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CEOWORLD magazine - Latest - Success and Leadership - How Companies Are Using Tech to Disrupt Traditional Industries

Success and Leadership

How Companies Are Using Tech to Disrupt Traditional Industries

Rhett Power

Today, every business must leverage technology solutions to stay afloat — and get ahead. Some legacy industries are wary of digital transformation, however, and don’t embrace it as they should. These three companies are pushing digital boundaries, using technology to disrupt the status quo and move their industries forward.

Calling a business “digital” used to be specifically reserved for companies in the IT and technology fields. Today, however, almost every business is digital in some way, and the ones that aren’t find themselves trying to catch up with the rest of the field.

According to a PwC survey, 60% of executives say digital transformation is their most pressing growth driver in 2022. And it’s not just individual companies trying to make the switch; entire industries see the writing on the wall and are either developing digital transformation strategies or expediting the ones they already have in progress.

This is not the case with every industry, however. Some legacy sectors are clinging tightly to the status quo. Most notably, some banking and healthcare companies — two industries consumers trust with their personal and financial safety — remain dubious about wholeheartedly embracing digital.

Although some in those fields are standing firm, others have stepped up toward digital. Here are three companies that disrupted their traditional industries via digital means:

  1. Transforming the banking industry.
    Banking’s aversion to digital transformation stems from a few areas. For one, implementation is a complicated process necessitating a complex solution. Add on the exposure of potentially sensitive data and the inherent regulation of the entire industry, and hesitancies become understandable.In recent years, though, banking has expanded beyond simply the teller-customer relationship to something people can do on the go. Banking systems have become increasingly more open in recent years, and the more financial institutions can be transparent and meet customers halfway, the better. Digital lets them do just that.Digital transformation empowers customers to feel more involved in their financial stewardship. It’s a new reality that the consulting director of Propel Technology Group Inc., Pritham Shetty, thinks banks can leverage to engage a regularly evolving market.

    “Technologies can help banks identify opportunities to offer products and services that meet customer requirements. Also, every customer’s needs are different,” Shetty said. “To meet customers’ expectations, banks need to be positioned to offer customizable solutions. AI and big data can help banks address each customer as a separate customer segment, leading to higher customer satisfaction.”

  2. Bringing healthcare into the future.
    Healthcare can leave customers vulnerable on multiple fronts: There are the obvious wellness issues at play, but there are also financial aspects. Healthcare isn’t cheap, so much so that patients sometimes find themselves in the unenviable position of picking between wellness and wallet.Enter high-deductible health plans, a transparent alternative that puts power back in the hands of patients. Their leniency affords patients the safety nets to make necessary health-related decisions.Medical billing service Zotec partnered with Walmart this past spring to simplify healthcare scheduling and payment. Zotec’s technology and revenue cycle management streamline both experiences so Walmart can better connect with and serve its healthcare customers.

    Simplifying each of those properties as much as possible gives customers peace of mind. Digital properties can give healthcare customers clarity and control, two things that can drastically improve the wellness journey.

  3. Pushing criminal justice forward.
    Like banking and healthcare, police work has little margin for error. From traffic stops to more serious offenses, officers and their home departments must have accurate information, even though mistakes do often happen. Technology is a great equalizer in that capacity because it can act as an extra set of eyes. Phone cameras, security systems, and other solutions can catch and provide evidence in real time, supplying officers with critical pieces of evidence they need to act correctly.But what about law enforcement’s internal measures? Are they taking the steps necessary and investing in what their officers need to make clear choices? Do they have the information required to make those calls? Predictive analytics is expected to be a significant part of the investigative process going forward.

VIQ Solutions is an artificial intelligence-driven voice and video solution that helps departments make real-time decisions. VIQ’s technology welcomes law enforcement, insurance, legal, and media users to examine large quantities of information in the cloud, then act on those findings. Law enforcement officers and criminal justice workers can collect evidence and use VIQ Solutions to safely break down and secure those findings. Having the confidence that what you need is in a safe spot will make the criminal justice field that much more solidified.

Digital transformations don’t need to be cause for concern for tenured organizations. If anything, they’re an opportunity to help legacy industries remain relevant and serviceable to an evolving group of consumers.

Written by Rhett Power.
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CEOWORLD magazine - Latest - Success and Leadership - How Companies Are Using Tech to Disrupt Traditional Industries
Rhett Power
Rhett Power is responsible for helping corporate leadership take the actions needed to drive impact and courage in their teams that will improve organizational performance. He is the author of The Entrepreneur’s Book of Actions: Essential Daily Exercises and Habits for Becoming Wealthier, Smarter, and More Successful (McGraw-Hill Education) and co-founder of Wild Creations, an award-winning start-up toy company. After a successful exit from the toy company, Rhett was named the best Small Business Coach in the United States. In 2019 he joined the prestigious Marshall Goldsmith's 100 Coaches and was named the #1 Thought Leader on Entrepreneurship by Thinkers360. He is a Fellow at The Institute of Coaching at McLean Hospital, a Harvard Medical School affiliate. He travels the globe speaking about entrepreneurship and management alongside the likes of former Gates Foundation CEO Sue Desmond-Hellmann and AOL Founder Steve Case. Rhett Power is an acclaimed author, leader, entrepreneur and an opinion columnist for the CEOWORLD magazine. You can follow him on LinkedIn, Facebook, and Twitter.