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Emerging Technology – Friend or Foe?

Deciding when to adopt an emerging technology within your business is a critical decision. This post poses a few key questions to consider.

Emerging TechnologiesDeciding when to adopt an emerging technology within your business is a critical decision.  Not every business is the same when it comes to emerging technologies. You may be working for an innovative, growth-oriented company that’s always on the lookout for new solutions, or you could have responsibility for an established, structured organization that’s wary of jumping into the latest IT invention.  Either way, if you’re going to stay competitive in today’s marketplace, you’ve got to keep your eye on emerging technologies and know how best to benefit from them.

The question is: how do I know when to embrace an emerging technology? The bad news is that there is no “silver bullet” that provides the answer to this question.  The good news is that there are a few critical questions that can help you decide.

  • Is technology a competitive differentiator for your company? if so, emerging technology is your friend.  You should budget and resource to investigate emerging technologies when they are on the “bleeding edge”.
  • How aggressive is your business strategy? If your company has aggressive growth plans that involve innovations, then emerging technology is your friend.  Many emerging technologies can help your organization grow with less initial investment.  Even if the technologies don’t work for the long-term, they may let you be first to market with a new product or service.
  • Does your company have a highly structured culture and approach to initiatives? if so, then emerging technology may be your foe.  By their nature emerging technologies are often fraught with starts and stops with projects rarely going as planned.
  • Do your company processes include R&D activities? If not, then emerging technology may be your foe.  Companies without a tolerance for R&D activities will lose patience with emerging technologies.
  • Is 100% quality at all times a priority for your company? If so, then emerging technologies may be your foe.  You will be better served to wait until a technology is mature before adoption.
  • Do your clients demand innovative solutions? If so, emerging technology is your friend.  By embracing new technologies earlier in their lifecycle you can meet your client demands sooner than the competition.

Assessing your company’s culture and processes will allow you to determine whether emerging technologies are right for your enterprise.  Be sure to readdress the tolerance for emerging technologies frequently since company strategies change frequently.  Whether a friend or foe, emerging technologies will play a big part in your IT success.