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How and Why Advanced Technologies Could Be a Risk for Your Business

April 28, 2023

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Advanced technologies have revolutionized how businesses operate and have brought about numerous opportunities for growth and development. However, in addition to their advantages, these technologies also come with certain risks that organizations must consider. This article will explore the adoption of advanced technologies among US consumers, and the benefits of these solutions alongside their challenges. 

The Pace of Emerging Technology Adoption Is Relatively Slow Among US Companies

According to a study conducted by the US Census Bureau, the pace of adoption is slow for advanced technologies among companies.

Despite increasingly widespread discussion of machine learning, robotics, automated vehicles, natural language processing, machine vision, voice recognition, and other advanced technologies, the study found that their adoption rates are relatively low. Furthermore, adoption is quite skewed, with the heaviest concentration among a small subset of older and larger firms.”, the paper explained. 

In addition, this report indicates that the highest rates of advanced technology adoption are in the financial personnel and marketing activities. These relatively high adoption rates in these categories are not surprising, as most firms rely on these functions regardless of sector. 

On the other hand, production and supply chain activities have the lowest adoption. These low rates are likely because these activities are focused on the manufacturing sector, which only makes up 4% of national firms. 

Why Businesses Should Leverage Advanced Technology

While US companies are slowly adapting to advanced technology solutions, these platforms offer many advantages. To start, companies can benefit from improved data security infrastructures, reduced costs, automated manual processes, reliability and scalability, and easy employee onboarding. Let’s explore these benefits and how they can help US businesses grow. 

Improve Data Security 

The average data breach can cost companies $4 million—organizations must implement advanced technology solutions for improved security infrastructures. As technology has advanced, so have the techniques used by cybercriminals to gain access to sensitive information and systems. Cybercriminals are constantly finding new ways to bypass security measures. Consequently, businesses must invest in high-level data security networks optimized for current cyberattacks. 

Reduce Costs

Advanced technologies are becoming increasingly affordable and accessible, particularly cloud-based solutions. For instance, Google Cloud allows companies to only pay for the resources they need. Many small businesses can now leverage the power of advanced solutions without excess expenditure. These organizations must research and compare options to find the best solutions for their budgets and needs. 

However, advanced technologies can also be expensive to implement and maintain. In addition, businesses must consider the costs associated with training employees to use these technologies and updating their systems as needed.

Automate Manual Processes

Automation has become a pivotal tool for optimized productivity—this technology can increase team productivity by 14.5% and reduce marketing costs by 12.2%. In addition, businesses can streamline their work processes and reduce manual labor for tedious tasks, such as data administration. Automation technology also complements data analytics—for instance, tools such as Whatagraph and DataRobot offer these services. 

While advanced technologies have the potential to automate many business processes and make tasks easier, they cannot achieve this for all business challenges and operations. Relying too heavily on these technologies can lead to complacency and a lack of critical thinking.

Reliability and Scalability

Through the use of technologies, including automation, artificial intelligence (AI), and machine learning (ML), advanced systems enable businesses to adjust and scale on demand. For instance, if organizations need increased data storage capacity, cloud platforms (such as Google Cloud) can accomplish this without disrupting the existing data infrastructure. 

In addition, AI and ML tools can provide actionable insights with minimal manual work—this includes producing weekly data reports, providing revenue forecasts, and highlighting market and competitor growth opportunities. 

Easy to Train Employees 

Most advanced technologies are user-friendly, making it easier to onboard employees. These platforms also provide resources, such as guides, videos, and tutorials, offering seamless migration for organizations. Many tools also provide dedicated account management for large businesses, which will help with employee onboarding on the platform. However, there are learning curves to consider for high-level technologies, which can lead to frustration and loss of productivity. 

Businesses must provide adequate training and support for their employees. They should also rely on training and support from their vendors or hire IT professionals to help them get up and running with new technologies.

In Closing

Ultimately, advanced technologies are an essential aspect of the modern business landscape. However, there are many advantages and risks that organizations must acknowledge and prepare for. While advanced technology improves data security and reduces costs, the initial installation fees are high, and the security infrastructures are complex. Similarly, as these solutions can automate manual processes, support scalability and reliability, and offer resources for seamless employee onboarding, there are many challenges businesses must first overcome.