We all know that change is a constant in life, but the changes we see in technology today aren’t just rapid—they’re exponential. If the average car had advanced as quickly as the computer over the last 35 years, cars would get 3,666,652 miles per gallon and cost less than $5,000 today! And if you were to build an iPhone using the technology available in 1991, it would set you back $3.56 million, rather than the $1,000 MSRP of the iPhone X today.
What’s the Story?
The realm of technology is advancing so quickly because of what futurist and author Ray Kurzweil termed the Law of Accelerating Returns. Essentially, it states that new technology leads to even newer technology in a building-block fashion: new advances lay the groundwork to build even more advances, allowing technology to evolve faster and faster over time. Since it’s both lucrative and in many ways self-perpetuating, it’s a trend that certainly won’t slow down anytime soon.
How to Keep Up
So, with the technological landscape constantly shifting and evolving around us, how are you and your business keeping up? Here are just a few ideas to help you stay abreast of the new technologies that will give your company a competitive advantage:
- Attend industry events to learn about what’s on the technology horizon in your field
- Try new technologies so you can learn what works and what doesn’t work for your business (and use free trials when available!).
- Find a “tech buddy” (or several) who always seems to be up on the latest tech news and capabilities; see what new products and services they’re excited about or what rumors they’ve heard.
- Talk to your customers. They are undoubtedly being approached by competitors that claim that have the next “big thing”. Use this to your advantage.
- Work with a trusted IT partner or build a highly capable IT department with team members who understand your business, their role in it, and how new technology could be integrated to better your processes.
- Subscribe to the Awecomm Insights blog to learn more about technology tips and trends that affect business as a whole as well as specific industries.
In any case, it is important to remember that with the pace of change continuing to accelerate it is almost impossible for businesses to keep up without a strategy that covers multiple areas. Trying to go it alone can limit your exposure to technologies that could shape the future version of your products and your business.