When it comes to adopting new technologies, market leaders always stride ahead with proactive steps as they know the advantages it can bring to their business. Actually leading organizations literally go heaven and earth for high tech implementations and value additions. Question is why some companies fail to adapt quickly to new technologies? When we answer this question we would land on the value chain perspective embraced by leading companies. What is this value chain perspective all about?
A business for adapting to new new technologies and for achieving growth through economies of scale just make room for new technologies, skilled employees and new processes. This robust value addition down the line is referred as a growth boosting approach called value chain perspective. Let us have a look at various aspects of thus approach.
- Breaching The Gap Of Capabilities
Widespread and big changes made for technology adoption may slow down a business process. This happens due to the gap of capability concerning new technologies and implementation requirements. This gap not only existent within a company but it is Lao present among the business associates, partners and above all, customers. So, besides meeting the costs and pains for adoption in internal business environment, it is equally significant to meet the same for people subscribing and working with the business from outside.
- What Are The Key Challenges In Adoption?
First of all, the adoption of new technologies require totally new schedule and routine. It also needs deeper knowledge about new tasks and potential threats to performance. Because of these challenges the company has to ensure a steady supply of complementary resources to keep pace with the demand of output. Key human resources, skill set and know-how of technologies will play important role in the adoption of these technologies.
- Assessment Of Market Risks
Assessing the risks in regard to losing customers and business due to robust changes in the customer interface is a big consideration for B2C companies with great market share and steady sales. No company at the cost of technology changes cannot risk losing their customers. While small entrepreneurs can adopt new technologies at a faster pace big businesses will adopt to new technologies at a slower pace. So, the overall cost of allowing customers and external stakeholders to adopt to new technologies bears a significant cost of the entire value chain drive.
- Implications On Business Strategy
So, as of now we have reached an understanding of the way innovation can be influenced by gaps in capability. If we determine by the capability of customers in respect of emerging and new technologies, then even the large and leading companies with fast paced technology adoption are at risk. This is why the internal and external adjustment with new technologies play such a crucial role now for most business strategies.
Finally, what we can conclude, innovation is more about long term business advantages than short term gains. If a company wants to remain in the path of growth and wants to remain full proof to future realities, it has no option but to pace up incorporating latest technologies in the business process and thereby offer more value to the customers and stakeholders.