For anyone who has paid attention to technological innovation over the past several decades, they will notice that there has been little in the way of significant innovation during the past couple of years. For the most part, whatever innovation that’s coming forth is simply improving speed, compact portability, and storage space.
Because of this lull in technological innovation, some tech companies, including mega-retailer Best Buy, are looking at other streams of revenue for the future. Currently, Best Buy has its eye on supporting certain programs that may improve health care, including the prospect of aging seniors and other adults receiving improved support in and out of a hospital setting.
By delving into these new potential revenue streams, these major corporations can help infuse technological innovators with much-needed motivation to begin exploring a new realm of ideas. Already, small tech firms have taken great strides to improve communication options for aging seniors who wish to remain at home, even as they deal with health issues and the recovery process.
As reported by Market Watch in its blog, Best Buy’s moves in health care and finance can offset lull in tech innovation, written by Tonya Garcia:
“GlobalData Managing Director Neil Saunders cheers the retailer’s moves into these new areas as a way to lessen its reliance on technology companies to achieve positive results.
“Too many of the mainstream consumer technology firms are focusing on incremental improvements which are inconsequential to consumers and unlikely to generate significant interest,” Saunders said. “Against this backdrop, Best Buy needs to pull out all the stops to secure the little growth that is generated, as well as pivoting to parts of the market that offer better prospects.”
Growth within the technological sphere may have slowed from a consumer perspective, but that doesn’t mean the end is near. It simply means a different focus could inspire new ideas that ultimately provide better access to care for millions of people who may not be able to afford a lengthy hospital or nursing home stay.
Some of the most significant innovative ideas involve allowing nurses and doctors to remotely monitor patients and their vital stats while they recover at home. This not only improves the emotional framework of the recovery process for the patient, it also reduces the cost commonly associated with hospital stays.
As major companies like Best Buy look for different ways to generate revenue for the future, it will likely help the home care sector by inspiring more technological innovation.