The digital disruption waits for no one. Companies that are slow to adopt new technologies are advised to pace up. Banks, which used to monopolize the finance industry, are embracing cryptocurrency and blockchain technology. Marketers are tapping into Facebook and other social networks to sell products and services.
This statement of Klaus Schwab, the founder and executive chairman of the World Economic Forum, rings true today:
“It used to be that the big used to eat the small, but now, the fast eat the slow and I’m seeing it every day.”
This is an urgent call for your company to invest in emerging technologies before competitors leave you behind. If you still hesitate, here are a few reasons to help you see the importance of deciding, and acting, now.
Technologies drive innovation which drives growth
The cloud has been a buzzword since the start of the decade. Many businesses have adopted it, but few have succeeded in correlating it with growth. A point from Will Forrest and Kara Sprague, McKinsey partners, from their participation in Cloud Connect goes that most of the investment in cloud and other technologies focus on IT productivity. In this case, the adoption becomes an IT project rather than full-blown innovation.
But when seen in a different perspective, digital solutions can be driven to disrupt your own business model. You can use them to enable your company to achieve innovation that translates to growth. Follow in the footsteps of Amazon. Again, from Forrest and Sprague:
Amazon is an example of a company that does this well. They have repeatedly used technology to disrupt marketplaces. First, they used technology to monetize the long tail of book sales. They then used advanced analytics to develop a recommendation engine, then innovated with web services, which are different from their initial core business.
They are everyman’s tools
Whether for personal or business purposes, more and more people are attached to their digital devices. Consider the following cases.
Your employees are using them to navigate the digital landscape, with or without your sponsorship of their gadgets. Consumers are also into the most recent and trendy forms. And their dependence on these tools is reflected in the way they want them to be a part of their transactions. Further, many individuals adopt new technologies at home because they want to be on the cutting edge.
Image courtesy of Ooma
All of these make digital solutions the best way for you to reach out to both your employees and consumers.
They bring speed and efficiency
Obviously, technology gets things done more quickly. And in business, time is money. So, your bottomline benefits when you can manufacture more products or serve more customers in a shorter span of time.
At the same time, the latest solutions help cut down on human error. They are also able to handle larger workloads. Your employees become more efficient in performing their tasks while ensuring the quality of end results.
Here, adopting new technologies is seen as a cost-efficient method that creates a positive impact on your cash flow. It saves you time and effort along the way.
They give you competitive advantage
Technology is an enabler in that it levels the playing field for everyone involved. This has never been truer than in the finance industry. As mentioned earlier, the banks used to control all monetary transactions.
But with the rise of financial-technology or fin-tech companies, the control is no longer monopolized by traditional financial institutions. For instance, TransferWise provides users with a platform to exchange various currencies with each other. Lenddo presents social media as an alternative way for people to build their credit score.
In other words, you can leverage advancement in technologies to develop your own unique offering to consumers. And given that you have the same access to tools and solutions as your competitors, you are able to find the gap or niche that you can truly fill or serve.
Key takeaway
Analytics, big data, cloud computing — do not let the big words scare you. Knowing why you have to adopt new technologies is the key to finding and implementing the right one for your company.
Innovation and growth are the most important reasons, but this remains to be seen in your organization.
So sit tight, buckle up, and be in for this thrilling technological ride.
