In the height of the pandemic, many industries were forced to adapt, implementing technology as a part of their regular daily processes. As the world continues to enter a more technological age, advancements in technology continue to move upward and into a variety of industries.
G. Scott Paterson is a Toronto-based technology and media venture capitalist. Paterson has seen great success over his career, being named as a Top 40 Under 40 and even having a chapter dedicated to him in Peter C Newman’s best selling book: Titans.
In 2018, he spoke at Idea City and shared his intentions to build a technology investment bank, intended to be a hub for entrepreneurs to find funding opportunities.
“I started focusing on financing technology companies, I really enjoyed that. I loved being exposed to entrepreneurs looking forward to the future,” said Paterson. “My hope of course is to create opportunities for entrepreneurs looking to emerge in the technology space. I have long felt there are four ingredients to outsized success: you have to have a vision, you have to attract players who share your vision, and you need to be slightly ahead of your time.”
Paterson provides some of his insight on how technology is changing various industries.
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Speeding up Logistics and Fulfillment
Stores of quantitative information have enabled advancements in fulfillment, getting products to consumers at a timely pace. E-commerce business combines advanced approaches to operations and logistics to optimize their inventory management and shipping methods.
Today, consumers have high expectations and expect speed and convenience, requiring decision-makers to streamline every step between ordering and delivery. Analytics must be used to anticipate periods of high demand. Prioritizing fulfillment demonstrates a business’ agility and prepares itself for growth.
Mobile Apps Encourage Engagement
There is little more convenient than having an internet-connected device in your pocket. This has forever changed how businesses interact with consumers. While the public embraces their mobile devices to shop online and communicate with bands, companies now look for ways to use this to encourage customer loyalty.
Apps are the cornerstone of engagement initiatives, with businesses finding opportunities to create seamless connections with their customers.
Business owners have to think about features available on wireless devices and make them fit into their engagement strategy. Apps can provide special offers and convenient features, encouraging consumers to make purchases on optimized mobile e-commerce sites.
“It’s no secret that technology has revolutionized the way people do business, and entrepreneurs can maximize their potential for success,” said Paterson. “I highly encourage entrepreneurs to enter and truly embrace technology as a part of their business model.”
The correlation between movie-making and the advancements of technologies has been clear over the past few years. Many movies of today utilize tech advancements such as the green screen, CGI, and numerous others.
Technology has also improved how movies are watched and distributed. Previously, you would need to attend the first showing of a movie in theaters, or make your way to the video rental store. Today, movies are available with a couple of clicks with various video sharing platforms. Both the production and viewing quality have improved greatly with the help of technology.
Gaming as the world knows it today has been made possible by technology. Previously, gaming existed before the boom of technology but has taken great strides after the fact.
With the help of technology, gaming has grown into one of the most valuable industries in the world today. It’s anticipated this trend will continue over the next few years as gaming technology shows no signs of slowing down.
Digital Dispensation Programs
Startups have led the way in making prescription apps for mobile devices and other smart devices. These apps are designed to make it easier for patients to get notifications when it’s time to renew their prescription and refill their medication with a few taps of a phone.
Some pharmaceutical companies are also introducing digital doctor visits through apps, making healthcare even more convenient and accessible. Telehealth visits are intended to address minor injuries and conditions, as well as reviews of prescriptions.
Advances in Robotics
Robots performing surgeries once upon a time seemed like science fiction. Now, it’s commonplace. Robots have the ability to reach harder-to-reach areas of the body, unlike human surgeons.
Robots can go to places where human tools can’t, making for more successful surgeries. Some surgeries are becoming less invasive due to robotics.
“Technology is changing how industries are able to operate, creating streamlined functionality in various sectors,” said Paterson. “It’s been an incredible thing to witness since the technology boom in the 80s and 90s, and I’m excited to see where things go from here.”