In today’s fast-paced business landscape, startups find it increasingly challenging to keep up with the competition. One way to gain a competitive edge is by leveraging emerging technology to scale. Emerging technology refers to innovative technologies that are currently in the early stages of development or have just been introduced to the market.
According to a report by Accenture, businesses that adopt emerging technologies can increase their revenue by 14.4% and their employment by 6.5% by 2030. The report also estimates that the combined economic impact of these technologies will be $14 trillion by 2030. This presents a significant opportunity for startups to leverage emerging technology to scale their businesses and gain a competitive advantage.
Here are some tips and best practices to research and start leveraging emerging technology to scale:
1. Identify emerging technologies relevant to your business
Before you can leverage emerging technology, you need to identify the technologies relevant to your business. Some of the emerging technologies that are currently disrupting industries include artificial intelligence (AI), blockchain, the Internet of Things (IoT), augmented reality (AR), virtual reality (VR), and robotics.
2. Research the potential impact of emerging technology on your industry
Once you have identified the emerging technologies that are relevant to your business, you need to research their potential impact on your industry. For example, if you are in the healthcare industry, you may want to research the potential impact of AI on healthcare, such as its ability to improve diagnostics and personalized treatment.
3. Evaluate potential risks and challenges
While emerging technology presents significant opportunities, it also comes with potential risks and challenges. For example, implementing AI may require significant investment and expertise, and there may be ethical considerations to consider. Therefore, it is essential to evaluate the potential risks and challenges associated with implementing emerging technology.
4. Develop a strategy to implement emerging technology
Once you have identified the relevant technologies, researched their potential impact, and evaluated the potential risks and challenges, you need to develop a strategy for implementing emerging technology. This should include a roadmap for implementation, a budget, and a plan for acquiring the necessary expertise.
5. Work with an experienced consultant
Emerging technologies hold the answers to fundamental challenges and ambitious objectives. Implementing emerging technology can be a complex process, requiring significant expertise and resources. A consultant can help companies find the right innovative solutions to support every part of their business.
Emerging technologies startups should consider
Here are some emerging technologies that startups can leverage to scale their businesses:
Artificial Intelligence (AI)
AI is an emerging technology that has the potential to revolutionize many industries, including healthcare, finance, and retail. By implementing AI, startups can automate processes, improve decision-making, and personalize customer experiences. According to a report by PwC, AI is expected to contribute $15.7 trillion to the global economy by 2030. Therefore, startups that implement AI are likely to gain a significant competitive advantage.
Blockchain is a distributed ledger technology that provides a secure and transparent way of recording transactions. By implementing blockchain, startups can improve security, increase transparency, and reduce transaction costs. According to a report by MarketsandMarkets, the blockchain market is expected to generate $94 billion in revenue by 2027. Therefore, startups that implement blockchain are likely to gain a significant competitive advantage.
Internet of Things (IoT)
IoT refers to the interconnected network of devices that can communicate with each other and with the internet. By implementing IoT, startups can improve efficiency, reduce costs, and enhance customer experiences.
According to Mckinsey & CO, “The Internet of Things (IoT), the convergence of the digital and physical worlds, has emerged as one of the fundamental trends underlying the digital transformation of business and the economy. From the fitness trackers we wear to the smart thermostats we use in our homes to the fleet-management solutions that tell us when our packages will arrive to the sensors that promote increased energy efficiency or monitor natural disasters resulting from climate change, the IoT is now embedded in the lives of consumers and the operations of enterprises and governments.”
Augmented Reality (AR) and Virtual Reality (VR)
AR and VR are emerging technologies that have the potential to revolutionize the way we interact with technology. By implementing AR and VR, startups can enhance customer experiences, improve training and education, and create new revenue streams. According to a report by MarketsandMarkets, the AR and VR market had a projected market size of $37 billion in 2022 and is expected to reach $114.5 billion by 2027. Therefore, startups implementing AR and VR will likely gain a significant competitive advantage.
Robotics and Automation
From delivering faster customer service to higher quality products and efficient operations, robotics and automation can provide enormous value for companies that adopt them at scale. Robotics is an emerging technology that has the potential to transform many industries, including manufacturing, healthcare, and logistics.
“Robotics is a fast-emerging, multi-disciplinary field covering almost all engineering and scientific areas. It is broadly classified as industrial robotics, and service robotics, and used in applications such as home care, medical assistance, lawn care, home assistance, entertainment, industrial automation, etc. A wide range of single-function task robots are available in the market today, with increased acceptability among users for personal use,” according to MarketsandMarkets reports. By implementing robotics, startups can improve efficiency, reduce costs, and enhance customer experiences.
In summary, emerging technology presents significant opportunities for startups to scale their businesses and gain a competitive advantage. To leverage emerging technology, startups need to identify the relevant technologies, research their potential impact, evaluate the potential risks and challenges, develop a strategy for implementation, and work with an experienced consultant.
Some of the emerging technologies that startups can leverage to scale their businesses include AI, blockchain, IoT, AR and VR, and robotics. By implementing these technologies, startups can improve efficiency, reduce costs, enhance customer experiences, and create new revenue streams.
Action points for startups looking to leverage emerging technology to scale:
- Identify the emerging technologies that are relevant to your business.
- Research the potential impact of emerging technology on your industry.
- Evaluate the potential risks and challenges associated with implementing emerging technology.
- Develop a strategy for implementing emerging technology, including a roadmap for implementation, a budget, and a plan for acquiring the necessary expertise.
- Work with an experienced consultant to navigate the process and ensure that you are implementing the technology in a way that aligns with your business goals.
By following these action points and leveraging emerging technology, startups can scale their businesses and gain a competitive advantage in today’s fast-paced business landscape.
As a multi-award-winning business consultant, Katrina Young is a strategic business venture consultant, online innovation and technology enabler, sales funnel architect, and digital transformation and marketing specialist. She is named one of the top 40 Digital UK Women to watch in 2020 and has been featured in Forbes, Psychologies Magazine, and The Times. Her expertise lies in demystifying technology, innovation, and R&D research at the intersection of marketing, and she supports global clients by training and coaching agencies, corporations, and business owners with her framework process.
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