4 steps to choosing the right emerging technology for your business.

Are you overwhelmed by the speed of current technological developments? And are you unsure how to use its potential for your business? You are not the only one. This dilemma has left many business leaders at a crossroads, wondering whether to dive right into AI, dabble in blockchain or venture into the Internet of Things. In this blog, we guide you through a 4-step journey to learn how to identify and confidently choose the right emerging technology that aligns with your business goals. Enough with the guesswork. Let’s take a strategic approach to creating value with emerging technologies.

Picking tech that fits.

Emerging technologies offer a whole new world of possibilities that previously were simply unimaginable. Adopting these technologies and knowing how to innovate your business with them, has become an absolute must, if you don’t want to be left in the dust. In our previous blog we introduced 10 emerging technologies that are shaping your future business, and in this blog, we will explore how to choose the right fit for your business. Whether you aim to be an innovator who disrupts the industry or an (early) adopter who enhances his business processes: identifying your strategic technological path is key.

1. Understanding your business needs.

Before we dive into the exciting world of emerging technologies and explore the many things they have to offer, we must first get a good grasp of your business the way it is. Without a proper understanding of your business context, like how and where it operates, identifying areas of improvement or enhancement becomes a shot in the dark. You know that you want to move forward. Without direction, however, how will you navigate the vast amount of possibilities that emerging technologies have to offer? Starting at the core of your current business will give you this direction. A thorough analysis of your business’s context will illuminate your path to innovation, but will also ensure that every step is in alignment with your core objectives and capabilities.

One way to do this, is by using the Business Model Canvas. It helps in mapping out crucial aspects of your business, such as your value proposition, customer segments and revenue streams. It provides a holistic view of how your business creates, delivers and captures value. After filling out your BMC, you are able to identify the strengths that you can enhance and the weaknesses that can be improved.

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Make tech investments that make sense.

Remember, the goal is not just to adopt technology for the sake of innovation but to ensure that every technological investment is a strategic step towards enhancing your business’s strengths and addressing its weaknesses. It starts with understanding your business context; the solid foundation that will allow you to spot the gaps where the biggest improvements can be made and therefore where the most value can be created for your business.

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2. Staying informed with the latest emerging tech.

Staying up to date with the latest in emerging technologies is essential for continuous growth and innovation. In an era defined by fast technological developments, keeping track of the latest advancements ensures that your business remains competitive, agile, and ready to capitalize on new opportunities.

To achieve this, we highly recommend a multifaceted approach. Start by subscribing to leading tech news platforms and industry newsletters that offer cutting-edge insights and analyses. Participate in relevant webinars, workshops, and conferences to engage with thought leaders and innovators in your field. Additionally, investing in training programs for your team can spark creative thinking and innovation. It can encourage them to explore and experiment with new technologies.

Another way to stay informed is by exploring social media content, like these emerging technology scorecards for example. They give you a brief overview of what the emerging tech is about, six points of evaluation criteria highlighting the benefits of the tech, along with the value it can create for your business.

Check out 3 of them below:

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Sharing knowledge and growing together.

Creating a 'learning lab' or innovation hub within your organization can also promote a culture of curiosity and experimentation. Here, employees can collaborate on projects, explore new technologies, and share their findings with the rest of the organization. Encouraging knowledge sharing through regular tech talks, hackathons, or innovation challenges not only keeps your team informed but also engaged and motivated.

Fostering a culture of innovation is about more than just staying informed; it's about creating an environment where continuous learning is valued, and new ideas are welcomed and nurtured. By adopting these practices, you'll not only keep your finger on the pulse of technological advancements but also empower your team to drive your business forward with fresh insights and innovative solutions.

This commitment to continuous learning opens the door to countless benefits:

Enhanced Competitive Advantage: By adopting relevant technologies early, you can differentiate your business from competitors and establish yourself as a market leader.
Increased Operational Efficiency: New technologies often offer more efficient ways of working that help you reduce costs and save time.
Better Customer Insights and Engagement: Technologies like big data analytics and AI can help you understand your customers better, leading to more personalized experiences and higher satisfaction levels.
Access to New Markets: Innovations such as blockchain and IoT open up new markets and customer segments, providing fresh avenues for growth.

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3. Matching tech with business goals – the strategic play.

Now that we have a full understanding of the playing field (your business context and the many emerging technologies that can open up new opportunities) it’s time to put these two together. Not every technology will align with your business goals or add the intended value, and not all opportunities or initiatives are worth your time and resources. The key lies in matching technological opportunities with your strategic business objectives to increase your strengths and deal with your weaknesses effectively. This is where the strategic magic happens: by taking the comprehensive understanding of your business model and matching it with the technological landscape to identify opportunities that are the most promising.

Alignment with emerging tech.

To begin with; integrate the insights from the Business Model Canvas with the latest technological trends you’ve identified as relevant. Look at each segment of your BMC and ask, "How can technology X enhance this aspect of my business?" Whether it's optimizing your value proposition, revolutionizing your customer segments, or enhancing your revenue streams, the aim is to build on your strengths and address any weaknesses.

This approach requires a nuanced understanding of the benefits of each individual technology, stages of maturity, adoptability, and integration capabilities. For example, if your business excels in customer engagement but struggles with operational efficiency, technologies like AI-driven process automation may offer significant value. On the other hand, if your business model is driven by innovation, exploring cutting-edge technologies such as blockchain for product authentication or supply chain transparency, could open new avenues for growth.

Is your business ready?

Conducting a feasibility and readiness assessment is also crucial. This involves evaluating whether your business has the necessary competencies and infrastructure to adopt and leverage the technology effectively. You should take into account factors like integration challenges, the technology's time to value, and a thorough cost-benefit analysis to ensure the selected technologies offer viable solutions and a clear path to ROI.

This deliberate and strategic matching process ensures that the technology you decide to adopt not only aligns with your current business model but also propels it towards your future goals. By carefully evaluating each technology's potential impact on your business, you can frame your technology strategy in a way that ensures alignment with your business objectives, maximizes value creation, and sets the stage for sustainable growth and competitive advantage.

Remember that the goal is not to chase after the newest or most buzzworthy technologies but to select those that offer strategic value to your business. By putting the two understanding phases together and methodically evaluating potential technologies against your business's specific needs and goals, you're well on your way to making informed decisions that will drive your business forward in the digital age.

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4. Pilot projects and betting on the winning horse.

Innovate, implement, improve.

Define the problem and plan: Initiate by pinpointing the exact problem to tackle, setting a solid framework for what the project seeks to achieve. Lay out realistic ambitions, timelines, and financial plans, grounding every aspect of the pilot in addressing specific business challenges through technological solutions.
Start small: Embrace a minimalist approach to test the technology's impact on operations and customer experiences, keeping risks low. This smaller scale allows for fast identification and correction of challenges, assessing the technology's real benefit without substantial initial investment.
Gather feedback: Feedback is pivotal, gathering perspectives from employees, customers, and other key stakeholders to gain insights into the technology’s practicality and effect. This continuous loop of feedback informs decisions on whether to expand, pivot, or cease the technological adoption.
Scale for success: Post-pilot, the focus shifts to broadening the technology's application to foster long-term growth. It's essential to consider how the technology scales, integrates, and aligns with future business objectives, ensuring it can adapt to growing demands and changing market conditions.
Continuous monitoring and improvements: Commit to monitoring of ongoing activities and improvements, guided by Key Performance Indicators (KPIs) tailored to both the technology and overarching business objectives. Constantly evaluating these KPIs and adjusting the technology as needed is crucial for maintaining relevance and delivering continued value among business and market evolution.

Start small, think big.

Pilot projects are your testing ground, providing a critical link between theoretical selection and practical implementation of emerging technologies. By carefully defining problems, starting small, gathering feedback, considering scalability, and continuously monitoring performance, you can confidently pick your winning horse—one that not only addresses current needs but also propels your business towards future growth and success.

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A strategic approach is your winning approach.

Navigating the evolving landscape of business and technology demands more than just adaptation; it calls for a strategic approach. The journey from understanding your business context to piloting emerging technologies highlights that embracing change and fostering innovation are not just choices. They are essential for long-term growth. A strategic blueprint not only prepares your business to meet current challenges but also sets the stage for sustained success. Remember, in the world of business, innovation is the compass that guides you towards growth. Embrace it with a strategic mindset, and watch your business not just survive but thrive in this dynamic landscape.

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