Usage, Application and Selection of Technology for Your Business

It’s a crucial decision to select the technology for any business. One of the major reasons behind this is technology is becoming obsolete very fast. So, there are chances that the money which you are going to invest in the current technology today, may be a waste after a year or so. Moreover, only selecting the right technology for your business is not sufficient, but proper usage of that technology is also of utmost importance. Otherwise that technology will be only on paper and not in practice.
Afterall whatever technology you will choose; it should be capable enough in problem solving or performing specific function which should lead to increase the effectiveness and efficiency of your overall business. As an entrepreneur, one must know how to go from pain to gain with the proper selection and usage of technology for the business.
Here, it may be possible that some organisations are Initiators and some are Followers in the same industry. It means that there will be a particular organisation which will be the first to implement that particular technology depending on its requirements, urgency and funds.
e.g. Cloud Computing
On the other hand, other organisations will wait and watch for the results of that technology from the organisation which is using that technology. Based on the results, they will decide whether to go for that technology or not.
Scope of using internet-based technology for business:

As per the following diagram, we can see the huge number of internet users world-wide which shows there is a lot of potential for using internet-based technology such as Artificial Intelligence, Machine Learning, IoT – Internet of Things, Cloud Computing, Web Sites, Different Apps, Online Payment, Social Media Marketing, etc which will definitely help in boosting the business and take the competitive advantage over others.