A disruption is described as an interruption in the flow or working of a process. A disruption in industry works in the same way by ending the status quo and bringing about a change. Whether the change is for the better or worse, only time will tell, but change itself is inevitable. Every industry reaches a point where it starts to stagnate, and if action is not taken, something new and better will replace it. Some industries adapt to the changing times, and other industries have the change forced on them through disruption.
The on-demand market is one of the best examples of disruption. While it spans several industries like food delivery, transport, ticket bookings and so on, it is the use of apps and technology that have disrupted these industries. Technology has made on-demand services possible which has caused disruption in a variety of markets.
If you are also looking for a way to leverage new developments to cause a disruption, then you might be interested in knowing which industries are your best options. The three industries described here are ripe for disruption, and with the right approach, your business could be the one causing the disruption.
The three industries that are ripe for disruption
There are several signs that show that an industry is ripe for disruption. Industries using outdated methods in their operations, industries that have seen a lot of technological advancements, and industries that are limited because of legal regulations or high fees all find themselves in danger of being disrupted.
Disruption, however, is not a bad thing. For instance, Uber disrupted the taxi industry; however, the consumers benefited a great deal. Disruption in an industry can have both positive and negative consequences, but when approached correctly can do a lot more good than bad. Let’s take a closer look at some industries that are facing disruption.
Full-service marketing: Full-service marketing or traditional marketing is slowly becoming a thing of the past. With digital marketing taking over this niche, the full-service marketing industry is ripe for disruption. More and more companies are using their own in-house branding teams to create marketing campaigns with the help of AI, data analysis, and online resources.
Agencies that can offer data analysis services and digital marketing solutions will also find favor over traditional marketing agencies. Digital marketing is also cheaper than print or television marketing, which means that companies can save money by either creating campaigns in-house or outsourcing to a digital marketing firm.
While traditional marketing has always been a one-way street, digital marketing has opened the way for interactive marketing campaigns. Consumers can now like or dislike an ad, comment, share or even report an ad if they see fit. Interactive marketing which takes into account customer engagement helps to customize marketing campaigns to better suit target audiences.
The disruption of full-service marketing has already begun and is only set to continue over the next few years. The only hope for the industry is to evolve to keep up with the changing times and expand services in the digital marketing arena to stay relevant.
Healthcare: The healthcare industry is fraught with its fair share of problems. From long wait periods to see a medical practitioner to deciphering hospital bills and even filling out a prescription, customer experience is sorely overlooked. On the one hand, we now have access to some of the most advanced medical technologies and life-saving procedures, while on the other hand, we never want to have to wait in the ER.
Because of all the additional hassle involved in the healthcare industry, this sector is ripe for disruption. From mobile apps that let you schedule appointments to video calls with your doctor, technology is changing the way health care is delivered. Apps that let you fill your prescriptions online and have your medicines delivered to you have made life much easier. There are now websites that let you live chat with a doctor who can put you on a course of action based on your symptoms.
AI is also disrupting other areas of the healthcare industry by helping to analyze biological samples faster, diagnose diseases faster, and aid in surgical procedures. The speed at which a lot of previously time-consuming processes are now done is helping to improve the overall customer experience of healthcare services.
To add to the disruption is the entry of many non-traditional healthcare companies into the industry. Most notable among outside companies entering healthcare are Amazon, Samsung, Alibaba, and Apple. Although the healthcare industry took a lot longer than most other industries to reach this stage, the point of no return is finally here.
Insurance: The insurance industry is a big one and has a vast number of products to offer. Complex procedures, tons of regulations, and a constant stream of dissatisfied customers have created the need for positive change in the insurance industry. Agents that take commissions and paperwork that is riddled with fine print can make dealing with insurance companies very stressful. And yet, it is an industry that most people depend on as a safety net in emergency situations.
New insurance companies or even well-established ones that will rope in new technology to simplify processes will gain an advantage over their competitors. Streamlined online processes and apps that allow customers to deal directly with the company without the need for an agent will also be appreciated. Using technological tools to speed up processes and clear claims sooner and reduce costs all add to the appeal of an insurance company. Technology is definitely making inroads into the industry and causing a disruption.
Disruption is not limited to the three industries mentioned here but spans across sectors. These are the three big industries that we picked out because their time has come. Over the next couple of years, the change in these areas will be even more apparent, and those that initiated the change will see the rewards. If Amazon could show interest in the healthcare industry, then that is reason enough for the rest of us to sit up and take notice.