How Modern Technology is Helping Various Industrial Sectors to Advance

How Modern Technology Is Helping Various Industrial Sectors To Advance
28 Jun 2021

If it were not for modern technology, some industrial sectors would have not progressed the way that they had in recent years. Industries such as healthcare, transportation, retail, banking or automotive, would not be as advanced today, if technologies like artificial intelligence, blockchain, internet of things, or cloud computing, wouldn’t have emerged to take them to the next level.

Artificial intelligence

How Modern Technology Is Helping Various Industrial Sectors To Advance

Artificial intelligence has made a huge impact on the automotive industry, and it is with its help that self-driving cars are no longer conceivable only in sci-fi movies. Alongside AI, deep learning, natural language processing, and machine learning also revolutionize the way we interact with our vehicles, making it possible for us to give voice commands to virtual in car-assistants. But AI powered assistants are not only used in the automotive industry, but in others as well. The banking sector has immensely improved customer experience, by introducing virtual helpers that provide 24/7 assistance, and perform tasks such as cancelling and activating credit cards, and handling payments or transfers. In the retail and manufacturing industries, the implementation of AI systems has automatized inventory management, personalized recommendations made to customers, and has helped retailers better understand their clientele by analysing reactions and reading their emotions.

Blockchain

Blockchain technology has expanded its application from cryptocurrency to other industrial branches as well. In telecommunication, blockchain has brought security, transparency, and automation of internal processes related to supply chain management and billing systems. This technology has helped the banking field advance too; an intermediate is no longer needed for transactions’ validations, as blockchain implies decentralisation. By eliminating such third parties, financial institutions get to cut on expenses occasioned by transactional fees and at the same time, provide faster and less expensive services. The transportation industry has also embraced blockchain technology, and has everything to gain from smart contracts, which have been one of the most well-received applications of blockchain. These pre-programmed contracts allow companies to lower billing expenses and make better use of resources.

Cloud Computing

The retail industry has realized the importance of cloud computing and has invested in this technology significantly more these past years. Retailers can make better decisions, regarding which products they should keep on producing, which should be withdrawn, and what are the upcoming trends, as cloud computing allows them to draw up data from multiple sources and analyse it. Adopting cloud technology in education has made a big change too. Students can receive and share documents with their teachers easier, and the latter can just upload their lessons to the cloud, getting heavy textbooks out of the picture and increasing student engagement. And the cloud’s impact does not stop here, even the energy industry is picking up on it. Companies use cloud computing to monitor facilities, power plants, and infrastructure systems, and alert workers in case of leaks or other issues.

Conclusion

Technologies are driving innovation in most industrial sectors, helping them to advance and align to the digital times we live in. Cloud computing helps e-learning improve, blockchain is revolutionizing the banking industry and more industrial domains, and artificial intelligence is making our wildest digital dreams come true and is influencing all major industries.

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