do you think is the next big disruption? Other than the automobile industry, here are 7 other industries that will experience an upheaval soon in the clasp of digital disruptors:
7 Industries That Are Headed to be The Next Digital Disruptors
Virtual Reality, seriously? You must be thinking we are talking about the most commonly used applications of video games and TV. However, did you know there is plenty of R&D being done on this technology with millions of dollars of investments behind them? Virtual Reality is paving its way for innovation.
It may seem like a far-fetched idea right now seeing as we are not there yet. But with the heavy investments, it will usher in another revolution that leaves us wondering how we managed to live so long without such a technology by our side. From virtual tours to tourism to video conferencing or even distance learning, virtual reality simulations are on their way to making a HUGE breakthrough!
The healthcare industry at present is deprived of “pleasant experiences.” This is where the role of digital disruptors come in. They are on their way to a massive development in making the consumer experience more comfortable, fast and useful. There is more to come.
Although there is heavy regulation, it is predicted that the healthcare industry is going to be one of the next big disruptors in the digital space. Right now, you may be experiencing a lot of pain in the healthcare side, but the days are not far when digital solutions will enable you to have better experiences in fulfilling your health needs.
With technology exposed to more innovation, you will soon find that the tasks that were originally done by people in the professional services industry will be done by computers and robots. You might already know that this is what will happen in the future, but here’s the deal: think about booking your flight tickets through an artificial intelligence-driven app/website.
This is how digital will disrupt the traditional professional services industry by making use of computers to do the work. In the future, the professional services industry will extend towards advisory and consultancy services as well.
Imagine it’s 2040 and the customer loyalty, hyper-targeted, and brand loyalty marketing strategies are all exhausted. In fact, you do not need to go that far. After a few years, these tactics will lose their effectiveness. And businesses are fully aware that the engaging tactic that works well today will not work tomorrow.
While everyone is talking about hyper-targeted marketing strategies and segmented data, did anyone notice the huge growth in the online presence of experiential marketing? It’s the online engagement, online presence and online splashes that everyone can share and talk about, which makes experiential marketing a digital prodigy.
What’s a world without manufacturing? This industry has been powerful for a very long time now. The manufacturing industry is controlling what you are holding in your hand, what you are using to communicate with, and how you are keeping yourself entertained. The manufacturing industry is pretty much all about how you will go about your lives.
Think of smart home appliances facilitated by the use of the internet, which is where manufacturers decide to play their role in the digital world. With the technological advancements that are currently pacing through, it will be exciting to see what the manufacturing industry has in store for us.
When you see a guy selling insurance, you are almost always in a hurry trying to get away from him! A few years from now, you won’t have to do that. In fact, the change has already started. Startups like Insurify use the Facebook Messenger chatbot to provide automated insurances.
Furthermore, Lemonade’s smartphone app gets their user’s rental insurance done in minutes. If you are worried about falling victim to fraudulent activities then fret not! These companies spend more than $40 billion a year to fix these loopholes. Artificial Intelligence is changing the way insurance companies run their business.
Artificial Intelligence (AI) is the real game changer. To tell you the truth, this is the next big digital disruptor. Have you seen the impact it has already created in the society? While you may be frustrated by the way a customer care executive has behaved, AI can change all of that.
It aims at helping to deliver a more conversational experience with the company’s consumer, creating conventional dialogues by building connections. AI is already helping you with your digital marketing by delivering more personalized ads to the right consumers at the right place and at the right time to drive in more customized experiences.
How can you Succeed at Digital Disruption?
Don’t get terrified if your business is on the verge of facing digital disruption. Here are some solutions that will help you thrive during digital disruption:
- Don’t Be Afraid to Bring in Changes: Was your business structured during the pre-digital economy? In that case for you to survive, you need to adapt to new processes and habits. For example, Uber has changed the entire taxi industry by remaking a more personalized mobile experience. If the taxi industry wants to survive, they need a complete surgery in providing their service.
- Focus more on Solutions, Not Products: It really doesn’t matter what products you are selling. What matters is how you are selling it. If you are selling something highly profitable, it will bring in more competitors in the industry. To battle such competition, you may consider changing your production style or improving your quality.
- Step Ahead with a Digitized Platform: Move a step ahead with a digitized platform. The best companies are learning on grasping their market with a great digitized platform that enables a high-quality transaction, efficiency, innovation and consumer intimacy. A good example of this would be Amazon. They are constantly raising the bar for their competitors by still remaining the top choice for their customers.
- Hiring a Digital Officer Won’t Solve Your Problems: If you think that hiring a marketing head, HR head, and a chief digital office would bring you success, then you may be wrong! That’s because the problem of digital disruption is bigger than that. It requires all the part of the business to work closely together, something they might never have done before. Instead of hiring a chief digital officer, learn the capabilities of your business. You might need to initiate changes and bring in new roles in a department itself and restructure the goals of your business to make success happen.
…there are exciting times ahead! Digital disruptors are affecting each and every industry. While you might not be acting on it right now, your competitor might have already believed in the changes and started working on them. You see, it is important to have enough technological skills for individuals to tackle the new technology in order to succeed.
Whatever happens, you can count on these 7 industries to become the next digital disruptors. Do you agree with us? Let us know what your thoughts are on this in the comment section below!
The Coming Wave of Digital Disruption, Strategy-business
7 Industries That Are Headed to Be The Next Digital Disruptors, Business 2 Community
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