It can seem as though many tech articles focus on ways in which cutting-edge businesses can become even more cutting-edge. They describe how you should implement or approach new technology, as your company has bottomless funding, endless amounts of time, and limitless tolerance for risk. It is easy and understandable to immediately conclude that moving to cutting-edge technology is costly in reality, and that there is an inherent risk that you end up investing in nothing more than a passing fad. That assumption is an easy one to make, but it’s simply wrong.
Here are three reasons to invest in cutting-edge technology, even if you’re not on the cutting-edge now.
1.Reduce Future Costs of Cutting-Edge Upgrades
If you look at the landscape of cutting-edge technology over the last few years, one thing is abundantly clear – you can’t really know what the next generation of technology will look like. Moving to cutting-edge technology like mobile applications, cloud, and the Internet of Things means your infrastructure must become interoperable, using those same open standards. Even if you choose the wrong tech to invest in, your infrastructure will evolve to match best practices and standards, making the down payment on your next investment far smaller.
2. Re-Invent Core Business Offerings by Inspiring Innovation
New technology brings excitement and thrill. Introducing cutting-edge initiatives will encourage your people to come up with innovative solutions to old problems. By doing so, your team is encouraged to think outside of the box, and question old inefficient processes thought impossible to fix. Old processes that have been around for decades can be completely re-thought. For example:
- How can you leverage mobile applications to grant sales associates real-time interaction with your data?
- How can you leverage Internet connected sensors to increase efficiency of machine technicians?
- How can GPS help fleet managers track and make adjustments in real time?
Re-think the basics, re-invent your business, and stay ahead of the curve.
3. Continue to be Relevant in a Diverse and Evolving Market
Of course there is risk in investing in new technology, but there is also a risk in not investing in it. Swiftly changing technology also means swift changes in every market. Look at the impact that Web 2.0 had on print media, or the impact that e-commerce sites like Amazon and eBay had on brick-and-mortar stores. It’s very easy to look back on a time when Blockbuster declined to buy Netflix and laugh knowing what we know now, but the reality is that the same story happens every single year, just with different names.