Pyrotec, September 2020: Today’s fast-paced technological revolution can be a scary and formidable space for businesses. As technologies are rapidly replaced and improved, and we hear more about artificial intelligence (AI) and blockchain – serious disruptive technologies that radically change markets – business owners may be overwhelmed about how to keep up.
But keep up we must. While it may take some forward planning to stay ahead of the technology curve, you can’t afford to fall behind. It’s because of technology that markets are increasingly more competitive and if everyone else is moving forward and your business isn’t, you’re quickly falling behind and losing any competitive advantage you may have had.
Falling behind also means missed opportunities. As customers adapt to and adopt new technologies, businesses that aren’t keeping up are likely to lose them to competitors whose technology provides greater speeds to market, increased convenience, time-saving solutions, and better interaction with brands.
So, what should you consider when planning for technological updates?
First, see what others are doing and what’s working before taking the leap. As with anything new, there’s often a period of adoption, learning and adaptation – it’s not essential to be first, but you do want to be current.
With each new technology, there’s inevitably new equipment to integrate into your systems. Have you considered a technology that offers scalability, and if that’s not possible, how to dispose of old technology and budget for the new? Careful thought needs to be given to your strategic plan in this regard.
Know what your competition is doing
They may have identified an opportunity that you have yet to notice. Can you adapt to keep up?
For those who understand technological change, there are many opportunities – new job creation and startups are just two if you’re flexible and ready to take advantage of what technology offers.
Do you have a plan to stay ahead of the technology curve? While it won’t be easy, it is necessary.
To learn more about Pyrotec’s approach to business, visit www.pyrotec.co.za.