At present, we are living in an era where technology has become the core of the business strategy and not just an enabler of futuristic industry. The business executives have put technology at the center of scheme formulation to both survive and thrive in the highly competitive market space. But at the same time, choosing the wrong technology can put any firm in the solemn adversity. So, the executives in the senior management team need to know the answer to the following questions before installing any tools in the business operation.
- What are the different development and adoption trends in the market?
- What are the different macro technology trends in your business segment?
- How to connect technology with strategic business operations?
- How to choose the right technology that saves money as well as time?
- Which technology helps to stand apart from the competitors?
A step-by-step process towards embracing the newest business technology will aid the executives to find the appropriate answer and thereby a right tool.
Step #1 – Prepare Unabridged Business Model
Before planning to invest in the technology, the executives in the organizations must model the business process as a whole. They can ask the team members to perform this task with the aid of automation and Business Process Modeling (BPM) tools. It will be hard for the executives to decide on the type of technology to choose without an inventory of these business processes. It results in the loss of time as well as money since they may spend on the least effective tool to carry out business operations.
Step #2 – Understand Macro Technology
Businesses need to have in-depth knowledge about the emerging technologies that they are likely to adopt in the future. Otherwise, they may not grow or survive in this competitive marketing universe. So, it is essential for all the business executives to identify and understand the broad-spectrum of procurement and deployment principles. The technologies have already become the part-and-parcel of industries. We are all connected to the internet and thereby executives must keep themselves abreast of it.
The emerging technologies will not just change the way we develop products, but also immensely deviates how we collaborate, communicate, attend to the customers, and use knowledge. Executives who take cloud computing, analytics, real-time mobility, automated reasoning, and lots of other latest technologies for granted are at higher competitive risk.
Step #3 – Choose the Right Toolbox
There are a lot of the newest technologies that are yet to be adopted by both B2C and B2B industries. Majority of the sectors ignore these trends as they are unclear about what to deploy and what not to. Virtual reality (VR), augmented reality (AR), artificial intelligence (AI), Internet-of-Things (IoT), cloud computing, blockchain, cryptocurrency, analytics, and wearable’s are some of the vibrant technologies every business executives can track to keep themselves informed.
The technologies discussed above are far more impactful as it directly affects the business plan and performance. They are capable of overlaying the traditional system and delivering a higher outcome when implemented well. For instance, an app to collect the payment through a smartphone or any location-based services that are designed to find interested customers can change the game of business altogether. Although they have a different internal ecosystem, they can offer combinatorial benefits for the organization.
Step #4 – Cost of Deployment
Executives need to understand that the pace at which digital technology revolutionize has dramatically accelerated. Both the globalization and the consumerization made the technology to advance at an unprecedented rate. But also at the same, the cost of deploying these newest technologies has fallen significantly. This favorable price and performance ratio will undoubtedly increase the number of businesses using it. Now, the companies of all sizes can promptly pilot and deploy the technologies with little or no initial investment.
Not to forget, the firms may waste tons of money on the false technologies aimed to solve the wrong problems. So, one needs to be cautious while selecting the tool although the cost of deployment has dropped massively.
Step #5 – Follow Rinse and Repeat Strategy
Organizations expect an executive to update themselves on upcoming technologies in the market that may or may not impact their business. These are the following things they should do:
- Arranging meetings regularly to study the range of technologies impacting the industry, market as well as competitors.
- Identifying the total cost of ownership (TCO) and return on investment (ROI) of the technologies that ease the business operation.
- Launching technology pilots for specific business processes, services, products, and wide-ranging business models.
- Understanding the emerging technology workforce and planning to fill the gaps.
- Repeat the above-said process at least once in a month.
Fortunately, most executives realize the importance of investment in technology for business operational success and competitive gain. But, the risk involved in implementing the wrong technology has made them quite observant to the idealistic threats. Hopefully, this write-up will improve their awareness and help them to pursue productive approaches from now on.