Why Some Businesses are Slow to Adopt New Digital Technologies?
When it comes to businesses adopting the latest technologies and digital transformation, there are very few companies that don’t have some kind of plan in place, no matter how small they are. However, there are some for whom the barriers to adoption provide serious issues that initiative either fall short of expectation or fail outright – often result in stopping the entire project or reverting the solution they were using before.
To have an overview of how companies adopt more complex but equally important technologies, let’s look at the stats.
- In 2020, 27% of businesses considered their work environment to be data-driven.
- 87% of businesses were classified as having low analytics and business intelligence maturity.
- 54% of enterprises say cloud BI is either critical or very important to their ongoing and future initiatives.
- 73% of businesses cite big data management as a challenge for their operations.
- 70% of business leaders agree that analytics has moderately changed their respective industries.
Here are a few common reasons that are making businesses slow towards technology adoption.
Technology costs too much
Many businesses, especially small companies, don’t like to spend much money on something they don’t know about or haven’t experienced before. It is even considered that management software can cost a bit of money to insurance companies.
Hard to integrate
The new technologies are supposed to be as hard to implement within their own existing system. The problem could either lie with the compatibility to the system itself, or the employees resist adopting the new system – it could be both.
It needs to be researched
One of the reasons that separate digital technologies from the rest of the usual investments are the learning curve that it presents. Businesses need to spend time and effort learning the new technologies that can benefit them beyond their expectations.
Not seen as necessary
In small to medium enterprises, it is a common sentiment that they perceive themselves as too small to adopt new or big technologies. They also believe that it would complicate their already simple business model.
But, adopting digital technology is pretty much like any other change that you would make for better efficiency and business improvement. It just changes the way people work. Digital transformation can bring a number of benefits for businesses and can be seen by thousands of client initiatives. These are the benefits that are essential in today’s environment and must be realized by all businesses.
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