Traditional industries that have been there around for decades and decades have been finding themselves in a difficult stage today due to growing challenges from the emergence of disruptive technologies. From artificial intelligence to blockchain, technology is transforming the way we live and work, and entrepreneurs who embrace it are reaping the rewards. Technology is revolutionizing the way traditional industries operate and providing opportunities for entrepreneurs. Some of the traditional industries that are ripe for technological disruption or have already embraced it are:
Healthcare – In the healthcare sector, AI-powered diagnosis and treatment recommendations, telemedicine platforms that allow patients to access medical care remotely, and wearables that can monitor vital signs are all examples of technological disruptions.
Education – Coursera and Udemy kind of online education and learning platforms are also disrupting the traditional education industry by making education more accessible and affordable.
Transportation – In the transportation sector, ride-sharing apps such as Uber and Lyft have disrupted the traditional taxi industry, while electric and self-driving vehicles are steadily making inroads.
Banking – The banking sector embraced technology to provide faster, more convenient, and cheaper banking services to consumers and businesses alike.
Retail – Amazon disrupted the traditional brick-and-mortar kind of retail industry much earlier by offering a wider selection of products at lower prices. Virtual try-on technologies are another revolution giving people a virtual shop experience for clothes and accessories.
As technology continues to evolve, we can expect to see even more disruption across a wide range of industries. So if you are a business owner looking to stay ahead of the curve or an entrepreneur looking for the next big opportunity, this article will provide you insights on how to successfully disrupt the traditional industry to create a space for yourself.
Identify which industry you want to disrupt
First and foremost is to identify which industry is ripe for disruption. You can start by analyzing the market and identifying the inefficiencies and pain points. Target those which lack innovation and run on an outdated business model. Identify the sector where customer dissatisfaction is high. It’s an opportunity to use technology for sealing customer loss.
Identify the technology and understand its power
Research is the key to identifying the technology to use it creatively and constructively. Look for technologies that can improve efficiency, reduce costs, and enhance customer experience. Artificial intelligence, blockchain, and the Internet of Things (IoT) are just a few examples of technologies that are disrupting traditional industries.
The right team with the right set of skills
Any disruption, apart from technology and plan, needs the right team to complete the execution of the plan. People with good experience in technology, business development, and marketing should be a part of your team to have the next big disruption.
Be ready with a disruptive business model
A disruptive business model that can use technology to create new revenue streams, reduce costs, and improve customer experience needs to be developed to be a step ahead into the future. For example, a company that uses blockchain to create a more secure and transparent supply chain can disrupt the traditional logistics industry.
Implement your model and continuously innovate
Once you have come up with your offering that has great features to attract early adopters, launch it. If found viable, you can go for scaling it through digital marketing to reach your target audience. Continuous innovation is the key to staying ahead in the technological disruption race in these times of big changes. Keep yourself up-to-date and remain open to new ideas.
Technology has tremendous power to disrupt traditional industries and give them a new look. By identifying inefficiencies and pain points, understanding the technology, building a team with the right skills, developing a disruptive business model, building a minimum viable product, launching and scaling, and continuously innovating, entrepreneurs can use technology to disrupt traditional industries and create new opportunities.