- Investing in a new technology too soon and not receiving a sufficient return on investment, or
- Investing in a new technology too late and giving competitors an advantage.
If you tend to be late to adopt new tech, here are some ways to tell when to make the switch:
- Stay customer-centric: Listen to your audience. What are their needs and expectations?
- Seek inspiration: Look to other firms that offer similar value propositions or business models. Which technologies are they adopting? What are the outcomes of these decisions?
- Accept the learning curve: Even when we know what to do, it can be hard to finally decide to act. Being decisive and committing to see a change through builds confidence and encourages stakeholders trust.