Overcoming the Challenges of Adopting Tech
The market is seeing great changes in how customers and businesses interact with each other. While individual interactions once made up the very spine of any businesses’ brand value and, performance, the business environment has been permanently altered with the arrival of digital technologies. Despite the huge advantages of adopting technologies in overall performance, it remains a fact that businesses are reluctant to adopt them. The reasons behind this might be diverse and also interconnected.
Why is ‘New’ is Challenging?
Disruption of Habit
There are those in business who are reluctant to new technologies only for the fact that they are new and cause significant disruption in the previously familiar way of doing things.
Regulatory and Compliance Challenges
Specific industries, for example the pharmaceutical industry, are subject to various regulatory frameworks and compliance under the law and governing bodies. This makes a quick switch to new technologies a cumbersome process. As these businesses might require newer permissions and compliance, the transition never arrives.
Costly
Technologies are built on years of research and investment of a large human resource. This makes them costly and often unaffordable for the smaller businesses in the market. Without clear cost and benefit visualization, businesses remain reluctant, or unable to install the modern, expensive systems.
Inadequate Human Resource Training
Not training staff adequately in the utilization of the new technology results in inefficient use and a lack of willingness within the available human resource to adapt. This further increases operating costs with newer staff required just to use the new technologies.
Not the Right System
More often than not, the available digital technologies might not fit the specific needs of individual businesses. The large set of features in one tech can prove too complicated for one business and inadequate for another. This lack of optimization translates to a general apathy towards adopting new tech.
Not Using Data
Technology provides you to generate analysis and trends about the performance of your business.
Without access and skill to properly monitor and use the generated data to the advantage of the business, there appears to be no additional benefit to adopting the often expensive and complicated technologies.
What Could Solve this?
Due to these challenges, even as more and more business partnerships will come to value a platforms and digital solutions, we might not actually see rise in the use of those technologies. The ability at providing optimized solutions for their businesses will bring bigger opportunities at scaling up, improving and better monetizing this added value. It is therefore important that the digital platforms provide a range of their products or services to a broader client base under the same primary structure so that all participants can overcome these challenges for the benefit of all parties.
Photo by ThisisEngineering RAEng on Unsplash
