The modern business game can feel like one that’s heavily reliant on emergent technologies. That’s not to say that they’re the only factor that matters, but it’s easy to feel as though failing to incorporate these into your own operations is making the active decision to concede something to your competitors. This isn’t necessarily true, of course, but it does raise an important question – when is the right time to acquire these technologies?
The answer will be different for different industries, examples, and circumstances, but with time and money being required to make that leap in the first place, you have to choose carefully.
For the Sake of Efficiency
A lot of the time, it might not be that this new technology is anything groundbreaking or revolutionary, but just something that’s introduced to make your operations more efficient. When it comes to industries like farming, for example, options like a truck mounted blower can help you disperse what you need where it needs to go in a way that saves you an enormous amount of time. That’s a whole task that you can revolutionize easily. While it might require some changes to the way that you do things in general, you might find that this shift is one that simply allows your staff to focus their efforts elsewhere, allowing you to do more with the resources that you have available.
The Settled Dust
Every now and again, there is a breakout technology that looks to completely change the landscape – like AI might for many, depending on your perspective. However, around this initial interest, there can be a lot of rampant speculation that doesn’t necessarily equate to results. In the haste to make the most of this rising trend, you might act impulsively and spend resources to pivot towards a business model that accommodates this new technology. However, if it pans out not to make the kind of impact that everyone was expecting, you will find yourself in a difficult situation.
Therefore, as difficult as it can be when other businesses around you are charging ahead, some patience might give you a stronger impression of where a particular technology is headed.
Your Own Situation
At the heart of this is a consideration for your own circumstances, as mentioned previously. If you have an effective system running as you are, and you’re finding that your business is in a very good spot, you might have to be careful about how this new technology will fit in. If it’s something that’s going to require a large amount of training for people to use, for results that might not be exactly the same quality or better as those you’re getting, is it necessary?
It’s difficult to turn your back on industry trends, and it often feels as though there is no right decision. That’s why all you can do is fully understand your own situation and take all of the facts into consideration before making a decision.