Tech is becoming the tool to make money for entrepreneurs and established businesses. Start-ups for beauty products and adult beverages are using the Internet and direct-to-customer models. Companies infiltrating old industries aren’t the same companies through a tech lens; they offer cheaper methods, better ingredients, or higher quality features than their peers already in the market. Influential companies are using tech, and other inventive avenues made possible through tech, to boost their products.
The innovations can be as simple as a subscription service or as complex as a self-driving car.
Automobiles have been the most common form of transportation for decades, and there isn’t any technology on the cusp of ending our reliance on cars. The technology that is changing the transportation industry is the all-electric vehicle (EV). Most major car companies have an EV option. These aren’t some rinky-dink 40 mph cars; Jaguar has a performance EV car, and Tesla has options that can match the performance of their dinosaur juice consuming counterparts. If having the coolest new toy is something you’re interested in, an EV should be on your list.
Not only are cars going all-electric, but they are also on their way to being driverless. Traditional and non-traditional car companies are getting into the self-driving car industry. Ride-hailing services are trying to get rid of expensive drivers by replacing them with AI and machine learning programs to have cars drive themselves. These technologies are monitored and altered by Data Scientists who monitor how the programs respond to stimuli.
As you can imagine, there is a lot of scrutiny for cars without drivers. As the technology is slowly gaining traction, it is mind-boggling to think about the possibilities that driverless vehicles can provide to companies.
2. Video Games
Video games, an industry founded by technological advancements, are among the most popular ways to introduce technology capabilities. It’s hard to say that technology is disrupting an industry it created, but as technology keeps advancing, the business model will keep changing.
A new model of business is cloud-based gaming. Traditional game systems rely on the computing power of the console; the computing power for cloud-based gaming happens on back end servers. This type of gaming works well for RPGs and story-based games, but the technology is not the best for games like Fortnite and Rocket League, where lag has a more significant effect on outcomes.
If a product can make money in real life, then it can make money on the Internet. Gambling is no exception. It is a tricky business, especially in the early Internet days, but a profitable one. Today you can play everything from Texas hold ’em to slot machines, all for real money. Gambling isn’t a financially sound practice in real life, but be especially cautious online. It is doubtful that online gambling will replace casinos, but many famous poker players make money daily playing online. Instead of a Brinks truck to protect their assets, online casinos employ Cybersecurity Experts.
Technology might not be capable of producing whiskey quicker, but their technology allows smaller and rarer whiskeys to reach consumers. A business doesn’t have to be a tech business to implement industry-changing technology. Using technology to advance your non-tech business is a way to get a leg up on the competition. Name brand distillers aren’t worried about reaching the consumer in a new way; consumers know where to find them, so they stick to traditional market tactics. Smaller brands are finding ways to stand out through small testing vials and subscription services models. These tactics attempt to get their product into more hands. They may not be a traditional tech company, but smaller companies opting for a web-based approach will need employees with computer skills on their resume.
If you get a new EV, it is more likely to have a Spotify app than a CD player. The Internet changed how we buy and experience music with iTunes. In a cruel twist of fate, the Internet changed so radically that iTunes was eventually phased out for a different form of the app. When new albums are released, we don’t go to the record store or purchase it online; we open subscription-based apps to stream it. There are questions about how sustainable this model is for artists and the company, but now it is the norm.
Implement Your Idea Now
Many of the revolutionary ideas to change business are simple. If you have an idea for a product or service, it is probably time to take action or else risk someone beating you to it.