How to implement emerging technology in your businessJuly 26, 2023
In an era where keeping up with the rapid pace of advanced technology in business can be overwhelming, it’s easy to feel numb to the constant barrage of new technologies promising every organizational leader that it’s about to revolutionize their industry. Being able to separate the wheat from the chaff in terms of implementing emerging technologies can often present enormous challenges for decision-makers in terms of strategy and whether these technologies will be as crucial in five years or twenty.
Indeed the size of your organization doesn’t determine whether or not these technologies will fulfill their transformative capabilities, with 57% of small businesses concentrating on new technologies exclusively for growth as early as 2019. Let’s consider how to introduce new technology to an organization. Several factors are at play, and leaders must be agile and well-informed to ensure the right solutions are in place, but once they are, the stage is set for future successes that will shape the destiny of companies for decades to follow.
What we will cover:
- Make fundamental shifts to keep pace with accelerating changes
- Determining your needs: A question of viability
- Explore technologies that directly address your problems
- Team up with an industry leader in emerging technologies and digital transformation
Make fundamental shifts to keep pace with accelerating changes
Some of the key tech trends show that something significant is happening, and the acceleration of digital era characteristics such as granularity, speed, and scale is creating seismic changes in computing power, bandwidth, and analytical sophistication, opening up new and disruptive possibilities in innovation, businesses, and business models.
Let’s consider the emerging technologies examples of cloud and 5G, for example, and their ability to exponentially increases computing power and network speeds that can drive the wheels of innovation. The prevalence of augmented and virtual reality is shifting perspectives on virtual R&D in the form of digital twins, and immersive learning is changing the very face of recruitment and skills training. But the first question your organization needs to ask itself isn’t necessarily the ‘how’ but the ‘what.’ What is an advantage of utilizing technology in business? Let’s look at several and how which technology will take your organization into a new digital dawn.
Determining your needs: A question of viability
Not every organization can efficiently and effectively complete repetitive and labor-intensive tasks, and business execs must assess their own unique processes and consider leveraging advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Robotic Process Automation (RPA) to streamline recurring operations. With emerging tech experiencing almost exponential growth, there has never been a more opportune time to consider its benefits.
Some questions leaders can ask to determine viability:
- Why is your business looking to adopt new technologies?
- What is and isn’t working within your organization?
- What pain points is your team facing?
- What will embracing new technology change for you?
- How will you measure its efficacy?
So where does RPA fit in with other emerging technologies? As a part of your ML and blockchain strategy, RPA is a natural fit, but it is equally effective as a standalone part of your tech stack. Determining the priority of integral components within a new technology is essential for the collective workforce to maintain a clear understanding throughout the implementation process.
Pinpoint areas of concern in their operations by identifying and addressing pain points, gathering feedback, understanding department-specific challenges, and selecting the technologies that best address their needs.
Explore technologies that directly address your problems
Once you have determined the areas where new technologies can benefit your business, their priority levels, and how they can solve problems within your operations, you can investigate which technologies serve your needs and goals directly. Implementing new technology in an organization requires understanding what it can bring, and offering support to members and departments regarding training and technical resources is critical. Typically, businesses leverage the following:
Artificial Intelligence and Machine Learning
AI has made quantum strides over the last few years, and many more are expected in the next few and remains one of the leaders in technological advancements. Intelligent Automation is currently seeing deployment across several sectors for employee onboarding, training, and customer service, among others.
Artificial Intelligence for IT Operations (AIOps) manages data, detects anomalies, and automates pattern discovery and prediction to accelerate problem-solving. AI can also detect vulnerabilities across various endpoints, workloads, and systems in cybersecurity.
Once just a trend, cloud computing has entrenched its position as an emerging technology for business, with major players like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud dominating the market.
Also known as Function as a Service (FaaS), Serverless cloud solutions offer your business a scalable cloud environment where developers can write and deploy code.
By partnering Secure Access Service Edge (SASE) and Wide Area Networking (WAN) with network security services into a single, cloud-delivered service model, you will gain superior flexibility and security, as well as boosting performance and cost-saving efforts.
Internet of Things (IoT)
With the interconnectivity of IoT, your business can leverage advanced IoT analytics to enhance efficiency, productivity, and cost savings. By embracing IoT, you are presented with new opportunities to innovate and redefine traditional operation models, and as much as 83% of organizations report improving operational efficiency.
It also unlocks the ability to track your customers’ behaviors, ensuring an enhanced customer experience that ultimately drives increased revenue and promotes loyalty beyond the initial buying journey. To ensure optimal security and uninterrupted service, safeguarding the data flowing to and from IoT devices is vital to its success.
Many people associate blockchain technology with the rise of cryptocurrencies, but blockchain offers security with hugely beneficial business applications too. Simply put, a blockchain is a series of data storage packets called “blocks.” When filled, these blocks have certain storage capacities that are sealed and linked to the previous block, forming a chain of blocks containing their relevant data.
These blocks can’t be altered once added to the chain and are virtually impossible to hack or access without authorization. Although blockchain has been a staple of financial institutions, its impassable security components make it a highly beneficial technology for other sectors.
Virtual and Augmented Reality
Virtual reality creates immersive experiences in real-time, improving safety procedures and increasing productivity. Industries like healthcare, real estate, manufacturing, and supply chain use this technology to reduce costs and save time while boosting productivity and customizing training programs. With VR, businesses can reduce travel costs and improve workplace safety while enhancing customer service and increasing sales.
As a growing industry, AR engages customers uniquely and eliminates the need for physical store visits, making it especially valuable for remote customers. Enhancing the customer experience taps into a thriving industry and offers added peace of mind and convenience when browsing products and services. Together, VR and AR are excellent examples of how to implement new technology in healthcare, and providers have already adopted these solutions en masse with exceptional results.
Team up with an industry leader in emerging technologies and digital transformation
At PROVEN Solution, we pride ourselves on making complex concepts accessible to businesses and taking the uncertainty out of your digital transformation strategy. That’s why we work hard to balance technical expertise with accessibility, using industry jargon sparingly and always explaining unfamiliar terms.
We believe in highlighting the benefits of technology implementation in tangible and relatable terms. By focusing on how these technologies can solve real-world business problems and enhance, rather than replace, human capabilities, you can confidently explore the possibilities of emerging technologies with us. So why not take the first step toward the future of your business and explore what they can do for you?