Technology is changing at a very rapid pace so it is easy for companies to feel that new technology may become outdated in a few years’ time.
Using a new technology must provide some sort of beneficial results to the company in order to be worth the time, effort, and investment. Sunil gives the example that with 5G, a company can transmit data at exponential speed relative to 4G, which can create lots of possibilities. But how can this company monetize and benefit from these possibilities? This is the key question many companies fail to answer.
If a company determines how to benefit from a new technology, they may find that the new technology doesn’t fit their existing business model and need to do major changes to truly leverage the new technology.
Being the first company to adopt a new technology may provide a first-mover advantage to the company, but it may also pose a disadvantage if competitors learn from mistakes made incorporating and implementing this new technology.