In the world of technology, two key things seem to be happening. First, the tech industry and its many amazing products are proliferating at an amazing rate. For example, smartphones have come a really long way from being clunky machines that only made calls to the handheld computers of today that double as state-of-the-art cameras, phones, email systems and much more. Second, devices are becoming smaller as time goes on. The first computers that filled an entire room are now petite desktop electronics that barely take up any space.
The Basics of Dematerialization
This common phenomenon of shrinking tech devices and corresponding data is called “dematerialization.” While computers will never literally disappear entirely, it is important for business owners who want to stay ahead of the competition to come up with ways to adapt to this trend. For instance, as 5G technology — the fifth generation mobile network — is launched, it will not only help to connect people, but it will also control machines, objects and devices. 5G wireless technology promises to make smartphones better than ever before, connect embedded sensors in the “Internet of Things” devices and will enable the rapidly shrinking world of tech devices even smaller and more efficient.
In order for companies to survive in a dematerialized world, they must embrace the changes as well as advancements in technology. With that in mind, check out the following tips that will help businesses thrive and be technologically relevant:
Keep Abreast of Latest Trends … but Not Right Away
You probably have a few friends who wait in line for hours to buy the latest smartphone, only to discover that it contains annoying glitches, quirks and bugs. In this situation, it might be best to hang back a bit and let the companies work out any issues in the new technology before diving in and buying it. This same philosophy is true for company owners who want to stay up to date with new and shrinking technology. Be what is called a “fast follower” of tech — but give new devices a good 6 to 9 months on the market before investing in anything. A great example of where this quick-yet-prudent approach worked was with QR codes; the first businesses who adopted this tech ended up with an application that didn’t work very well. Those who waited were able to purchase and use much more effective versions of the codes.
Develop an “Awareness” Strategy Around Technology
In order to keep up with the latest and greatest technology in your business, but in a way that won’t waste money or time, try adopting an “awareness” strategy, starting off by determining your company’s needs to see what new tech might be most useful. In the aforementioned 5G technology example, if you and your team use smartphones on the job all day long, purchasing 5G network phones as soon as possible makes a lot of sense.
Keep Tabs On Your Competitors
While you want to focus your energy on your own company, when it comes to staying relevant in a dematerialized world, it is important to note what your competition is up to. Visit their websites and brick and mortar stores and take note of any antiquated technology they are still using, as well as advanced devices that may give them an advantage. If you spot a lot of old equipment in your rival businesses, you may be able to stay ahead of the competition — at least for now. But if they have the latest and greatest tech bells and whistles, you may need to upgrade sooner rather than later.
It will be interesting to watch as dematerialization takes hold of technology even more, making it practically invisible. As a business owner, being aware of this phenomenon and having a set plan in place to keep up with these advancements is vital for your company to not only survive, but thrive.
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