Remember when HAL from Space Odyssey made us all afraid of the potential evils of artificial intelligence? Ah, the innocence of 1968. Today, AI has transitioned into mainstream society, and the only thing we’re afraid of as business owners is not being agile enough to keep up with emerging technology.
Rapid digital transformation has many businesses struggling to keep up with the latest security, operational, and productivity solutions. And unless your technology has been updated within the last 6 to 12 months, you’re most likely operating on at least one outdated solution, putting your business behind your competitors and at risk of cyberattacks. Here are the three steps you need to take regularly to thrive in a world of rapidly emerging technologies.
Step 1: Assess — Where Are You Now vs. Where Are You Going?
If you’re like most forward-thinking businesses, your plans for thriving in the future include examining your past progress and looking for ways to improve. Besides updates, which means jumping into the future — meaning, now — and employing new technology.
Compiling a checklist of where your technology stands is a good place to start to see what solutions you should adopt. Where is your current technology holding you back and what needs improving?
To examine your current infrastructure, ask yourself a few questions regarding your goals:
- Are you looking to optimize your technology?
- What technology isn’t working for you anymore?
- What do you need from an infrastructural standpoint to achieve your goals?
Once you’ve evaluated your pain points and the ways you’d like to improve, it’s time to examine what technology solutions you can launch to grow your business.
Step 2: Discover — What Emerging Technology Can You Adopt?
Adopting new technology is a test of how agile your business is, and it appears to pay off. Companies that use new technology in business have increased their revenue by nearly 60% according to Oracle.
Additionally, new digital tools have been shown to catapult financial returns, workforce diversity, and environmental targets by 22%, according to Deloitte.
The benefits of adopting new technology and equipment are wide in scope and include increased productivity, improved processes and workflow, ease of remote work, and increased employee satisfaction.
Five examples of new technology solutions include:
1. AI: 75% of companies that have implemented AI fully experienced an improvement in their decision-making, according to PwC.
2. Automation: While less than 10% of jobs can be completely automated, automating various steps and processes can free up people to focus on more dynamic work, according to Forbes.
3. Cloud-Native Platforms: McKinsey reports that the cloud delivers a rise in EBITDA — earnings before interest, taxes, depreciation, and amortization — of more than 20% across all industries.
4. Decision Intelligence: Research confirms that businesses that base decisions on data, not instincts or experience, are 19 times more likely to be profitable, according to Forbes.
5. Emerging Technology: Improving your current infrastructure makes your business more secure.
Step 3: Implement — Partner with a Professional
With consumer and business digital adoption moving forward at such a rapid pace, it has never been more critical to partner with a professional service provider who can keep up with emerging technology development.
At IT-Tech, we are the Salt Lake City area’s leading experts in emerging technology implementation. We deliver a comprehensive and scalable solution that keeps your business competitive, secure, and thriving.
To get your business up to speed now — and beyond — schedule a call with our technology experts today.