Challenges and Benefits of Adopting New Technology Solutions
While business owners and executives typically recognize and understand the value technology tools can provide, the sheer number and range of available solutions can quickly become overwhelming. Today’s rapid pace of innovation means that not only are new technologies becoming available seemingly everyday, but existing solutions are also constantly improving in order to stay competitive. This growing plethora of business technologies naturally leads to a lot of uncertainty and confusion around what the best technology investments are for your business. In fact, a study by Brother International Corporation reported that 63% of small business owners frequently feel overwhelmed with the number of technologies available to run their business.
Still, most small business owners are confident that implementing new technologies is a better investment than hiring more employees. The Brother study also revealed that 72% of small business owners indicated new technologies would offer a bigger return on their investment than new employees (28%).
of small business owners feel overwhelmed with the number of technologies available to run their business.
Barriers to Technology Adoption
It goes without saying that at the end of the day, business decisions are dollar decisions. Small and mid-sized businesses typically have limited resources to work with, so your business must be able to afford any new solutions it acquires - that includes implementation, support, and maintenance costs.
Lack of Technical Support
It’s no small undertaking to implement new tech systems into your critical business processes. Some systems require a tech-savvy workforce to implement and manage not only the new systems, but also any legacy systems that may already be in place.
Many business owners and managers hesitate to seek out new technology from fear that its implementation will disrupt their current processes: employees might have a hard time learning and using the new system, current processes and integrations might breakdown, deployment may take longer or be more complicated than originally anticipated.
Long-Term Benefits of New Retail Technology Systems
Increased Efficiencies and Productivity
In a business, time is money. As such, the fundamental value new business technologies provide is time savings. Technology solutions help to automate and simplify processes, allowing for the same (or, ideally, a lower) level of effort to produce a much greater output of results. The best technologies will continue to improve productivity and increase efficiencies over time.
Improved Ability To Scale
Since the main driver of technology acquisition is the need to accommodate or facilitate growth, newly adopted solutions enable your business functions and processes to scale.
Gain a Deeper Understanding of Your Business
Knowledge is power. New technologies are helping to put greater insights and more comprehensive data at business’ fingertips. With a deeper understanding of your company’s operations, you can make better informed business decisions.