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Just like many individuals are struggling to embrace the changes brought about by the latest technological developments, big industries and companies operating. They also try to keep up with all the relevant trends. What’s more, they are supposed to be at the forefront of progress. Only those who lead the way or stay close behind the leaders can expect to survive in the future. With technology constantly evolving, it’s easy to notice how the business world is changing to adapt to new circumstances. Here is a brief overview of how some of the biggest industries are adapting to the latest changes in technology.
The health industry
The health industry is one of the fastest-developing industries in the world. Whose transformation affects people all over the world. One of the most noticeable changes in this industry is the fact that it is quickly becoming a highly diversified sector. With many opportunities for small businesses. It now relies, more than ever, on health data management, biotechnology, and personalized health approach.
While we won’t see traditional healthcare facilities. Such as hospitals and health centers, being closed down any time soon. The way health institutions are run and the approach to treating people is constantly changing to embrace the benefits of modern technology. One of the more prosaic benefits is a patient’s medical records. They can be made available at the click of a button to all doctors who need them. This enables instant identification and response, which could save millions of lives.
The oil and gas industry
The oil and gas industry generates a huge amount of data related to seismic surveys, drilling data, production data, or the monitoring of production facilities (pressures, flow rates, temperatures, etc.). While our ability to generate, collect and store this data has continually increased.
There has been a problem with managing and analyzing such vast quantities of information. That’s where Big Data can help, with a view to potential improvements in exploration and production efficiency and safety.
Furthermore, this industry is benefiting from better and more accessible equipment. Not only is better equipment being developed constantly, but it has also become globally available. Companies are now able to purchase state-of-the-art oilfield equipment without the need to go to a specific physical location. This saves both time and money, which are among the most valuable resources of every business.
Manufacturing
Manufacturing is still standing strong, despite some gloomy predictions. Like most other big industries, it too has seen its fair share of ups and downs over the years. Needless to say, technological advancements have impacted this industry in a profound way. Having an effect on both the process and workforce demographics. Consumer demand is what drives most changes in the manufacturing industry. Today’s consumers want things better and faster, personalized, unique, and upgraded. This creates a challenge of creating such products, as well as of finding a skilled workforce to make these products.
Luckily, technological advancements have provided solutions. Such as computerized maintenance management systems (CMMS). Which has made the manufacturing industry more efficient. A CMMS tracks system maintenance, inspection, and breakdowns, thus making system disruptions smaller or even obsolete. A great thing about CMMS is that it handles this remotely and companies are registering fewer repairs, and lower maintenance costs. As well as a streamlined workforce, and historical data and trend reports.
Workforce
All these technological advancements have had a major impact on the manufacturing workforce. A great majority of manufacturers claim they have a shortage of qualified applicants for skilled or highly skilled positions and the trend is expected to continue well into the next decade. One of the reasons for this is the fact that modern technology and equipment require a different skilled workforce than before.
For example, 3-D printing is becoming cheaper, and less time and material are required to produce a complex design. As a result, these types of products will not require an assembly line. But instead, a skilled engineer design and manufacture shape not producible in a factory.
These are just some of the ways in which major industries are changing under the influence of technological advancements. What is obvious is that we’ll be witnessing even more changes in the future and only those companies. That who find the right way to manage those changes can expect to survive the fierce competition.