Emerging Technologies and Their Adoption

Emerging Technology

Emerging technology incorporate innovations capable of changing modern methods of production in the near future; between 5 to 10 years. Some of the factors attributed to the increased development of these machines include improving the means of production, increased competitiveness and increased involvement of stakeholder in the operations of the organization. Notably, firms adopt the use of these machines to not only improve their competitiveness but also enhance productivity. Their incorporation in the organizational process has benefits like reducing the cost of production, improving efficiency and enables understanding of consumers’ needs. There also exists disruptive technologies that may comprise either new or modified technologies that can disrupt or render others obsolete. Its examples include email, windows operating system, laptops and mobile phones. However, more modifications are still expected in this sector over the next ten year with unique ones like the internet of things already taking shape in different parts of the world. Methods that can be used in evaluating both technologies include technical fluency, assessment of user needs and experimentation.

Adopting Emerging Technologies Strategies

The changing aspect of modern production methods and the need to enhance efficiency and precision in production, has prompted most business to adopt the use of advanced technology. Emerging technology can be defined as innovations that are capable of changing modern way of production and may include those technologies that are already developed or will be developed in the next five years (Rotolo et al., 2015). Some of these systems include artificial intelligence (AI), augmented reality (AR), Virtual reality (VR), 3D printing, drones, robots and block chain.

Drones include automated small aircraft that help in delivering specific good while block chain entails an umbrella of technologies that have the ability to learn from the environment. Moreover, augmented reality is machines that are designed to see and hear overlaid digital information (PWC, 2017). Virtual reality includes handsets and smartphones that have the ability to provide immerse their users in a computer-generated 3D environment. Through this, the product or building presented appear understandable and more real. Lastly, robots are modern machines developed with enhanced abilities in control, sensing and intelligence that be applied in automating some of the human activities (Glenn et al., 2014). All of the above innovations are essential in improving different aspects of human being and their ability to increase both personal and organizational productivities.

Factors Promoting the Advancement of Technologies

The advancement in technological innovation and adoption has drastically increased over the years particularly due to the changing methods of doing business. Many businesses consider these methods more effective and can aid in improving not only their productivity but also their control in the market (Singh, Khamba & Nanda, 2014). Especially, the fast development in technology is enhanced by elements such as increased innovation and creativity, growing level of competition among businesses, globalization, changing face of the global economy, and rising involvement of stakeholders.

Most organizations emphasize Innovation and creativity as a technique of being different and using better methods in achieving their goals. Once a viable idea that can improve the operative process of the firm is identified, the management fastens its implementation to enable them to gain a competitive advantage in the market (Halaweh, 2013). Additionally, the changing face of the global economy has increased the challenges facing various entities including limiting access to resources, increasing the cost of production and promoting high competition. As such, firms see the need to be different and thus employing alternative methods. This enhances faster adoption of new technologies that are faster and effective to the business. Lastly, globalization and the need to expand international participation has also prompted the advancement. Many firms consider exploring new markets that can boost their total earning and overall control in the market.

SWOT Analysis

Emerging technologies have different effects on both organizations and individuals. For instance, it requires them to abandon the old methods of production and fully embrace the modern techniques. To fully evaluate the advantages and disadvantages of this increasing trend, it is vital to apply the SWOT analysis that helps in identifying strengths, weaknesses, opportunities and threats.

Strengths

Emerging technologies are essential in reducing the cost of production. Typically, these innovative methods improve some of the aspects used by traditional approaches thus reducing total expenses incurred. Additionally, they also help in increasing efficiency and productivity by introducing enhanced business processes that in turn help in not only meeting customers’ needs but also growing their competitiveness in the industry.

Weakness

Most emerging technologies are generally expensive and require extensive planning to ensure proper installation. Moreover, they increase the total operating cost in the short run due to the initial acquisition and maintenance costs. Furthermore, they are subject to updating and would require the employment of skilled personnel that can train other members of the firm on how to use it. They are also subject to errors that might limit the ability of an organization to achieve its objectives.

Opportunities

New technologies such as VR aid in identifying new markets and the production of quality products. They also help in effective utilization of resources thus aiding in increasing the income of an organization.

Threats

Although they are efficient, emerging technology can also be manipulated by third parties including hackers. Most businesses computerize most of their operations, but with the increasing cases of hacking and cyber insecurity, this innovation may also face the same threats. Further, they are considered short-term investment and can be replaced by new technologies in future with limited skilled personnel that have the ability to operate them. The adoption of such innovations is also subject to government regulations due to their effect on the public. For instance, many states have limited the use of robots in manufacturing and processing companies as they might increase the rate of unemployment.

Forecast Analysis

Historically, emerging technology has in the past in elevating not only the methods of production but also changing the approach to solving complex public concerns. For instance, the introduction of drones in supplying medical materials has helped in improving the working of health professionals and also cutting on the cost incurred in transportation. However, it is difficult to predict the growth of emerging technologies; particularly it depends on the perception of experts.

Modern technological growth highly depends on the access to more information and understanding the needs of the public. Many people consider information as the foundation of power and revolve their innovations around this aspect. However, with the increasing challenges facing these institutions, it is expected that future emerging technologies may concentrate on issues such as a significant reduction of costs, enhancement of activities and growth their competitiveness (Quinn, 2014). On the other hand, both internal needs and external the environment of business must be considered in this development.

Over the last decade, many tablet devices like iPad were developed; a move that helped in transforming the telecommunication and entertainment sectors. However, with more concerns about the effects of global warming that adversely shake the stability of the business, are likely to be considered. Technologies such as those that can improve food production and health are likely to be developed. Other future aspects that emerging technologies may concentrate on include online shopping, development of more robots and methods of producing an alternative source of energy.

Disruptive Technologies

Disruptive technology comprises an entirely new or modified technology that may disrupt or replaces the existing ones by rendering them obsolete. In most cases, they are designed to succeed an already existing technology and may create a new industry upon implementation. Some of the good examples of such innovations include Windows operating systems, email, cell phones, laptop and mobile computing, cloud computing, personal computers and social networking.

The Windows Operating Systems is both a user-friendly and affordable and was a product enhanced by the development of personal computers and the displacement of televisions. The use of emails helped in transforming communication by reducing the cost and time taken to communicate. It played a large part in displacing the use of postal cards and letter writing. Lastly, the use of social networking sites is one of the most substantial disruptive technologies in the world and had a significant impact on the way people communicate. Furthermore, it interfered the use of other developments including event planning, email and telephone.

Bad Technology

Bad technology entails innovations that were originally designed to help in solving particular problems facing the public but in turn turned out to have negative consequences on humanity. They limit overall development, pose international insecurity or enhance environmental pollution. Some of these developments include gas chambers, nuclear plants, electric chair, weaponized pathogens and gunpowder.

For instance, the technology developed to help in enhancing nuclear fusion was initially aimed at providing power that could be used as an alternative to hydro projects. However, many countries including Iran and North Korea have over the last decade intensified weapon production using the same technique that poses a great threat to human survival.

Predicting Future Technologies or Products

Technology is a very uncertain aspect of society and it might be challenging to predict innovations that might developed over the coming years. Currently, human beings are experiencing various problems, particularly on environmental and social aspects. Some futurists, however, stipulate that future technologies may concentrate on increasing knowledge rather than solving problems. Some of the expected future products and technologies include space tourism, self-driving cars, extensive use of nanobots to improve knowledge, cognitive machines and the Internet of Things. (IoT).

The Internet of Things is the network of different objects including home appliances, vehicles and machines that utilize APIs and sensors that enable online exchange of information. Scientists expect that many consumers will start using such devices in conducting their daily activities by 2020. By the same year, most of the vehicles manufactured will utilize self-driving mode. However, mans continued interest in the universe is expected to result in space tourism by 2050 but only for a certain class in the society. Most of these people that will benefit from this technology will be the rich that can afford to pay huge sums to go to space.

Think Tanks and Trend Agencies

Think tanks contemplate on the interconnections between the past and present to develop suitable solutions that might help in solving future problems. To enhance this aspect, futurists consider the ideas of relevant individuals including innovators, geniuses and investors that provide evidence information on the current trends and networks between people to develop a substantive explanation on future happenings.

The main objective of think tanks is to form a group of highly skilled, creative and self-driven persons that may bring ideas that can shape or determine what the future entails. They concentrate on different areas including technology, health care, human resources and diplomatic efforts that can enhance change. On the other hand, trend agencies incorporate institutions that analyze current and present patterns to visualize what the future entails. Moreover, they are composed of experts with abilities to understand and develop viable solutions that can be used to solve specific aspects of society.

Flexible Approach to Forecasting Changes

Forecasting changes in technology is primarily concerned with the evaluation of new trends in technology, modern elements that could arise from the interplay of different factors including scientific discoveries, national policies and public concerns. It is difficult to understand the change process, especially from a technological perspective. Approaches like normative and exploratory have in the past used as techniques of forecasting change.

The exploratory technique utilizes aspects such as economic and historical performance, time and technical parameters to analyze change. A flexible approach to forecasting change, however, should consider the existing opportunities and how identifiable problems may affect these problems. Allowing people to express their needs may also present a different approach to achieving flexibility as it will aid in designing proper designs and techniques appropriate for change.

Evaluation Methodologies of Emerging and Disruptive Technologies

Evaluating emerging technologies in the modern market is highly unpredictable as it requires producers to reposition themselves. Innovations such as nanotechnology and genomics may merge to give a more reputable performance. However, to accurately assess them, one has to examine its benefits over the disadvantages it brings to the economy. For instance, the use of drones should determine its long-term viability over short-term costs (Akoka & Comyn-Wattiau, 2017). Other relevant methods of gauging emerging and disruptive technologies include technical fluency, experimentation and assessing user needs.

Experimentation is further classified into three groups including vendor, technology and business driven approaches. All these categories assess the effects of both technologies to the various sectors. Technical fluency entails the factors that make it more superior to the other technologies developed in the past. Lastly, assessing user need involves the benefits it has to an individual, business or society.

Big Data and Visualization

Big data and visualization entail the presentation of different types of data in a graphical format that can be understood and interpreted easily. This technique aids corporations to evaluate and make clear decisions based on the information obtained. It is also essential in reviewing vast amounts of company information, spotting emerging trends and to identify unexpected relationships (Wang, Wang & Alexander, 2015). Big data and visualization utilize the principle of a human brain through understanding visual information and recognizing the patterns to enable identification of any trends. Some of the visual elements used in showing the information include histograms and pie charts.

People and Company Agility

Business agility entails the effectiveness of the company to smoothly adapt to both internal and external organizational changes, be flexible to customers’ demands, respond effectively to change, continue their competitive advantage and to implement cost-reducing measures. People agility, on the other hand, entails the ability to relate and understand other individuals and situations to improve overall performance (Meyer, 2016). A person must learn how to connect with others through distinct aspects including mentally and physically despite the existing differences As such agility primarily entails the ability to incorporate new elements, learn quickly and to utilize the available information to enhance success.

Resistance and Risk Impact on Change

Resistance and risk to change entail the inability to accept any alterations implemented in an organization. Notably, this may result from unclear reasons provided, fear of the unknown, lack of or low trust, poor communication and change of routine. This aspect has different impacts including developing conflict, reduced productivity, and poor communication among workers in the institution. Technology generally depicts low resistance but has high-risk impact on change. Some of the risks entail introducing new methods of production that reduces the firm’s effectiveness, reducing productivity and limited competition in the case of obsolete technology. These aspects may have a negative impact on change.

Knowledge and Information Research

Emerging technology primarily concentrates on using information to create knowledge and to provide alternative methods of solving a particular problem. Notably, the two aspects focus on assisting both individuals and organizations to develop the best minds and make discoveries that may help in enhancing growth. The two elements are essential in linking current and future uncertainties to enable the development of desirable innovations. For instance, artificial intelligence (AI) that learns from the environment and then performs various actions based on the information acquired are perfect examples of how emerging technology utilizes research and data to enhance performance. Moreover, through the use of such software, developed machines can respond to different signals.

Defining Target Market to Improve Strategic Planning

Identifying a target market for a product or emerging technology developed requires a proper evaluation of different aspects as well as proper planning. Any product introduced to the market must concentrate on solving a particular issue affecting either the community or an organization. As such, there are six steps one must consider in identifying the target market. These include identification of the problem, assessing the customer base, research on the existing competition, deciding on the demographics to target, understanding their interests, and evaluating the entire process.

Developing new technology also requires an evaluation of available resources including capital and relevant human skills. As such, after identifying the target customer, one needs to examine their capacity to develop quality technology that can have a positive impact on society. A good target market must be easily accessible, measurable and responsive to the market to enable them to respond to any type of change that improves their overall condition. After getting these basic concepts, an individual can employ an excellent strategic plan that can enable survival in the industry and enhanced competitive levels.

Biases

Bias is an important consideration in interpreting research information and understanding the current risk. Failure to consider it in examining any variable may limit the reliability and validity of the information acquired. Most businesses fail to consider this factor in their research process due to factors such as unique market conditions, short duration of research, and low budget.

There are types of bias that an individual needs to consider in conducting effective research, particularly in identifying a target market. Some of them include confirmation, culture, the halo effect, irrational escalation, knowledge bias and cognitive framing. To avoid such errors when conducting any form of research, an individual or organization must verify data with more than one data source, assess alternative explanations and review the findings.

References

Akoka, J., & Comyn-Wattiau, I. (2017). A Method for Emerging Technology Evaluation. Application to Blockchain and Smart Data Discovery. In Conceptual Modeling Perspectives. Springer, Cham.

Glenn, J. C., Gordon, T. J., & Florescu, E. (2014). State of the future. Washington, DC: The Millennium Project.

Halaweh, M. (2013). Emerging technology: What is it. Journal of technology management & innovation, 8(3).

Meyer, P. (2016). Agility Shift: Creating Agile and Effective Leaders, Teams, and Organizations. Routledge.

PWC. (2017).How can boards tackle the Essential Eight and ... Retrieved November 19, 2018, from https://www.pwc.com.au/pdf/essential-emerging-technologies-corporate-boards.pdf

Quinn, J. B. (2014). Technological Forecasting. Retrieved November 19, 2018, from https://hbr.org/1967/03/technological-forecasting

Rotolo, D., Hicks, D., & Martin, B. R. (2015). What is an emerging technology?. Research Policy, 44(10).

Singh, D., Khamba, J. S., & Nanda, T. (2014). Factors Contributing Towards Technology Development in Small Firms. World Academy of Science, Engineering and Technology, International Journal of Mechanical, Industrial Science and Engineering, 8(1).

Wang, L., Wang, G., & Alexander, C. A. (2015). Big data and visualization: methods, challenges and technology progress. Digital Technologies, 1(1).