What is Digital Disruption and How is it Affecting Incumbent Industries?

What is Digital Disruption and How is it Affecting Incumbent Industries?

POPS 11/30/2020

New tech inventions are affecting every incumbent industry around the globe. They’re changing the way companies operate and are creating a whole new market. They’ve indeed helped organizations to transform the market and develop better products. However, new technologies are having a negative effect on the workforce. A massive job disruption has been caused and now employers are struggling to get a new job.

If you’re afraid of losing your job and you seek to stay relevant, this article will help you achieve your goal. It’ll provide you with a clear idea of what’s digital disruption and how it’s affecting the workplace.

What is Digital Disruption?

Digital disruption is a change caused by business models and new technologies. These tech inventions and models can impact existing products’ value and redefine the way they’re offered in the industry. The term ‘disruption’ is used because these new inventions affect the current market significantly, and create a need for reevaluation.

For example, years ago, automated processes didn’t exist, but today, robots are part of the workplace. There are many ways tech is impacting incumbent industries. However, to get a better idea, here are some new technologies affecting today’s market.

Artificial Intelligence

Artificial Intelligence is helping companies take the next step. AI is making products more efficient, and it’s allowing companies to provide more personalized services. For example, Google is a world-class company that has invested a vast amount of money in AI. Their goal is to provide a better user experience and increase products’ efficiency. For example, Google Assistant makes use of AI and deep learning to understand questions and spoken commands.

On the other hand, Google’s Gmail uses machine learning to help users compose emails within seconds. It can understand written text and provide accurate suggestions to help users give quick responses. In the manufacturing industry, AI is playing a key role in improving companies’ processes. 

AI-powered robots can analyze patterns and techniques to learn from experience and provide better results. They have enabled companies to reduce costs and increase productivity. Many manufacturing operators have lost their jobs because of decreasing demand for workers in production lines.

Companies like Tesla are going further and are transforming the automotive industry. Tesla’s cars use machine learning algorithms and cameras to identify objects in the environment. They can also analyze driving techniques and become self-driven cars. As a result, customers can now enjoy a ride without their hands on the wheel.

To stay relevant, you can learn Python skills. It’s a great programming tool for creating machine learning solutions. Many vocational schools offer Python courses. But, if you seek to stand out from the competition, you should join Thinkful’s coding bootcamp. Thinkful provides you with a career support team during each program and allows you to learn from experts in the field.    

3D Printing

3D printing is among the most disruptive technologies. It has affected chain supplies and is changing how homes are built. For example, WinSun 3D is using huge 3D printers to build homes in less than 24 hours. 3D-printed houses are cheaper than dwellings constructed using traditional methods and are allowing homeowners to change their mindset. For many years, renting was the first option. But, thanks to 3D printings, customers can think about owning. However, construction workers are losing their jobs because fewer employees are needed during the building process.

In the automotive industry, 3D printing is becoming a game-changer. Years ago, it was only used for prototyping. But, thanks to more robust 3D printing technologies like fused filament fabrication, it’s also been implemented for end-use parts. 

Augmented Reality

Augmented reality is helping companies in the online retail industry take significant strides. For companies like Sephora, it’s been a lifesaver. Sephora’s Virtual Artist uses AR to provide customers with “Try-before-buy” benefits. Using Sephora’s mobile app, users can see how makeup products look on them before making their purchase. It has allowed the company to increase customers’ satisfaction and reduce costs in product returns.

In the healthcare industry, companies like AccuVein are using AR to improve IV procedures. Their new AccuVein AV500 allows nurses to draw a roadmap on patients’ skin and see where veins are placed. AccuVein AV500 improves first stick success and reduces patients’ pain. As nurses spend less time in IV procedures, patients’ satisfaction will increase.  

To learn how to build AR apps, you can learn software engineering skills. Software engineers are equipped with core computer science concepts to understand how systems and computers work. Given that, they can build, and maintain complex apps. Software engineers are in-demand, and companies are putting out great job offers to attract the attention of qualified candidates.

To become a software engineer, you should enroll in Flatiron School’s coding bootcamp. Their software engineering immersive course will allow you to learn the skills you need in 15 weeks. You’ll develop your skills through interactive labs, lectures, and hands-on projects. Flatiron School has designed its curriculum to help you launch a new tech career independent of any technology or language.

Online Streaming

Online streaming is changing the way users watch TV and listen to music. Consequently, many companies are experiencing cuts in their income. Satellite and cable TV are going out of fashion, while companies like Netflix and Hulu are making customers feel engaged. Netflix uses machine learning algorithms to provide more personalized services. Users receive suggestions based on previously watched content.

On the other hand, Spotify and Apple are reshaping the records industry. Years ago, people used to buy records, but today customers prefer to stream music and create personalized playlists. Spotify allows users to search for any song or album they would like to listen to. Spotify’s app also provides users with recommendations based on streamed content.  

Conclusion

As days pass, more companies will use new technologies to improve their products and processes. A new market is being created, and there’s no way back. If you want to keep your job, you must adapt and learn new tech skills. The digital transition is accelerating its pace, and you don’t want to be left behind.