5 ways to spot emerging tech for your business
Every business is looking for ways to cut costs and improve the quality of its product—and many new technologies promise to do just.
Yet it can nevertheless be difficult to tell exactly which tools are right for your company.
Here are five essential things to consider as you look into emerging technologies for your business.
1. Break out bottlenecks
To make the job of spotting tech that will affect your industry easier, begin by finding the bottlenecks in your field.
An example: The internet allowed small local businesses to reach a global audience. The bottleneck for these companies was their physical store. They could only sell to people who were able to make it into their shop. The lesson? Identify factors that limit your audience as well as any issues with the production of your product.
Once you have your bottlenecks identified, it is time to think like an inventor. For example, if the longest part of your production process is cutting, imagine potential ways to either cut faster or eliminate the cutting altogether. This can help to identify the technologies that are most likely to impact your industry.
2. Identify related industries
The second step in spotting emerging technology for your field is to keep an eye on related industries. Two companies can make very different products. But if they use the same manufacturing process, innovation in one industry could be adopted by the other.
The best way to spot this new technology is to do a bit of research on companies that are in different fields but have similar processes to your own. Make a list of some of the industry leaders and keep an eye on them. This can give you an early warning of disruptive technology before it hits your sector.
3. Find industry leaders
The third step in the process is to look at what the industry leaders in your field are investing in. Oftentimes, large companies will publicize investments in new technology. Of course, this does not necessarily mean you should rush out and make a similar investment, but it should put that technology on your radar.
Such knowledge can also help you prepare your business to better compete if a larger company implements a new technology before you are able to integrate it into your business.
4. Go to trade shows
Attending trade shows can, first and foremost, help you learn what your competition is doing. There is, however, another important benefit: Oftentimes, the inventors or retailers of new tech will have done your research for you, identifying the industries that could most benefit from their tech and attending events catering to those businesses.
This gives you the chance to speak directly with experts in interesting technology. You may also get to see a demonstration and ask any questions of the inventors.
5. Find your news sources
Inventors often call journalists first when they create groundbreaking technology. Find the media outlets that cover the areas you are most interested in and make a point of reviewing them regularly. If you see a story about some interesting tech, a news article will include all the info you should need to find the inventor or seller.
Follow these five steps you should be able to spot emerging technology early. Then you just need to decide whether you are ready to integrate it into your business.
Fund your future
Need a bit of a funding assist to get the working capital necessary to evolve your clinic? A small business loan or business line of credit can help make your vision for tomorrow a reality today. Idea Financial, for example, offers up to $250,000 in working capital with a quick, hassle-free application and same day approval.
If you’d like to continue exploring our ever-expanding library of articles on small business hacks, tips, and optimization stop by our Business Resource Center main page.