We’re living in the midst of perhaps the most important revolution since the Industrial Revolution itself. There’s no denying that the technological advances of the past decades have completely changed the way that we live, work and play. In fact, technology has changed aspects of nearly every industry imaginable —some of which have become virtually unrecognizable from what they once were just a few years ago.
Consider these four industries that have been forever changed by technology:
#1. News and Print Media
It’s almost impossible to think back on a time when printed newspapers and magazines where a primary source of news and information. Offering convenience, immediate gratification and accessibility, the Internet has almost completely rendered print media obsolete. Even television has lost viewership to the Internet with services like Netflix and Hulu, and ad agencies that were once focused on print are now focused on content creation and digital marketing.
The last time you visited the dentist, did you sign in via iPad? Did you pay your bill online? Where your charts forwarded to your new doctor online? In the past 10 years, we’ve seen process automation streamline the healthcare experience, increasingly sophisticated medical equipment stretch the bounds of what’s possible, and software advances change the way medical offices operate.
Another industry that has drastically changed because of technology is the travel industry. Thanks to these advances, you can easily search and book your airfare online, research the best attractions on YouTube, grab an Uber when you land, and document your whole vacation via GoPro. The once all-important travel agent is now virtually obsolete, and we’ve become our own tour guides.
When is the last time you walked into a bank to make a deposit? It’s likely that you’re using some form of direct deposit or a mobile app to scan and deposit your checks. Speaking of checks. When’s the last time you wrote one? Do you even use physical money anymore? With apps like Coin and Venmo, and payment solutions like PayPal, the banking world has seen significant changes over the past decade. You can even get a mortgage online or use crowdsourcing and peer-to-peer lending to fund your latest real estate investment. And, with all these changes taking place, there’s even a new catchphrase —Fintech— to describe disruptive technologies in the financial services space.
Will CRE Keep Up?
Once known for being slow to adopt new technologies, the commercial real estate industry is making great strides in the tech space. NYC Real Estate Tech Week is a great example, and continued interest by the industry in technologies like big data, drones, sensors, virtual reality and others give us some exciting CRE tech trends to watch as 2017 approaches. What technologies do you think will change the real estate industry the most?