So much is happening in the world in the field of information technology, from computer system to virtual money, to mobile transaction to virtual reality and augmented reality, just to mention a few. These are some of the major invention that are happening globally. In kenya, for instance mobile money has grown to greater heights causing almost all businesses to adopt to these new innovation in order to continue to be relevant. Bitcoin currency is also a decentralized currency that has been very rampant and making firms using them grow to richness although they is a bit of resistance due to high amounts of money to purchase they have grown in some countries to the extent they are being used in some companies to purchase they products.
With all these advancements that are happening companies can be confused on what to do in terms of what to take and what to leave. Taking a bad decision could cost the company so much to the extent of its closure so one needs to be very careful and sound when making these decisions as they have a long term impact on the company. So we will discuss on how companies can approach these issues and make it a success. Lets do this.
1. DO A LOT OF RESEARCH AND CONSULTATION
Do a lot of research on the emerging technology and understand them properly. Mr Google is here to walk you through these journey and you will be able to find a lot of information about each technology and how it solves problems so that you can see if its relevant to your company. This is a critical stage as it helps to make the complexities of the technology simpler for others to understand for instance an IT guy obligated to do these research should make it as simple as possible for the managers to understand faster and clearly. Books, journals, videos are a great tools to do massive research. Inquire also how it has worked for those companies that have implemented it. Also check on feedback online on what people are saying about a particular technology.
2. UNDERSTAND THE CURRENT SYSTEM AND IDENTIFY THE CURRENT SYSTEM AND IDENTIFY ANY LOOPHOLES THAT EXIST.
look at the existing system how it performs its duty, is it efficient and what loopholes that exist within these system. You can write them down somewhere so that you can compare with the new system that you wish to implement and see if it meets the needs and loopholes that exist. if it does how effectively. If it does not drop it down as it does not bring a new solution which is your goal.
3. VALUE ADDED TO YOUR FIRM IF IMPLEMENTED.
Cost benefit analysis is a key factor when determining if to implement a certain innovation or technology. Does it in anyway bring greater value to your firm and if it does is it the best way to go looking at the cost to be spend vice versa its benefits. These step will be interlinked with search as you will be able to see how the technology works for you, how it will function and extent to which it solves the problem. If the cost incurred is way high than the benefits it brings decline it. look at other effects that could come up e.g. skills requirement, employee adoption( will it be too complicated for them or too much different than the existing one.
4. CRITICALITY OF THE TECHNOLOGY TO THE FIRM
Does those solutions that it possess to solve so much critical for your business. If yes you may consider it, if not you may consider it or drop it depending on your financial situation and other factors. If it directly will affect your business have a look at it as it can be used by your competitors to gain more competitive advantage than you. Will it bridge a gap in your industry in anyway.
5 SHARE YOUR FINDINGS WITH THE REST OF THE ORGANISATION
Inform all stakeholders of the company about the technology so they can make they view on the same and it will help you make a better decision. Technology in a business is a great risk so it will require an input from everyone in order to reduce negative impacts in the future. Pitch your findings before the senior management, employees.
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