HOW CAN THE FIRMS COPE UP WITH CHANGING TECHNOLOGICAL ENVIRONMENT By Pankaj Kumar

HOW CAN THE FIRMS COPE UP WITH CHANGING TECHNOLOGICAL ENVIRONMENT

            The rate of change in technologies is at a rapid pace. With advanced technologies coming up like machine learning, artificial intelligence, big data, predictive analytics etc. business leaders are facing such systems. Managing technological changes is not easy and this issue increases further with the size of the organization.

Steps To Implement Technological Changes In Organizations:

1. Identifying current loopholes:

 The first thing you need to do is identify what exactly is not working in your organization. Then you check why it is not working, whether it is because of lack of talent, less resource allocation, obsolete technology etc.  If it is the third then you found your target.

2. Select the right technologies:

 Select the technology which is relevant to your business, has worked for your competitors(if they used it), and is easy for your employees to catch on.

3. Involve your employees:

·         They will be more open to the idea of a new IT system.

·         They will be able to provide insights on what will work for them and what won’t.

·         Employees will be more open to providing inputs from their end

·         This will increase their feeling of self.

4. Early Acceptance:

The Work Of Implementing A New Technology Is More Like Marketing Than Sales. Like In Marketing You Start Igniting Demand And Position Your Brand Before The Arrival Of Actual Product The Same Is With Implementing New Technologies.

5. Personal Incentive:

 A Simple Career Growth In Terms Of Learning Will Not Entice Every Employee But A Straightforward Salary Incentive Will. Identify The Important Incentives Before Giving Anything Away.

6. Focus On Training

Many New Implementations Fail Because People Rush Through The Training. Improper And Income

7. Pilot Operation

Pilot Operation Is Basically Selecting A Small Segment Of A Company And Implement New Technology For That Section. This Minimizes Risk, Proves Credibility To Top Management And Helps In Onboarding Other Sections On Successful Demonstration.

8. Expectation Vs. Reality

It Is Important To Research About Industry’s Average ROI And What You Might Expect Based On Your Resources.

Regards,

Pankaj Kumar