Which of these is a challenge of sustaining technology in a world full of perpetual change?
The answer depends on who you ask. Most folks will tell you that the current technologies being used today are too expensive to be able to keep up with and are becoming obsolete too quickly to be of any benefit to consumers. Some even suggest that there is no point investing in new technology. So which of these is a challenge of sustaining technology, and why is this so?
Let’s start by looking at the first challenge of sustaining innovation. The customer online requires easy access to quickly changing content, and this is increasingly becoming difficult to achieve given the speed at which we humans can process information these days. This means that the barriers to entry for new markets are getting higher, making it harder for smaller companies to get their products to market. On the other hand, the Internet has made global communications fast, cheap and easy. Thus, businesses no longer need to rely on large carriers for shipping and distributing their products.
The second challenge of sustaining technology is social media, specifically the problem of spam. Spam, or unsolicited email messages, was a big problem for email message distribution a few years back. The rise of social media however, has made it easier for companies to reach their target audiences and do so cheaply than ever before. Furthermore, new technology like digital dashboards makes it possible for companies to see their user populations in real time and adapt their offerings accordingly. Hence, if a company takes social media into consideration, it will be easier to provide value to its users and eventually maintain their patronage.
Challenge Of Sustaining Innovation
Let’s look at the third challenge of sustaining innovation, that is, cost effective solutions to problems. Technological change is extremely flexible, both in scope and in definition. It is practically impossible to predict what new products will emerge from a given technological niche. This renders the task of product forecasting difficult, especially in highly dynamic industries like the information technology, pharmaceutical, and defense sectors. Hence, companies need to find inventive and extremely flexible ways to beat their competition. However, this does not mean that they should abandon their core values and violate the norms of intellectual property rights.
The fourth challenge of sustaining innovation is a related one, which is more directly connected to the first two issues. Productive innovations require research and development budgets that can sufficiently meet the needs of consumers and remain competitive. In fact, new and disruptive technologies will continue to challenge the established order for decades to come. To resist the challenge of disruptive technology, organizations that cannot adapt to the new demands placed on them for surviving in the information age are doomed to fail.
The fifth challenge of sustaining innovation is a very simple one, yet it represents a significant barrier to organizations that desire to stay ahead of the curves. All successful businesses must develop an organizational culture that is open, flexible, and willing to take risks. Any business that wishes to stay afloat during the long haul must become as agile and innovative as possible. To do so, all companies need to carefully consider which of the following is a challenge of sustaining technology: