How Tech Revolution Impacts Business Environment?
The tech revolution is paving the way for new opportunities and challenges, thus dramatically transforming the way we work and live. Today, technology plays a vital role in business operations, and both of them have become almost inseparable. Business has been in practice for ages now, but, only the advancements in technology have eased the process of doing business. Let's see how tech revolution is impacting the various business landscapes.
Healthcare
Technology innovation has resulted in high quality and affordable healthcare in India. The Indian Healthcare sector is expected to reach $280 billion by 2020, which in turn, creates enormous opportunities for tech players in the industry. The doctors, hospitals, and patients adopting the latest tech can address the current challenges encountered in healthcare. Furthermore, technology revolution has improved the efficiency of the healthcare providers, enabling them to deliver quality care.
Banking and Insurance
The banks use artificial intelligence to detect fraud and insurance to estimate valuations. Also, machine learning insights are put in use to manage customer relationships in both industries. Artificial intelligence aids the banks in predicting the most valuable prospects in the sales cycle, providing services that customers really need. On the other hand, the insurance industry is intending to use technologies like wearable devices to monitor health and sensors to track the driving behaviour. These sensors can immediately alert the drivers of the fault in the vehicles, and also update the insurance companies about the damages due to accident, allowing them to start with the claims processing at the earliest.
Automobile
The technology revolution has eased transportation as well. Previously, transportation was a significant concern while stepping out of one's home or workplace. Today, car hire has been made simple and affordable with technology advancement. On the safety front, the app provides the details of the driver, vehicle, and the ride fare. Also, the app enables the customer to track the car and the traffic and plan accordingly.
Having seen the present technological advancement and putting it into practice, we can still expect much more advancements in the near future. The progression of technologies like artificial intelligence, computing power, AR-VR would help the businesses transform at a faster pace.
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