How Can the Impact of Emerging Technologies On Business Strategy Be Assessed?
CorporateStrategy.ioUpdated: June 18, 2024
In the fast-paced world of corporate strategy, understanding the influence of emerging technologies is crucial. We’ve gathered insights from eight leaders, including CTOs and presidents, to shed light on this complex topic. They range from analyzing operational improvements and ROI to aligning tech with business goals and ethics, providing a comprehensive look at how to assess technology’s potential impact.
- Analyze Operational Improvements and ROI
- Conduct Cost-Benefit and Risk Analysis
- Proactively Research and Integrate Tech
- Combine Market Scanning with Scenario Analysis
- Stay Informed and Test New Technologies
- Assess Efficiency and Competitive Advantage
- Evaluate Scalability and Monitor Advancements
- Research Market Trends and Customer Needs
- Align Tech with Business Goals and Ethics
Analyze Operational Improvements and ROI
To effectively gauge the impact of emerging technologies on your business strategy, start by looking at the operational improvements it might bring. Consider how the technology could boost efficiency, reduce costs, or enhance productivity across various aspects of your operations, such as supply chain management, production processes, or customer service. Then, dive into the financial side by assessing the expected return on investment (ROI) and the broader financial implications, including initial costs and potential revenue growth. This careful analysis helps in making well-informed budgeting decisions.
Lastly, see how well the technology aligns with your long-term strategic goals—can it give you a competitive edge, help you break into new markets, or innovate your product offerings? This step ensures that the technology not only fits but also propels your business forward in meaningful ways. Alexandrea Harrelson, Chief Technical and Marketing Officer, CEO Zones
Conduct Cost-Benefit and Risk Analysis
Before we adopt any kind of new technology or software as part of our business strategy, we first need to determine whether or not it can even benefit our operations at all. There is a delicate balance between disrupting a fully functioning and fine-tuned system and introducing a new component that will either alter the process completely or leave no mark at all. It is important to conduct a thorough cost-benefit analysis and risk assessment, ensuring that the potential gains outweigh the risks and costs involved. This enables us to make informed decisions that enhance our competitiveness without compromising the reliability of our established systems.
