Businesses tend to have a stubborn craving for familiarity and certainty. In today’s fast-changing business environment, resistance to change and attachment to old familiar ways can quickly lead to stagnation and irrelevance.
With new technologies hitting the market every day, it’s important to consider technologies that can improve your business’s competitive advantage before your competitors do. It is essential to explore new technologies that may be advantageous to your business. Sign up for e-newsletters announcing upcoming software releases or peruse technology blogs to learn about the latest innovative software that could positively impact your business. Embracing change through the continual adoption of new technologies is the new normal and key to your business’s survival, growth, and long-term prosperity.
So, When Should You Take The Plunge?
For technologies that are integral to your core business, the consideration of technological innovations is critical to ensure you have the edge over your competitors. When evaluating a new technology, look for providers with good reputations and plenty of customer support for onboarding and troubleshooting. The more integral a technology is to your core operations, the more you’ll want to vet a potential switch. As a general rule, it’s safer to adopt a new technology from a larger, more established company with plenty of resources. Smaller, lesser-known companies may have great technology, but vet their capacity for on-going support before you buy. The more seamlessly the new technology can integrate with your current systems, the easier the adoption will be for you and your employees. Be quick about adopting new technologies, but be deliberate in your execution.
What Are The Benefits Of Early Technology Adoption?
- Technology Drives Business Growth: According to a study from Harvard Business Review, early technology adopters are more likely to experience positive business outcomes, increased revenue growth, and market position. By adopting a technology before your competitors, your business can stand out from the pack with a unique selling point and enjoy a competitive edge.
- Increased Efficiency Of Current Service Offerings: Business efficiency is crucial for an early stage startup, especially when competing against better-capitalized companies. Small startups and medium-sized businesses can’t afford to waste time in areas with low rewards. Energy should be spent focused on the core operations of the business. Embracing technologies can make your business more efficient, saving you time and money. Implementing new technologies is also a great way of continuously improving your existing products or services for your customers.
- Create New Revenue Streams: New technologies can enable your business to move into new markets and help expand your current offerings. You may even be able to create an entirely new market and open up valuable untapped revenue streams that could not be accessed before.
- Get Ahead Of The Curve & Become A Thought Leader: By adopting technology in its early stages, you have the opportunity to become a thought leader in your industry and build a reputation as an innovator and expert. Imagine your competitors getting acquainted with the new technology you adopted some time ago. Your experience can show your expertise and make your competitors look like amateurs!
What Are You Waiting For?
Despite the risks and challenges that early adopters will almost certainly encounter, the risks of inaction can often be greater. As an entrepreneur, you have an inherent responsibility to be an early adopter of technology.
- Keep abreast of new technology offerings.
- Vet potential solutions before you buy.
- Consider the future customer support capacity of technology providers.
- Fail quickly. If things don’t work out with new technology, recognize the failure, adapt and learn.