5 reasons why adopting new technology is important for any business
Technology adoption in business refers to the acceptance and integration of new technologies into existing systems or creating a new one. It is about using technology to its full potential in the process of adapting to changing needs of consumers.
Different organizations like startups and established organizations react to innovation differently. They can be very enthusiastic about embracing new technology or they might not find it significant enough. The technology adoption lifecycle describes the adoption or acceptance of a new product or innovation in a classic bell curve.
Adopting new technology is essential for organizations focusing on faster deliveries, reduced spendings, and enhanced user experience. It has become highly essential as the COVID-19 pandemic has forced them to reconsider their strategies. The situation is even concerning for businesses that have been working for decades using legacy systems.
Benefits of adopting new technology
Regardless of the scale, type, and customer base, technology adoption in business can be critical for its growth. The secret is to carefully look at how your current technology meets your business needs. Another thing to understand is whether the current technology can enhance your business and whether it is the right time to invest. Here are 5 benefits of adopting new technology for your business.
#1 Better efficiency
Many surveys available online show how startups and businesses are struggling due to inefficient technology, especially in the pandemic time. According to a recent survey, 90% of the respondents couldn’t get a clear picture of their customers without checking various systems. In such a time, these can lead to a negative impact on business performance.
Technology can help speed up the processes by bringing more flexible ways to carry out tasks. Introducing cloud computing, Enterprise Resource Planning (ERP) software, CRM solutions, and other systems can lead to better business and customer management. They can also help you track and analyze performance for better goal achievement. Proper implementation of such systems can lead to a performance boost and overall increased efficiency.
#2 Competitive edge
Digital transformation is the key for businesses to stay ahead of the competition. Technologies like AI, Big Data, and Blockchain have become highly popular amongst startups. Adopting new technologies allows businesses to offer what no one is offering, boost revenue streams while providing value to customers.
It also presents them as innovators and risk-takers in front of their customers and investors, opening new doors to a wider market and more investment. Customers start to see them as better alternatives for working together. Furthermore, it may also lead to better goodwill for a business.
Read more: How to stay on top of emerging technology trends
#3 Remote work challenges
Survival has become the sole motive for many businesses due to the emergence of COVID-19. One of the biggest challenges they are facing now is figuring out ways to manage remote workforces. The IT sector emerged as a leading example to the world as the majority of IT companies are operating remotely. However, a significant number of businesses are struggling to survive due to the challenges posed by the pandemic.
Investing in remote collaboration and communication tools can simplify the shift to remote work. With technology, businesses can solve various remote work challenges in terms of communication, collaboration, and digitization of daily tasks. A fine example would be how Microsoft used its own Microsoft Teams to make it easier for the employees to communicate and connect even when they are thousands of miles apart.
#4 Robust workflows
Workflows in businesses enable the integration of interdependent processes and automation of tasks, improving time management and productivity. Technology can play a critical role in building automated workflows for several processes such as marketing, onboarding, ad campaigns, purchase and sale, reimbursements, and more.
Implementing a workflow management system can help businesses streamline workflows and continue operations even in these uncertain times. Such systems focus on simplifying processes, reduced turnaround time, and least human efforts.
#5 Positions for future growth
Innovation is the only way for a startup or business to sustain itself in this ever-changing environment. It is defining the future and determining the path a business should take. The role of technology would be to empower businesses with new and improved systems so that they can offer better products and services. With that, they will be able to reduce the production time, improve the quality standards, and ensure higher customer satisfaction.
All this combined can do wonders for business growth. It will not be a short-term win but a long-term growth.
Moving forward
Adopting new technology is a long-term strategy that involves time, effort, and expertise. It is essential to identify the needs of your organization and what you wish to accomplish. Moreover, the cost and time involved in the shift could be overwhelming for many. That is where Akeo steps in to help startups and businesses analyze their needs and suggest the right technical solution. Akeo helps businesses realize new possibilities with technology and enable them to achieve them.
See how Akeo helped Touch Soft as their technology partner to develop and customize their existing solutions.
