Business Solutions – Points to Consider When Choosing the Right Technology For the Business |

Technology is vital in the business world today as it is a main tool by which an organization improves its operations and subsequently makes profit. Use of relevant technology in an appropriate way will give any business the much needed competitive advantage.

It is important to settle for technology that is cost effective. This means that the chosen technology should generate returns. It is useless to have a trendy technology that brings no revenue. Imagine yourself investing in the latest laptop for your online business but failing to install the necessary software which will enable you to practically engage in your business transactions.

Whatever the technology you select, let it be easy to learn. Many people resist difficult and mind boggling systems due to fear of making mistakes while using the complex systems. There should be sufficient support for one to understand new technology and troubleshoot in case they experience any problems. User manuals come in handy at this point. Some systems have demos, frequently asked questions and answers and this makes them more acceptable to its users.

Never forget to consider the efficiency of the systems you intend to settle for. Having an automated process that makes your service delivery slower is not beneficial to your business. Some systems may increase security checks and slow down your service delivery. Evaluate the expected performance of the new technology carefully before settling for it. Remember your customers may not be interested in how classy the technology you use is but how well it offers a solution to their needs.

Find the Sources of Energy Driving Market Growth For Your Technology Solution |

Technological innovation creates new markets by enabling organizations to create incremental wealth. Value is created when a new technology is applied through innovative business strategies to improve productivity, increase revenues, lower costs, etc. A market develops as the value of the applied technology grows.

At the core of a new market is the technology’s value proposition – how it enables companies to create wealth. To define a new market you clarify:
• The value proposition of the new technology;
• How the technology will be applied to enable new business strategies;
• How people will change their behavior as a result of what the new technology enables;
• The incremental wealth that will be created.

This information explains how the new market will create energy. The more powerful the technology’s value proposition is; the greater the promise of new wealth becomes. This pursuit of this wealth causes companies to apply the technology to create useful goods and services, which in turn motivates people to adopt the new technology. The dynamics of this systematic conversion of technological capabilities into utility creates market energy.

To define your market ask yourself the following questions:

• What does the new technology do? What new business strategies or organizational capabilities does the new technology enable?

• Who are the targeted end users/beneficiaries of the technology? What will they be able to do with the technology that they can’t do now?

• How does the current market satisfy the end users’ current needs that will be better satisfied by the new technology? How aware is the end user of the current needs/problems that will be satisfied by the new technology?

• What is the technology’s value proposition?

• What is the estimated value of the new market today? When it reaches maturity?

What is creating all the energy?

Once you understand the promise of the new technology you analyze the market to uncover the trends that are creating the need for new business strategies. The convergence of key trends creates high potential market segments – group of prospects who have an increasing need for your technology solution.

Market Drivers are trends, innovations and other factors that change the way a market operates. Market drivers create change. In emerging markets, these changes are often subtle and difficult to recognize.

When developing a market perspective, you want to identify the market drivers that will drive people to change their behavior, which will consequently force companies to change their business strategies.

Market drivers can be:

• Economic trends – falling interest rates, rising transaction costs, market globalization;

• Social trends – increased desire for personalization, aging of the population;

• New laws or government regulations – more stringent pollution controls, the ability to pay taxes over the Internet;

• Technological factors – new data storage technology, miniaturization of computer chips.

Market drivers can also be caused by increasing frustration with the current environments, such as:

• Legacy systems – commitment to an outdated platform, pre-existing data bases, PSTN phone systems;

• Business processes – hierarchical power structure, paper-based accounting systems, complex management approval systems;

• Human factors – informal social networks, powerful union regulations, personal habits, organizational learning disabilities.

Although it is easy to identify market drivers, it is difficult to pick out the two or three factors that will create enough change to drive mass adoption of a discontinuous innovation. You need to look for trends that when combined create a lot of tension. It is the conflict between a desire for what the technology enables and the frustration with current alternatives that creates enough energy to motivate people to change their behavior.

It is easy to get overwhelmed by the multitude of factors that could be shaping the market. Fortunately, as a salesperson, all you have to do is find the factors that are impacting your territory. Narrowing your focus makes the job much easier.

To identify what is driving your market, ask yourself the following questions:

• What economic, social, political or technological factors are changing the market? How are they driving the adoption of the new technology?

• What fundamental changes in customer/consumer behavior are driving the need for the new technology? What are the technology trends that support the development of the new market?

• Are there other factors, such as regulatory environment, depressed economy, or installed base of an alternative technology, political instability, etc. that will impact the market adoption of the new technology?