Never before have businesses and technology enjoyed such a symbiotic relationship. In today’s world, a technology change can shake up a company as much as a market shift. Businesses need to stay agile to be successful, agility is achieved in two ways:
- Adopting new technologies,
- Recruiting people who are willing to learn and grow.
Don’t fall behind the technology curve
We all have become obsessed with how to achieve maximum efficiency at minimal cost, having a successful business has become more about pivoting in the direction markets are facing. Success today is all about dexterity.
There are many core indicators to anticipate where the next big technology innovations will appear in your industry and how they will affect you. To counteract and keep up with these changes and avoid falling to the next Netflix or Uber, your business must not fall behind the technology curve.
While we do know that the majority of businesses have started using, and are even reliant on, technology for many things, this actually changed the way business is being operated. Modern businesses cannot afford to be technology laggards, catching up with the latest technology isn’t enough. Bridging the gap between today’s technology and tomorrow’s innovations is essential to transitioning seamlessly.
Businesses tend to invest in technology every five years, but they must constantly be on the lookout for new innovations. Staying abreast of the latest trends allows a business to pivot before competitors can react. Being prepared is probably the most important mindset you can have in order to be fully aware of the state of technology in your industry. Be sure you are spending enough time working ‘on’ your business, not just ‘in’ your business.
Create a fluid organisation with people
Technology doesn’t drive success: people using technology do. People who thrive in agile business environments are the engine; finding and keeping that talent your commercial fuel.
How do you hire and retain flexible talent? The short answer: company culture. This may seem paradoxical because your company’s culture is a fairly stable component; it takes a long time to build a healthy culture, and even longer to change it. Your core capabilities, your human capital, your market niche—these don’t pivot easily. But a key characteristic of agile companies is their ability to attract talent.
Businesses that hire multifaceted, employees who can quickly adapt to new technologies and circumstances are the ones that position themselves as leaders in their industries. Technology may be the driving force behind the shifting face of industry, but it’s how your employees respond that will make—or break—the future of your business.