Four industries affected by mobile’s disruptive technology
Whether considered separately as a disruptive technology or as part of the wider IT-led transformation of society, there is little doubt that mobile devices and apps are revolutionizing society. From the way we socialize to the way we access and promote services and products, every industry has to adapt to wholesale changes.
Here are four industries that are at the cutting edge of the transformation and some of the challenges that need to be addressed:
Banking has certainly experienced mobile technology as a disruptive technology in a big way. As branches have steadily become obsolete and customers have gotten used to logging in to a mobile app to manage their money, they have also become mobile in another way, since they’re more than happy to switch to another bank if they experience dissatisfaction. Keeping up with competitors, including a new threat from virtual banks and bank-like services from payment processors, has cost banks billions of dollars.
Security is also a huge issue. The Identity Theft Resource Center reported that of the 781 US data breaches in 2015, 9 percent involved banks or financial institutions. In fact, that year, the banking industry saw nearly twice as many identity theft incidents than in 2014. On the positive side, lines at the bank counter have largely become a thing of the past, and customers have never been able to do so much with their money so quickly.
Every government administration struggles with the issue of healthcare. How do you provide a fair and cost-effective service in the face of a growing population with limited resources? Keeping patients out of the hospital for as long as possible, giving them more control over their health management and easing the workload of health professionals by taking over routine tasks have all been made possible with the disruptive technology of IT.
The system is far from perfect, but as health apps become more sophisticated, employee training is improved and protocols become more robust, the future of health is looking very different from the present.
The internet, and mobile devices in particular, have improved access to education all over the planet. In some parts of the world, students have to travel considerable distances to attend school or college. Now, this doesn’t need to be the case. Together with open education programs, some run by some of the most prestigious universities, the potential for raising educational standards worldwide is clearly huge. Mobile technology now enables remote students to not only access resources, but also participate in virtual classroom activities.
4. Private business
In the highly competitive private sector, mobile disruptive technology continues to reshape the landscape due to its ability to slash costs and boost productivity. In some areas, it has had an equalizing effect by enabling SMBs to compete with big corporations. It has also enabled companies to offer compelling solutions to persistent public-sector issues such as health and education. Many companies have now introduced bring-your-own-device (BYOD) policies to both increase operational flexibility and reduce in-house costs.
Handling the challenges of disruptive technology
The constant challenge for businesses and public organizations is to draw on the benefits provided by the mobile revolution while overcoming the many challenges that come along with it. With businesses increasingly reliant on robust IT services, even a minor disruption can have major consequences. As IT support company DCG puts it, “Nothing bites into productivity like having your network down.”
Security is another big concern for businesses around the world. In fact, Allianz’s 2017 Risk Barometer found that so-called “cyber incidents” were the No. 1 worry in many developed countries, and a close second in others. Of course, the ability to access the internet at all is a luxury not enjoyed by all. The effects of IT advances on job security can cause issues that affect the wider community. Then there is the marketing aspect, which requires businesses and organizations to adapt their websites and digital marketing to mobile devices or risk becoming invisible.
These and other significant challenges require wise capital investment and ongoing vigilance to ensure businesses ride the wave of change in their industries.