In order to survive, businesses and industries have to develop and adapt along with technology. If an industry doesn’t take advantage of the latest technology available and implement it in their processes, then it may quickly become obsolete. Likewise, if a business within any given industry doesn’t keep up with the latest practices and technology, they will leave themselves vulnerable and make it easy for a competitor to step in and take over the market.
Although the concept of adapting in order to survive and thrive isn’t a new one, many industries still seem to remain behind the times. They may upgrade their technology or implement new processes, but they aren’t taking full advantage of the most recent technology at their disposal. Perhaps they do it in an effort to save money, but by not upgrading and keeping up with or getting ahead of the curve, they are losing out on more money in the long-run.
Despite the fact that some industries seem to be perpetually behind, there are certain businesses that recognize the importance and value of the most recent technology available and use it to become leaders in their industry. Here are four examples of outdated industries that are being revived by innovative companies.
Although real estate has changed over the years, some of the processes are still somewhat outdated and definitely don’t offer much benefit to the buyer or the seller. Think about it: as a buyer, you have to hire an agent, and if you don’t know one you trust already, you have to do a search online and hire someone you’ve never met.
Once you’ve hired them, you go from house to house looking for the perfect one to turn into your home. After you’ve finally found the one, you have to submit an offer (maybe even multiple offers in the end), and then wait until you hear back. If you’re lucky enough to get the one you want, you have to go under contract and then make it to close, after which you may be hit with some surprise fees that you weren’t planning on.
As a seller, you have to find an agent to list with and stress over keeping your house clean enough to parade person after person through it while still living in it until you find the next house to call your home. You have to leave while tours come through and respond to offers, some that may just be way too low. After you’ve finally chosen a buyer and gotten under contract, you have to go through the inspection and appraisal processes and renegotiate if either of those comes back other than expected. When it’s finally time to close, you have to pay a commission to your realtor and might even have to pay closing costs which can put you out some of the cash that you were planning on.
Deedcoin is one company that is using cryptocurrency and blockchain technology to bring the real estate industry even farther than it has already come. By using that technology, they are able to offer sellers a significantly lower commission rate for agents, give buyers rebates after their purchase, and are making the processes and the system more efficient and easy to use.
Sales and Advertising
Although most companies have adopted some of the newer technologies into their sales and advertising strategies, it’s not always for the better. You don’t necessarily have to dread that telemarketing phone call from an impressively relentless agent, pressuring you to buy something you don’t want or need and interrupting your family dinner time, but the recent alternative isn’t much better.
Rather than being called and interrupted during quality time with family, you’re being called and interrupted at all hours of the day. The voice on the other end of the call isn’t a commission-driven human-being; it’s the obnoxious, pre-recorded voice of a lady reading a script or an obvious robot voice interrupting an important work meeting or a special night out. And with so many different phone scams these days, you end most of those calls before the recorded message can finish playing, making the majority of them ineffective.
Although there are a lot of technologies that help make the sales and advertising process easier and smoother, not all companies have implemented them. One great technology is chatbots that can be used to automatically respond to FAQs, resolve simple issues customers have, or help guide people through the onboarding process, even if there’s no team onsite at the time.
When it comes to advertising, specifically, CMOs are taking advantage of artificial intelligence (AI) to make ads more effective and productive. LeadCrunch is one company that makes it simple to effectively reach the right audiences at the right time through their AI-powered platform. Based on machine-learning, LeadCrunch enables businesses They let you define smart personas, build similar audiences, and distribute relevant content that actually cuts through the excess noise of the Internet and sparks real engagement.
“Access to energy is the key to improving quality of life, yet billions of people across the globe lack access to clean, reliable electricity.” According to ImpactPPA. Although it’s an important key to improvement and development, there are fundamental problems that get in the way of underserved and impoverished communities getting access to the energy that they need.
At the core of these fundamental problems is the existing legacy financial institutions that control where and how capital for energy projects is spent. Because of that, projects are taking much longer than they should, and/or they aren’t getting started at all. ImpactPPA is working to change that, though.
Through their decentralized energy platform, they plan to transform the global energy finance industry and provide those underserved and impoverished communities with the energy that they need and were promised. And in the process, their platform helps us reduce the use of fossil fuels and climate change. ImpactPPA’s platform uses blockchain technology and the cryptocurrency Ethereum as well as smart contracts to solve the energy problems that many communities currently face.
Data security is extremely important for any business or individual. Businesses need to keep their trade secrets secret and their proprietary information proprietary. They also have an obligation to protect employee information. Despite the efforts made, though, data can still be hacked and leaked and cause a business some serious trouble.
Dispatch Labs’ new protocol is revolutionizing data security, though. Through the use of blockchain which securely and cryptographically stores information, they are making it possible for businesses to keep files, datasets, Merkle trees, and more controlled and secure via smart contracts. It’s secure, it’s scalable, and it’s versatile, making it invaluable.
In order for a business to survive and make progress, it’s important that it adopt the latest technology and keep up with the times. Although some industries have been stagnant, they are starting to be shook up by innovative companies like Utopi, Securrency, ImpactPPA, and Dispatch Labs. What other old industries do you think blockchain can revive? Which do you think need it most?