How technological acceleration is affecting businesses

We’ve all been hearing a lot about technology disrupting a particular industry. There are new technologies coming up every day which are changing the way people work and deliver in their workplaces. The pace of these technologies has increased quite a bit in the past few years. To be precise, it has gone bonkers. Adopt or perish seems to be the mantra. The startups and companies which are actually evolving to adapt these new trends and ways of working seem to be the ones that are succeeding. And rightly so. The grocer next door wouldn’t be bothered to have his products listed online just a few years ago but now having their own app seems to be the hottest thing to happen to their business. And these things are happening to all kinds of businesses across the globe.

There are some businesses that start to introduce a new technology. They have an edge over all others because they are doing something new and innovative and disrupting the existing marketplace. There have been oodles of examples of startups of this kind. Successes or failures immaterial, these organisations have helped advance their professions, atleast in terms of technology adoption. Then there are other firms which adopt new technologies to either stay relevant or gain a business edge. Some have become bigger as a result, others have died trying. They have recognized the need to always adopt new technologies or they shall be left far behind. And then of course, there are the naysayers who resist change but I am not going to talk about them here.

But in today’s world, where what you read a moment ago can become obsolete the next minute, what kind of firm is actually expected to be successful? I guess one needs to dive deeper into the understanding of the rate of technological acceleration, if such a term exists. What I mean is to bring your attention to how rapidly technology is changing things. When was the last time you referred to your phone as a piece of new technology? Even though it, or its constituents like the software or hardware are improving each day, we hardly ever think of a smartphone as something incredible these days. It’s become a part of our lives. So what’s the big deal in that you’d say. Almost every new technology becomes that way if it is good right? Well correct. But what’s changed is the pace. It took longer for people to adapt TV sets than watching videos on their phones. Both were technological innovations in their periods in time.

So, can there be a time in the future when the rate of technology adoption actually reaches the rate of creation? During such a state, the tech ecosystem shall be in a state of equilibrium. One of the largest barriers to adoption apart from a closed mindset is accessibility to these technologies. That gap is shortening only because the communication industry itself is being disrupted. And definite even such a time is not too far off.

So as we had towards that day in the future, I feel businesses need to consciously take steps towards accessing new technologies, adopting them and changing the way they work. That kind of a model is what I believe will help firms succeed in the near future and it shall also foster innovation. What do you think? I’m going to leave you with your thoughts. Hope you enjoyed reading!

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