An immediate concern of starting a new business are the requirements of considerable planning and cost. One of the primary issues commonly faced with these two aspects is finding a balance that can both match a budget now and mitigate new costs in the future. Important on this front is the concept of early tech adoption.
Unfamiliarity, in many cases, can cause business startups to create future problems. In other cases, an overemphasis on over-technologization can cause a massive drain, both in terms of financials and ongoing training time.
With these points in mind, we want to take a look at some common examples of tech adoption to help our readers gain an understanding of what and what not to do.
Source: Pixabay
The Good – Additional Reach and Setting new Standards
When properly established, early adoption tech can help give a business a major edge over the rest of the competition. For this example, we’ll take a look at the iGaming sector and its use of game streaming.
For those unaware, many of the more successful new websites and services in the world of online casinos have adopted live-streaming services into some of the more popular games. UK live casino games such as blackjack and roulette have effectively raised the bar of what digital casino experiences can offer. In turn, this has massively increased their player base due to the raw appeal which this has to players.
In other words, this eagerness to provide live streaming versions of their games helped these casinos extend their grasp and reach new digital horizons, in a case of adoption done right.
The Bad – Initial Price and Incompatibility
There are certain jumps or new developments in technology which are slated to play a big part, but only when infrastructure catches up. The recent arrival of folding phones is a strong example of this.
These devices are powerful and do offer significant promise with certain business applications, but the programs and systems to take advantage of these simply don’t exist yet. In this case, early adopters would have to accept the enormous cost of newer tech, although buying it later when better support would be available would be much cheaper.
This also ties into greater issues of compatibility. It’s not just the surrounding software that might not be ready, as tacking into account hardware changes is also a necessity. This is another area where folding phones suffer. Many first generation foldable devices do not offer 5G support. This means when 5G does finally launch, an entirely new set of devices would have to be bought for early adopters, garnering significant additional cost.
Source:Pixabay
Finding the Balance
As with any business investment, the best idea is to do some research before making any leaps. Adopting new tech might seem exciting and progressive, but without understanding the greater context of a new technology you’re only setting yourself up to fail.
Look at how technology currently stands and how it fills its space within both your business and the greater tech environment. Read up on what the experts say, as you apply their lessons to your business or sector.
Stay abreast of new technology as best you can, and understand that there is no one right fit for everyone. Remember it’s not just what is used, it is how it is used.