Technology is becoming more advanced each year. Emerging technologies underpin and support many technology initiatives, like industry 4.0, fintech and the dramatic transformation of retail, by streamlining communications and speeding up operations with a goal to increasing efficiency and reduce long-term cost in the workplace.
Whether it’s their complex infrastructure, a reluctant workforce or simply just a lack of knowledge, implementing the latest technologies is not a straightforward process. It is important for businesses to pay attention to the latest developments in order to prepare yourself for the technologies that will, ultimately, impact your business. Some businesses, however, often struggle to keep up with the latest technology trends.
These 6 steps will ultimately help your business prepare for the technology of 2018:
Align Your Digital Strategy With Your Business Goals
Whilst emerging technologies can be a very exciting prospect for many businesses, it is important to determine your business goals. Assess the technologies you wish to utilise and establish how they will assist you in achieving those goals. Technologies can cause disruption within your business in regards to the cost, onboarding and company culture, therefore, it is important that the business benefits and KPI’s are clearly defined and divulged to your employees.
Follow Technology Influencers
Social media means that we are much closer to technology influencers. People like Robert Scolbe, Aaron Levie and Mathew Ingram regularly post about the latest developments and products in the tech world. Tech company blogs are also a great way to gain insights into how businesses are utilising the latest technologies and assist you in applying them to your own business model.
Whilst it is important to note how technology is currently being deployed within businesses, technology influencers often have the inside scoop on how technologies will evolve and predictions for the future disruptors. Keeping yourself updated with the latest innovations and developments will likely prepare you for what’s to come.
Look to Your Competitors
Some things your competitors are doing may not explicitly apply to your business, but the deployment of a certain technology within your competitor’s strategy may give them a competitive edge. It is important to outline your goals and assess your resources to determine what technologies your business will benefit from. Weigh up the pros and cons of the tech and rank them in order of usefulness.
Many business use the ‘waterfall method’ of deploying new technologies, which means their products and services are often rolled out very slowly. However, working in an agile manner using a team of knowledgeable developers, means that your business often can roll out a minimal viable product (MVP) in time to compete.
Startups are often the fastest to trial new technologies, even basing their whole USP on it, meaning that often startups lead the way in innovation. Startups are not necessarily competition, however. Corporations often collaborate with startups on upcoming projects and technology initiatives to share skills and experience. In fact, 23% of corporates see it as “mission critical, and 82% said it’s at least “somewhat important.”
Look To Other Industries
Some industries are notoriously slow when implementing technologies. Get ahead of your competitors by gaining inspiration from other industries. Like your competitor research, the usage may not apply to your business, however, the capabilities of the technology might.
Although you may have begun your development process later, the way you onboard the tech could mean you roll out your new product much quicker than your competitors.
Technology moves at such a fast pace that working in an agile way is crucial to its success. The technology you deploy needs to be responsive and adaptive to the developments in the tech world. There is no use spending 12 months+ perfecting your new digital service for the technology to have evolved at such a pace your new innovation is outdated or irrelevant.
Technology is an enabler. The introduction of new technologies aims to help businesses improve their products and services whilst streamlining business procedures. 2018 will bring masses of change due to the rapid pace technology is evolving, however, if you remain open and optimistic about the changes technology will bring, you won’t become a victim of digital disruption.
Staying ahead of technology trends is of vital importance to business looking to offer the most up-to-date products and services. At B60 we understand that you recognise that this is not a technology problem, but a HR problem. With all that capability, financial backing and green light to move projects forward; the only thing slowing things down is the people. You can either be a victim of disruption in your market or take action to become part of that disruption and drive your transformation forward - ahead of your competition.
Get in touch with one of our mobile and digital experts today to understand how your business can utilise the latest emerging technologies or to allow us to assist you with your latest project.