How Industry Will be Affected by Tech in the Future

Technology is evolving, and so are the industries that it is making a direct impact upon. No industry is unaffected by the changing technology of our modern age. However, some businesses will be completely unrecognizable in the future as technology develops and starts to change the way that they are managed and the services that they are producing.

Retail

In terms of retail, there will be a huge impact on the way that products are created and designed, especially in terms of the starting processes such as design and engineering. A large part of this is that technology is improving, allowing companies to design products at a much faster and simpler rate using specialist design software for their industry. For instance, electrical companies are now choosing to manufacture and design their own PCBs through circuit drawing software that allows companies to adapt their circuit boards towards their needs. Not only this, but larger companies may also start to implement robotics in their warehouses and delivery services to cut down on human resources, such as Amazon’s recent evolutionary movement of using robots to find products in their warehouse.

Manufacturing

In manufacturing, the technology making the greatest impact is that of automation, as this allows processes to run smoothly without human interference. This allows there to be a larger amount of accuracy and productivity during the factory processes no matter what the environmental conditions are. In the coming years, we could see automation and robotics to replace both unskilled and complex activities that then frees up the human workforce for more customized activities during the process. Not only this, but manufacturers are starting to use cloud computing and the Internet of Things to establish the right conditions in the moment and ensure that they are able to assess and analyze their processes efficiently.

Finance

Online banking is starting to revolutionize the way that we bank and use finance, with the ability to manage our finances from any location and pay from any device giving increased freedom to customers. Not only this, but advances in artificial intelligence is leading human assistance to be replaced with chatbots, which can help to solve problems in place of a human workforce. However, there are many issues with it comes to security in the finance sector, and this renders security tech of the utmost importance. Artificial intelligence is advancing to help banks detect fraud as they can track likelihoods and determine the potential outcome and patterns that can help prevent and stop fraud.

Healthcare

Healthcare may evolve with virtual appointments being managed by AI, allowing patients to have appointments with a doctor regardless of their location and whether they feel well enough for an appointment. This also gives them access to specialist help, which may not be available within their district. VR and AR can even start to be used for training purposes and has been shown to reduce levels of pain and stress, which may have advantages for trauma victims through the recreation of experiences (exposure therapy).

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Author: Kar

Dr. Kar works in the interface of digital transformation and data science for business management domains. Professionally a professor (IIT, IIM) and an alumni of XLRI, he has extensive experience in teaching, training, consultancy and research in reputed institutes. He is a Regular Contributor of Business Fundas and a blogging addict. Note: The articles authored in this blog are his personal views and does not reflect that of his affiliations.