Tech has become a crucial part of the modern working business. Using tech, you can make your company faster, more efficient and more effective. You can use tech for absolutely anything you want in your company from data transfer all the way to marketing and sales. So, every part of the business funnel can include some form of tech. In fact, if you were to answer what the most important part of your business was today, you could probably say tech and no one would argue with you. Just imagine what would happen to your business if it stopped working. You would definitely struggle to keep your company functional on the market, that’s for sure. Instead, you could be facing an extended period of downtime.
However, it’s not enough to just
fill your business with the latest tech and hope for the best. You have to update it, change it and keep moving forward. This is the only way you are going to stay competitive with the rest of the companies in the business world. So, you do need to think about when it’s time to upgrade. There are various reasons you should think about bringing new tech into your company.
Falling Behind The Times
Perhaps, you have decided to buy tech for your business. There are various advantages to this tactic because it gives you complete control over your products. As well as this, it’s a lot simpler than leasing and arranging all the documents and contracts that come with this type of commitment to another business. At the same time though, it does mean you’re going to be paying a lot of money for technology. You could be spending thousands on computer systems alone, and that’s going to make you reluctant to update your technology. You might get away with this for a few years, but after five you will notice a significant gap between you and the rest of the businesses.
In particular, you’ll find that speeds are slower in your office and therefore you are less efficient. Now, there is plenty of technology on the market right now for businesses that want faster connections with fiber optics. You can use Modular MPO/MTP Cassettes to get 10G and 25G networking, and this is definitely something that you should be looking into. But most businesses don’t. Instead, they struggle on to slower speeds to avoid the expense of an upgrade. What they don’t realize is that in the long run an investment like this will pay off and save money. As such, you should be looking at tech upgrades at least every two years.
New TechImage source Pexels
There is new tech on the market every year, neigh every month, so we’re not suggesting you should upgrade every time a fresh item is announced. That would be rather ridiculous and would quickly bleed your money dry. However, you should pay attention to the tech market. Look out for the product that could ultimately bring your business to new heights. An example of this would be virtual reality technology. On an initial inspection, you might assume that VR tech isn’t appropriate for business use. Right now, it seems to primarily be used for gaming, but that could be about to change. Soon, VR might become a popular tool for marketing to show off products, sell travel locations and a wide variety of other promotional ideas. If you know this, you can invest in the tech and get ahead of the curve. It’s not the only tech on the market that could give your business a boost either.
Every industry right now is seeing the introduction of AI tech. In fact, just last week Disney patented AI robotics for their theme parks, so it is coming. You need to be prepared and ready to make the investment in tech that could put your business ahead of the curve.
Reshape The ModelImage source Pexels
Finally, you can use tech to completely alter your current business model in new and exciting ways. This could lead to the potential to earn more money from your business or attract new customers. An example of how tech could be used to reshape the business model can be seen over at Amazon. The company has recently announced its intentions to start using drone deliveries . Now granted, progress has been slow with the first delivery just five hundred feet from the local depot. But, just think what it could mean for the future of this company. There will no longer be any need to hire drivers once this tech finds it’s feet.
Founder Dinis Guarda
IntelligentHQ Your New Business Network.
IntelligentHQ is a Business network and an expert source for finance, capital markets and intelligence for thousands of global business professionals, startups, and companies.
We exist at the point of intersection between technology, social media, finance and innovation.
IntelligentHQ leverages innovation and scale of social digital technology, analytics, news and distribution to create an unparalleled, full digital medium and social business network spectrum.
IntelligentHQ is working hard, to become a trusted, and indispensable source of business news and analytics, within financial services and its associated supply chains and ecosystems.