Tips to Take Advantage of Technology Trends.
History has shown that those companies who adopt certain new technology trends early often are better equipped to compete as they grow. As a result, businesses are always on the lookout for innovations that can streamline operations and reduce costs. Small companies like yours can take advantage of new technology too by following the tips we’ve provided below.
Be One of the First
One of the biggest factors that determines the impact of a new technology on the overall success of a company is often how early they get in. However, always be cautious when these technology resources require high buy-ins or long-term commitments. Small businesses should instead focus on low-cost IT solutions that let you test drive the new technology and assess how well it works for your business.
Invest in the Right Technology
Brand new technology is almost always initially more expensive. The question becomes, “How can I take advantage of emerging technology without spending too much?” One way is to revise existing resources to do the same thing as the new technology.
One great example from a leader in their industry is John Deere. They have been selling farm equipment for over 150 years, and enjoy excellent brand recognition – even those who are not farmers have heard of John Deere. This is because they have been smart about implementing new technology. When Internet of Things (IoT) was becoming popular, John Deere recognized that IoT would change the way customers used their vehicles. But they resisted the temptation to invest in IoT too quickly. Instead they used mobile devices and GPS technology that was already available to accomplish the same thing. As a result they were able to jump ahead of the competition, especially those who chose to wait until the technology went down in price.
Make Technology an Integral Part of Your Business Model
Creative brainstorming can often result in way a business can integrate new technology trends, gaining an edge in their industry. For example, initially it might seem that clothing retailers have no useful application for AI with deep learning capabilities. However, Chatbots has become effective in helping customers find the clothes they want. This “deep learning” technology has resulted in directly driving new sales.
Look for, talk about, and reward ideas resulting in new technology implementation at your company.
Prepare for Potential Road Blocks
Everyone knows that with each new technology implementation, comes implementation and integration challenges. What if you team can’t find a way for your products or services to directly interact with the blazing new trend? The next best thing is to develop solutions to problems created by it. Does the popular app use up a lot of mobile device battery? Make outlets available for your customers or sell mobile battery packs. Sometimes just acknowledging and associating yourself with the new trend is enough.
Wondering how to integrate your business with the latest technology craze? Contact Total Tech Solutions — we’re the experts on all things technology related!