Cutting-edge technology will produce high technology advantage(s) for businesses that square measure willing to be early adopters. This strategy, however, needs businesses to abandon technologies that ne’er totally mature or that square measure themselves born by their parent corporations. A nimble implementation strategy permits entrepreneurs to understand the technology advantage(s) of latest technologies whereas avoiding business advancement problems once a technology cannot survive within the marketplace.
The truthful technology advantage(s) for businesses in Nigeria
1. Produce Barriers to entry
For little business, a technology advantage shouldn’t be evaluated on its own deserves however rather for the ways in which its implementation can permit your business to accomplish things that square measure not possible for your competitors. It doesn’t matter if a technology races your producing method by twenty % unless that speed is vital to penetrating a market that you simply cannot otherwise reach. a replacement of technology advantage that’s riotous to the general marketplace however which will provide you with the first-to-market technology advantage, is that the best new method to contemplate.
2. Revolutionize Operations
Most businesses, like most organizations, tend initially to use new technologies in terribly similar ways in which to the older ones that they replaced. however a cellular phone isn’t merely a wireless line phone — it’s conjointly a tool for rescheduling conferences on the fly, arrangement for impromptu visits and avoiding full traffic. corporations that saw mobile communications for these skills had an instantaneous hop on corporations that also organized around older phone paradigms once cell phones gained widespread use. once considering a replacement technology advantage, build a particular list of underlying assumptions in your business model — then see if the technology advantage makes any of them obsolete.
Read Also: The disadvantages of Technology in African workplace
3. Radically cut back prices
Paradoxically, new technologies are often each a significant supply of expenses for your business, moreover as a technique of eradicating your biggest prices. Regular implementation of technology on the leading edge means typically you may have to be compelled to abandon your investment: if the technology fails to figure, if it’s defeated by its competition or if its parent company folds. On the opposite hand, some technologies utterly amendment the value structure for the service they provide: Skype, as an example, provides an affordable service that replaces each international phone calls and video conferencing, that antecedently may value thousands of bucks annually. target the areas wherever you may see the most important bang for your technology buck if a replacement technology succeeds — however be able to abandon the leading edge if it cannot deliver on these guarantees.
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