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How Businesses Can Keep Up with Fast Paced Technological Advancements

Updated: Dec 26, 2023

The Threat Facing Companies Today

Have you realized that lately, companies don’t stay on the Fortune 500 list long as they used to several decades ago? A recent study shows that companies that were on the list in 1958 remained on average 61 years.

Nowadays, a company remains on the list for an average period of 18 years. Worse still, another study suggests more than 50% of Fortune 500 companies won’t exist past the next ten years. Although there are various reasons behind the reduced lifespans of these businesses, rapid pace of technological change is the major contributing factor.

Responding to a survey done in 2015, 72% of all Fortune 500 CEOs said that the rapid pace of technological change was the greatest challenge facing their companies. A recent survey questioning CEMS Masters graduates also identified the rapid rate of technological and digital advance as the biggest challenge facing global business leaders. This was according to 68% of the respondents.

In as much as technology has played a significant role in the improvement of efficiency and agility in different aspects of businesses, we can’t bury our heads in the sand and assume all is well. The statistics are proof that it can be a threat to many businesses if they don’t have sturdy boats to move with the strong tide.

Steps You Have To Take

To compete and win alongside the fast-changing technology, companies have to increase their focus on technological innovations that can help them stay ahead of the competition.

First, a company should define an IT strategy that assesses its technological needs and the available resources and come up with ways to stay on top of the needs. Considering the changing customers’ needs and rapid technological changes, it’s important for a company to review its IT strategies regularly to avoid costly surprises.

If you are management or executive leader in a company, ensure that you aren’t reactive to the latest technology trends. Have an IT team that’s able to analyze any upcoming technology before its release, especially if it’s likely to affect your industry. The analysis should also establish if technology can be incorporated in your IT strategy.

Besides protecting their core, businesses that want to stand the test of time should also have partners and teams that can help them with technological solutions for their current and foreseen operational challenges. With the right innovation partners, a company will stay well informed about its competition and deal with it proactively.

Additionally, it is advisable for company leadership to encourage innovation within their workforce and nurture talents that are in line with their corporate vision. If you are a leader, give your team some flexibility instead of micromanaging them. This could help them become more innovative. In case you feel that you don’t have the right employees, do what is necessary and get the right staff for every position.

Technological changes are inevitable. Be ready and embrace it to stay on top in this fast pace ever changing world.

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