The challenge of keeping up with rapidly evolving technologies is a daunting task for companies of all sizes. The pace of innovation has increased exponentially over the past few decades, and companies that fail to keep up with new technologies risk becoming obsolete in a rapidly changing business environment. If businesses are unable to adapt and implement new technologies, they risk falling behind their competitors and losing out on potential opportunities.
In this blog post, we will explore the challenges companies face when keeping up with rapidly evolving technologies and how Vinco can help overcome these challenges.
Importance
Research suggests that the closer a business is to technological advancements, the more innovative it will be. “In the relentless race for innovation and sustainable growth, organizations have always looked to technology to be the catalyst for driving business results”. Technology is often considered as the fuel for innovative value creation through business transformation. (IBM 2022.) However, with so many changes happening daily, it can be challenging for companies to keep up. It’s a bit like updating your phone regularly; after a while, you may start to feel overwhelmed by the constant need for updates and new apps.
The same is true for companies, but they cannot afford to lose sight of the importance of keeping up with technological advancements. If they do, their competitors who are investing in new technology will outpace them, leaving them behind in the market.
Adapting to technological change is not just about keeping up with the latest trends. It’s also about integrating technology into a company’s operations and ecosystem to drive innovation and growth. Companies that embrace technological change and incorporate it into their strategies are more likely to thrive in today’s competitive marketplace.
To stay ahead of the curve, companies must adopt a strategical approach with evolving technology adoption, as well as invest in building a resilient (tech) team with people who are driven to learn and develop innovative solutions. Failure to do so will result in being left behind by more innovative and tech-savvy competitors.
Why is it difficult to adapt to technological advancements?
Cost: One of the biggest challenges companies face in keeping up with evolving technologies is the cost. Implementing new technologies requires significant investment in terms of money, time, and resources. For small companies, this can be especially challenging as they may not have the financial resources to keep up with the latest innovations.
Skills: The pace of technological change is so rapid that it can be difficult for companies to find employees with the necessary skills and expertise to implement new technologies. As a result, many companies struggle to find the talent they need to stay competitive.
Compatibility: New technologies are often incompatible with existing systems and infrastructure, which can make it difficult for companies to adopt them. This can lead to a situation where companies are forced to choose between upgrading their entire IT infrastructure or sticking with outdated technology.
Risk: Implementing new technologies always involves some degree of risk. Companies need to carefully evaluate the potential benefits and risks of new technologies before committing to them. Failure to do so can result in wasted resources and lost opportunities.
Strategies for keeping up with evolving technologies
Stay informed: Staying informed is an indispensable strategy for managers to keep pace with the constantly evolving technological landscape. It is vital for organizations to remain up to date with the latest developments and trends in their industry. To achieve this, companies can participate in industry conferences, browse through trade publications, and connect with other industry experts. By staying informed, professionals learn about which technological advancements are the ones to get onboard with. This also increases caution to avoid getting swept up in the hype of emerging technologies. By practicing responsible exploration, managers can ensure that they invest in technologies that offer better value, creating new business opportunities and spurring innovation. (Howard 2022.)
Retain key tech talents: Companies need to invest in building a strong technology team with the necessary skills and expertise to implement new technologies. However, it is common that managers face difficulties in hiring key tech talents, and even after filling their teams, the ongoing trend of rising tech salaries can strain budgets and result in layoffs, leading to a disruption that hinders innovation. Focus should be shifted from a talent acquisition strategy towards resilience, making talent retention as crucial as customer retention on the balance sheet. Retaining the right talent can create a virtuous cycle, as highly skilled professionals are drawn to innovative organizations. (Howard 2022.)
Adopt a strategic approach: Companies should adopt a strategic approach to technology adoption. This involves carefully evaluating the potential benefits and risks of new technologies before committing to them. A strategic approach is particularly important in uncertain times, when investments need to be considered especially carefully. By embracing strategic digitalization, a manager can help their company not only survive economic disruption but thrive as leaner, stronger, and more innovative than before (Howard 2022). Companies also need to ensure that new technologies are compatible with their existing infrastructure but also, the company’s innovation strategy.
How can Vinco help?
Vinco can help companies by mapping the technological advancements that are important for their industry and how they are impacting it. Vinco can also help companies map open spaces where there are opportunities to innovate and help these companies develop a strong innovation strategy that is unique to their strengths. Vinco can help companies identify market drivers, changes in consumer behaviour, and how those factors are impacting their industry.
For instance, Vinco worked with Statens vegvesen, the Norwegian Public Roads Administration, to improve innovation in winter maintenance of the roads. Vinco mapped the innovations in other countries that are also known for their strong winters, such as Norway, and helped the organization learn from these innovations. Vinco also identified opportunities for SVV to innovate within its own unique strengths, ultimately fostering Statens vegvesen develop a strong innovation strategy for the future.
References
- How does technology drive business transformation? (2022) IBM Blog. <https://www.ibm.com/blog/how-does-technology-drive-business-transformation/>, retrieved 17.3.2023.
- Howard, Chris (2022) Innovating in Uncertain Times: Lessons from 2022. Harvard Business Review. <https://hbr.org/2022/12/innovating-in-uncertain-times-lessons-from-2022>, retrieved 18.4.2023.
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