How to keep up with rapid technology change in business.
Keeping up with new technology is an ongoing battle but adapting to the newest and most innovative tech trends is a must. Whether you are a budding entrepreneur or C-level executive, it can be difficult to know where and how to invest in technology.
However, just like children in the process of maturing, there are ups and downs that need to be considered. I call this the good, the bad, and the ugly in the rapid technology landscape. To identify the technology worth your investment for sustained growth, you need to understand the bad and the ugly parts first.
The Bad and the Ugly
Investing in technology can be costly up front. Business leaders may understand the investment is needed for long term efficiency, but this doesn’t make the process any easier. However, it can be even more costly (in time, money, and opportunity) to stick with outdated technology and software. For example, internal servers are becoming more expensive to support and can demand a significant amount of time from an internal IT team; time that could be devoted to other resources. The difficulty is that some cloud solutions can’t quite provide the unique framework a business may require. Because of this, a business may fear handing over system management to a cloud provider.
In addition, entrepreneurs might also be concerned because they lack the expertise required to select the right platform and how to implement within their firm. It can also be difficult to measure ROI prior to implementation so the entrepreneur is taking a big leap of faith.
Finally, one of the ugliest aspects of business maturation is actually taking the leap to dump old tech systems. Although there are many uncertainties, there are just as many benefits to investing in your business’s growth, if not more.
The Good
This is where vision, execution, and expertise come into play. Business leaders must identify the results they are expecting from technology, then identify which systems are holding them back in order to find ways to leapfrog said systems. Of course, they must also dump their old technology system, rip off the Band-Aid, and jump in with both feet. Focus on the positive, you will no longer be carrying the dead weight of systems that include components you don’t want or need.
So, what can you do? Let go of the old technology that’s holding you back. Accept that change can be good. By doing so, your business will be able expand successfully and you’ll see improved efficiency. You’ll also notice long-term savings and increased security of data–which helps you worry less and focus on doing what you love in your business.