Kodak was one of the biggest companies in the world. In 1996, it posted over $1 billion in profits. It was a global force that dominated over 50% market share of the film market. However in 2012, Kodak filed for bankruptcy. It’s once famed products could not hold up to the new devices that dominated the industry. Kodak’s case precedents any other company that fails to cope with emerging trends in tech.
It is detrimental for businesses to identify emerging technological trends and capitalize on them before it’s too late. Here are some of the tips that will help you not miss the tech train:
The first obvious step is to expose yourself to tech info. It is important to note that the biggest technology companies spend billions of dollars researching on tech trends. Currently, tech giants like Facebook, Oracle and Google are investing a lot in cloud computing, artificial intelligence and virtual reality.
In this information era, there are unlimited sources of information which may include:
- The internet – Anything that you want to know is just a click away. With millions of dedicated tech websites, it would be a waste not to capitalize on that. Social media has also been an extremely useful tool to share ideas and information. Uber is one great example of what social media can do as it all started with a tweet.
- Experts – It is of great importance to network with the industry’s leading people. This will give you insider knowledge of upcoming trends you may not know of.
- Books/ Newspapers/ magazines – Although a technology is swiftly getting rid of these resources, they are still a useful source of valuable information. For example, if only you had read Bill Gates book, “The Road Ahead” in 1999.
Another sure way of staying ahead is through innovation. Through innovation, you have the advantage to dictate the future rather than wait for someone else to do it. Companies like Boeing are staying ahead of the pack by continuously looking for new ways to up their game. In fact, they have a dedicated group called “Moonshine shop” whose work is to look for new ideas.
The best advice to businesses who want to innovate for themselves is always crowdsourcing. It is remarkable what a group of dedicated people with a sole purpose can achieve. In the process of innovation, it is important:
- To never give up – The most successful innovations took many years of time, resources and investment.
- To think out of the box – Don’t have a closeted mentality or limit yourself. It’s important to have a broad outline of new ideas.
- Staying focused
The last tip is definitely staying focused on what your goal is. It is not uncommon for businesses to lose their edge as they are chasing the latest trend. Some of them pull a lot of resources to capitalize on something and eventually fail.
For example, many companies followed the social media craze. Many similar websites cropped up and with it billions in investment. However, few were able to keep up with the tide. It is important to balance your eventual goal with the resources, time and investment you have.
Technology is dynamic. What is hot today maybe clich tomorrow. What was clich yesterday could resurge today. Always be on the outlook.