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Technology has bled into every aspect of a business’s long-term strategy and day-to-day operations. And while you might still be resistant to change, the benefits of adopting the right technologies are becoming increasingly evident.
However, while larger corporations can count on large budgets to support the introduction of new systems and software, small and medium enterprises don’t have much room for trial and error.
In turn, investing in the wrong technology or adopting a new system that does not yield the expected results can have catastrophic consequences.
So, technology is essential to support your business growth – but how can you be sure that the system you are about to invest in is the right one? Here are 10 simple steps to follow to craft a smarter technology adoption roadmap for your company.
Start by Understanding Industry Trends
Technology is becoming prominent in all industries – and for more than one reason. Thanks to new systems, businesses in most industries can boost productivity, reduce waste, and automate labor-consuming or dangerous tasks.
However, now two organizations are exactly the same, and what might be working for businesses in other industries might not work as well for you.
That is why before diving into new and emerging technologies, it is worth looking into how your industry or specific niche is evolving. For example, when looking at the video game design industry, it is easy to see that developers are making use of VR and the Metaverse to visualize the end result and collaborate at a distance.
Make sure to be clear on where your industry is heading to!
Understand Your Benchmarks – And Your Competition
Once you have a greater understanding of the trends that are reshaping your industry, you’ll want to look at what your competitors are doing. Indeed, the industry as a whole might show high levels of adoption of a certain technology.
However, if you are a small business, you shouldn’t put yourself up against international corporations that are able to introduce cutting-edge solutions on a global scale. Instead, look at why some of your customers prefer to work with you instead of those larger corporations.
Is it because of your unique expertise? Or may it be because of the personal touch you offer?
Whatever your selling point is, hone it by looking at how other competitors in your same tier are adopting technology.
Develop a Long-Term Strategy for Technology Adoption
For many small business owners, technology adoption is reactive. For example, they might substitute an outdated system when this is no longer compatible with other software. Or, they might upgrade a piece of machinery at the end of its lifespan.
However, technology adoption should be proactive. And, even more importantly, it should follow a clear technology roadmap.
At the heart of your long-term technology adoption strategy should be your scope or mission. However, some more factors that could play a role include employee training, costs, and troubleshooting.
Weigh the Benefits and Drawbacks
When it comes down to business technology adoption, randomly investing in new systems can affect your finances. And, if you are operating on a tight budget, your business might never recover from this mistake!
So, before splurging on a new system, be sure to learn the secret to business technology adoption: weighing the benefits, costs, and drawbacks.
Through this kind of analysis, you might find that a new technology you wanted to invest in might not work well for your business or boost your operations as you might have expected.
Once you have the results of this analysis, you can use them to change plans or pivot towards a different strategy.
Educate Yourself About New and Emerging Technologies
When looking at how quickly technology is evolving, or at the wide range of systems that become available each day, choosing the right technology to invest in can feel overwhelming.
That is why it is important to educate yourself in the best way possible. For example, you should consider participating in industry events that focus on sector-specific technologies and visit fairs and exhibitions.
Alternatively, you might consider leveraging online courses to better understand systems like CRM and ERP, or review guides about the benefits of smart contracts or blockchain for small businesses.
Don’t be afraid to ask questions and review what industry leaders are doing!
Pinpoint the Areas of Your Business That Require Innovation
Not all areas of your business will benefit equally from technology adoption- for example, you might have a marketing or sales team that is truly lagging behind because of the lack of an up-to-date system.
In this case, Customer Relationship Management software can help you reduce labor costs, streamline operations, and provide a much better service to your clients.
On the other hand, if you are manufacturing products by hand (i.e: furniture or art), introducing a system that will automate this process might boost productivity, but you might lose your unique selling point.
Make sure to understand what core and non-core functions in your business require a digital transformation without affecting what makes your business special.
Use Customer Data To Create More Responsive Products and Services
If you are looking to introduce new machinery and software to boost productivity, you should consider understanding what your customers actually want. For example, if your customers are calling for lower prices, you might need to introduce new technologies that can make the product more affordable.
Oppositely, your consumers might be after greater transparency in the supply chain. In this case, investing in end-to-end blockchain-based systems can help.
Gather Feedback From Your Employees
Your employees represent the human capital of your business and one of the greatest assets of your company. Introducing new technologies can significantly change your business, reduce the needed labor, alter working hours, and even impact wages.
So, if you are looking to introduce a new system, you should start by asking your employees what would make their job easier and better, and how can a certain department improve productivity.
You might find that a certain technology that you had planned to introduce could have affected the ability of your employees to give their best while on-the-job.
If you are unsure about how to get started with this project, consider running surveys to better understand your team’s needs.
Train Your Employees for Smoother Adoption
An increasing number of employees – especially Millennials – have started to experience technology burnout. Because of the several systems, devices, and software they are required to use, many workers might feel overwhelmed and lagging behind when it comes down to making the most of the technologies offered to them.
To avoid this, make sure you are announcing the launch of new technologies before this event actually takes place. What’s more, you should plan for an efficient training schedule that allows your employees to gain dexterity with the new systems without delays.
If you are unsure how to get started, software producers and external companies can help you craft a more efficient training program.
Upskill Your Teams and Keep Up With a Changing Industry
As the industry continues to change, it is estimated that the majority of today’s employees will require upskilling over the next few years.
So, while you might be able to rely on your team’s current skill sets today, without an upskilling roadmap, this might not be enough to maintain your business’s competitive edge in the future.
Understanding what departments require upskilling and pinpointing the skill gaps that might present themselves in the future can help you keep your business current for years to come.
