Innovative technologies are playing vital roles in the success of modern businesses. The tremendous influx of a variety of technologies are greatly confusing modern startups and even established businesses to take the right decision regarding the choice of technology adoption. Let’s see how we can overcome those obstacles in logical and valid ways.
Scientific and technical inventions have impacted our personal and professional life at great extent. We are enjoying sweet fruits of tech evolution in each vertical, and the way we are doing businesses is no more an exception. Of course, it demands fulfillment of one condition, and it is the selection of right technologies for your startup or even an established business.
Yes, established businesses or enterprises/organizations are constantly adopting upcoming technologies with changed strategies and conditions in the market. “To withstand in a fiercely competitive market,” pressure is compelling everyone to look for advanced technology solutions and stay ahead. Thereby, growing businesses are measuring various technology solutions by applying different parameters while incorporating.
The current post is aiming to help startups, SMBs, and even enterprise-grade businesses to clarify that how right technologies can push their businesses one-level up. In due course, I would like to illustrate the challenges, and thereby, advantages of the adoption of emerging technologies first.
Challenges in Adoption of the Upcoming Technologies
I would like to list a few challenges in brief here.
Budgetary constraints are the first hurdle to overcome while looking for innovative solutions in the organization. It means the business has to weight ROI and affordability of the solutions. Some tech solutions are a continual process and begin with the MVP model.
It suits the most to startups and SMBs because products are starting giving return once the MVP sees a considerable success in the market by gaining sizable customers. It becomes the earning with spending saga.
The availability of competent workforce is the next issue due to the very technical nature of next-generation technologies. The tech-savvy workforceis not cheaper and not easily available everywhere. In the case of heavy automation of the business or manufacturing processes, training becomes crucial, and it also demands time and resources to spend.
Fear of failure is the next bottleneck when the mindset of top-level management is thoroughly traditional. The same goes true in the case of a workforce where people are passively resisting the adoption of new technologies, and become the source of creation of myths regarding it.
Value Adding Offerings of the Emerging Technologies to the Businesses
If you don’t know what emerging technology is adding values in your business, how can you judge its appropriateness in the first place? Let’s learn where innovative technologies are adding what values.
Value 1 – Ease the Communication
We have passed the phases of evolution of communication technologies from paper-based snail mail to telephonic-calls, and then email. VOIP is handy, and live streaming video conferences are a reality today.
We have instant messengers on desktops, laptops, and smart mobile devices. AI-powered Chatbot like solutions connect us with social media audience as well as support the direct customers through a web portal or mobile app. Distance is nearly zeroing for a quick communication channel.
Value 2 – Safe & Secure Data Storage
Rapid digitalization has made paper files a passé and cyber network has connected us to leverage immense data storage capabilities of remote servers and cloud servers in particular. Safety and security are no more concerns when you subscribe to the right provider and select the right plan.
Value 3 – Instant Data Access
Cloud infrastructure enables us to be global quickly, along with being local. We can access our data across the globe with the right authentication in a secure way, and even device constraints are not a big hurdle in a BYOD environment.
Value 4 – Business Process Automation
Stiff competitions in the market demand fast delivery of products or services at competitive rates. Shortage of human resources compels businesses to adopt automation to achieve the goals.
CRM, ERP, Robotics, AI, and IoT like innovative solutions are on the way to provide automated solutions for a variety of businesses and manufacturers to streamline their production, data transfers, transactions, data acquisitions, support services, packaging, order management, shipping management, and marketing processes. These all are increasing our productivity and provide us greater scalability whenever needed.
Value 5 – Business Analytics, Predictions, and Personalization
AI and associated technologies like Machine Learning, Deep Learning, Language processing, M2M technologies, and voice recognition solutions have changed the way how we gather data and process Big Data to draw useful inferences.
It helps us to create prediction engines and personalization engines to leverage AI technologies further. It helps us to understand new trends beautifully and learn where to implement useful suggestions come with such insights.
How to Choose Right Technologies for Your Business?
We have learned that emerging technologies are numerous, and listing all here is not possible due to space constraints. However, the selection process could be easy if you take the right approaches. For instance,
- You should have spotted areas in your business process and strategies where facelift via tech innovation can prove a worthwhile investment.
- Find out appropriate tech solutions for that area in the market and run an analysis of the returns in short & long-term against the investment and maintenance throughout the lifecycle of the software.
- Find out how your chosen technologies can improve productivity, efficiencies, and performance along with above-cited value additions in your business.
- Check out the scalability of new technologies for your growing business in the next few years. Some areas can expand while some may contract.
- Check the trends of your selected technologies and watch predictions of it in the market so you can learn whether technologies will stay for long or fade after a peak.
- Check the availability of developers to install or integrate those technologies into your existing systems and find out reviews regarding support from the providers or vendors.
- It is advisable to bring common concessions among your workforce before implementation. You can take help of demos of tech solutions prior to final purchase and see adaptability in your milieu.
Which Technologies Are Appropriate for Your Business, and Why?
Today, the following technologies are trendy and used the most in the market.
- Chatbot with AI power facilitates communication, marketing, lead capture, and support services for online as well as offline businesses.
- AI and associated technologies provide highly personalized experiences to the customer of the business.
- AR is helping retail ecommerce, salespeople, fashion & apparel industry, restaurants, and other domains to sell their products and services by providing real-time info regarding products, as well as displaying virtual products in reality.
- IoT applications are going to make homes, cities, transportations, and other arena smart using a combination of other technologies like LBS, AI, ML, and M2M.
- LBS (Location-based Services) is crucial for retailers, hospitality & restaurant businesses, travel & tourism industry, and others
- Cloud and associated technologies are gaining momentum with increased mobility. Enterprises, organizations, and governments show increased tendencies towards Cloud utilization.
- Blockchain technologies are stirring finance, legal, security, ecommerce, and other sectors.