In recent years, organisations have come to recognise digital transformation as a long-term investment. According to Forrester, executives believe that by 2020 as much as 50% of their revenue will be driven by digital changes to their businesses. Companies large and small are quickly realising that if they do not transform – they will soon lag behind.
The pace of innovation over the past few decades has been staggering and is only set to increase, with IDC predicting that worldwide spending on the technologies and services that enable digital transformation will reach almost $2 trillion by 2022.
Over the years, the endless opportunities and promises which technology affords us, has become well known among IT decision-makers, and many businesses are welcoming with open arms. New technologies have proven essential in driving business growth, improving customer experience and increasing efficiency.
Technologies which were once labelled ‘emerging’, such as the cloud, connected devices, mobile computing and analytics, have now entered the mainstream and have become widely accepted as table stakes for organisations to succeed and thrive.
The common thread linking today’s emerging technologies is data. In a world where unprecedented data volumes require increased processing capabilities, there is a growing demand for technology companies to provide support and evolving platforms to manage, move and protect that data while leveraging it to get the most from emerging technologies.
Maximising the promises:
When it comes to speaking with IT decision-makers, one thing I often hear is that they are constantly striving to innovate and adopt technology solutions that deliver increased productivity, deeper connections, integration and insights to support their decision-making processes.
This pervasive sense of urgency to quickly adopt disruptive and emerging technologies to stay ahead of the competition, can result in a struggle to strike the right balance between the need to deploy new technologies and the hazards that can come with fast deployment.
In order to fully understand the benefits that new technologies will bring, companies need to make sure they are addressing current products and services with a view of how the technology will add value. Behind any technology remains the 3 P’s, this is – People, Process and Price. So, we need to think about technology within these parameters.
Some of the initial questions to ask yourself could be: Will it improve the quality or provide extra benefits that didn’t exist before? Or, will it reduce costs?
Avoiding the Pitfalls:
To avoid the pitfalls and maximise the promises of new technologies, there are a number of key factors to take into consideration:
• What is happening within the market?
• What is the overall direction of the company?
• What is the value proposition to both customers and the business?
• Does it make sense to outsource for efficiencies?
What is the solution?
For businesses of all sizes, it isn’t always clear which technologies are most suitable or which business strategy to adopt. There are many challenges to overcome and initial barriers to address; however, there are a number of ways to overcome each of the potential pitfalls of deploying new technologies into a business.
Outsourcing technical requirements to an experienced technology partner is one of the sure-fire ways to ensure business success. By outsourcing, industry-tested experience and talent can be brought to bear in order to avoid the pitfalls of deploying new technologies to enable business growth and increase ROI.
Of course, here at Cogeco Peer 1, we pride ourselves in the best-fit solutions and advice that we provide to our customers every day, when they are looking to deploy emerging technologies into their business strategies. We know the pitfalls that can come with deploying emerging technologies, and we also know how to evaluate what’s hype and hyperbole and what’s really needed in order to enable businesses success and growth.
To find out more about how we can help you in your journey to deploying new technologies, please get in touch.