What Keeps Me Up at Night (And What I Can Do About It) Part 3

Issue #4 – The Rapid Pace of Technology Change

The fourth issue that keeps me up at night is the rapid pace of technology change. For example:

o New social media services appear and sometimes disappear or fall out of favor in a matter of months.
o New online services become available that didn’t exist before.
o The power of computers double every 18 months (Moore’s Law).
o Storage gets cheaper but data becomes more difficult to analyze.
o Mobile applications, hardware, and services are evolving at a frightening pace.

Since businesses are directly dependent on the technology used to create products and deliver services, technological change is both our best friend and our most bitter rival. Staying on top of this relentless wave is a full-time job. It is also enough to make you throw in the towel and head to the beach. But you have to be able to deal with it. That is because your company’s very existence is made possible by this rapidly evolving technology, so you can’t exactly spit in its face or refuse to keep informed. For example:

o The website for many retailers is pretty much your entire business. It’s your base of operations.
o Much (if not most) of your marketing (e.g., search marketing, social media marketing) and communications is done online (e.g., VOIP, Skype).
o If you sell information, you’re creating information products using desktop and/or online software.
o Your customer portals provide a constellation of online services to operate your business: payment processing, invoicing, service scheduling, document recovery, etc.

The challenge of addressing this pace of change is not all you have to be concerned with. There is also incredible pressure on technology leaders to be knowledgeable and innovative. And there is a great impatience in the user community when the continuum of innovation slows.

How do I stay on top it all without going crazy? How do I decide what to do and not do? First, I use technology sites that keep track of hardware, software, and what people are doing with hardware and software. Pick a couple of sites (e.g., TechCrunch, Gizmodo) and use them to help you keep track of technology changes.

Second, establish a set of “filters” or criteria to utilize in evaluating technology change.

o Does this matter to me right now? If not, how soon will it matter? If it matters now, I learn more. If it won’t matter until later, I may only make a mental note of it and let it go.
o Is the innovation being used? I look to see if the technology being trumpeted is actually being utilized in the real world to deliver products or services. Software companies are notorious for trying to sell software products that few embrace and few adapt.
o Does this make communication between people easier? If so, it’s probably a winner. If not, it’s going to eventually fade away in this social networking-crazy world.
o What is being disrupted, if anything? When an entire industry is threatened (e.g., newspapers, record companies, television stations) you need to pay attention. Why? Because not only will your own life change as a result, but depending on your business, your business may be impacted.
o Who is profiting from this, and how? Follow the money trail. For example, the advance of big box stores (disruption) appears to be killing off mom-and-pop stores everywhere, until you start looking at small shops that are responding in creative ways and thriving. There are probably lessons for you in what those business owners are doing.

Third, recognize that the rapid pace of technology change creates not only chaos but opportunity. As human beings, we’re wired to desire status quo and we dislike rapid changes. However, we’re also wired to look out for ways to survive and advance. Survival and advancement are now tied to technology advancements. Don’t fear or struggle with technological change. Look for opportunities to take advantage of the chaos brought on by the rapid pace of technological change.

Fourth, remember what doesn’t change. Even though it may feel like the ground is unsteady beneath your feet, there is much that will never change and you’d do well to remember:

o There will always be rich and poor.
o People will always want to improve their lot.
o There will always be a shortage of talented resources.
o There will always be those ready to invest in a successful idea.
o Opportunity will come to those prepared to receive it.