1.2.2 Adopting New Technologies
The emergence of new technologies has forced businesses, competitors, and other industries to adapt to remain relevant in the market. Over the last few years, organizations have been integrating the upcoming technologies to gain a competitive advantage as they strive to increase their return on investment (Ramey 2012). They are using the latest tech to enhance the attention of the customers towards their products and services. Some have already implemented smart manufacturing, digital marketing, and many other emerging technologies to promote their brand as they strive to increase their market share (Manyika et al. 2013). Before adopting new technologies, businesses are considering several processes and steps to ensure successful integration. The first step is to establish the organization's technology and evaluate how it will change the organization. Based on priorities, the organization will opt for the systems that are accessible, reliable, and affordable. Once it has been established, the organization then considers productive support where difficulties are mitigated during integration (Makela 2012). Employees are trained, and user manuals are provided to have an easier time implementing the new technology. The next step is ensuring there is no impulse to rush since it could result in poor implementation. It means that pilot programs should be introduced where the new technology is tested before implementing the entire organization.
Another essential step is transparency; in this case, clarity aims to reduce the friction that may arise when the new technology is introduced. Employees should be updated on the new developments since they might resist the new technology and derail its implementation (Desjardins 2018). Organizations are building value for their technology, and this is achieved by communicating with the employees and providing all the benefits that are to be achieved after the new technology has been implemented. Once integrated, the organizations have to maintain the momentum; since technological changes are frequently happening, the organizations focus on implementing newer technologies that will enhance their performance and increase their growth (Makela 2012). Maintaining momentum means that the technological changes must be communicated to the employee to oversee the changes and enhance their implementation. Despite their size and reachability, organizations are exploring different means of increasing their productivity, efficiency, and performance. As a result, they must implement newer technologies to accomplish their mission (Manyika et al. 2013). Therefore, introducing new technologies is vital since it will play a critical role in running a successful organization. It is expected that in the next two decades, technology will revolutionize business since they will become fully dependent on technology.
1.2.3 Best Practices and Risks Associated with Emerging Technologies
As technology continues to grow, there are both best practices and risks that are associated with it. In this case, the best practices of the emerging technology involve efficiency whereby, since time does not stand still, there is a need to have things done quickly and accurately. New technologies are constantly changing business dynamics since people can easily interact and exchange ideas and transform their organizations. Another best practice that has been established by the presence of technological advancement is safety. In this case, industries and manufacturing sites are safer, and thus hazards that could affect peoples' health has been minimized (UN 2018). In the healthcare sector, the business has changed tremendously since different technological machinery has enhanced the diagnosis of different diseases and infections. Thus, it is easier to get cured.
Even though human habits have led to pollution and the degradation of the environment, emerging technologies are designed to improve environmental conservation (Veletsianos 2018). As a result, the inventions are eco‐friendly. In the next few decades, it is expected that inventors will continue designing technologies that are friendly to the environment as they are geared towards ecological conservation. Emerging technologies have enabled people to express their creative ideas, and they have transformed the world, especially in the business sector (Whitmire 2014). Even though there are numerous advantages associated with emerging technologies, they are posing some risks in various areas. Once an idea has been published on the internet, either positive or negative, it is difficult to remove it and can easily be traced back to the owner. As a result, some individuals can post misleading information that could impact businesses negatively (Ramey 2012). Global networks have enabled people with sinister motives to spearhead negative propaganda towards their competitors, hurting businesses. In the recent past, identity theft has been a significant issue where users cannot protect their virtual image. Therefore, even though the emerging technology has benefitted individuals and organizations, the negative issues need to be addressed so that technology advancements can be achieved successfully.
As organizations strive to adopt the best practices imposed by emerging technologies, they should ensure that they implement strategies that will help them deal with emerging technology risks. In some instances, a small organization may find it challenging to implement some emerging technologies since it could be expensive. In such scenarios, such an organization should seek opportunities to merge or lease the available technology to realize its goals and objectives (Veletsianos 2018). In the future, it is expected that due to emerging technologies, people will lose their jobs. The government should use the ideal strategies to prepare people for such changes since it could disrupt the economy. Since change is inevitable, the next two decades will present challenges to the government. A lot needs to be done to ensure that the population will remain active despite becoming displaced from employment due to technological advancements and implementation in different organizations.
1.2.4 Power of Disruptive Technologies
Even though disruptive technologies continue to emerge and change business worldwide, various products, services, and business models are driven by these changes. The development of mobile apps has revolutionized business (Veletsianos 2018). As technology continues to disrupt business performance and their reliability, businesses can shift their performance by ensuring they have applications where employees can work and enhance their productivity. The presence of mobility has enabled employees to work from any location. These applications can track their performance, identify their weaknesses, and suggest the ideal work methods where they need to change. IoT is a disruptive technology that will continue to disrupt businesses worldwide. It is a technology that presents diverse opportunities where an organization can identify different services that can be run using connectivity powered by IoT devices. Organizations have the opportunity to focus on cloud technology since most of the organization is considering its use since it can be used to help them minimize their costs (UN 2018). Providing cloud services is expected to generate huge revenues since most organizations seek platforms to minimize their operational costs (Whitmire 2014). Another aspect that businesses could tap from disruptive technologies is business models such as digital marketing and online surveys, which can easily help organizations tap into different markets.
The banking industry has been experiencing changes in the technological world. In this case, numerous banking techs have been developed to make their banking processes easier (Ramey 2012). One of the major aspects that banks should diversify is to develop paper‐free processes where customers can apply for loans, make payments, and many other services that will save time. This will enhance the banks' performance since customers want to get services in the comfort of their homes.