With all new technologies, there is the potential to drive business development or trim cost before the competition can do the same. But as technology becomes more complicated and possibilities more endless than ever before, the tech trends of today are not always relevant or visible to the average consumer. As new use cases arrive and prove themselves, the ordinary Joe might not even be aware of the technological revolution that has made their solution possible.
Investing in these new technologies in the wrong way might result in severe reputational damage. An interaction of a user with a digital product is an interaction with the company brand directly. By not getting it right, trying to be an early tech adopter can backfire tremendously as the brand reputation is especially built by the early adopter type consumer. The verdict of the early adopters can have a massive impact in the growth potential in the follower groups.
As new technology trends are increasingly complex in nature, with more users, more data and more connections, the risk of cyber-attacks and hacking increases. Especially in cryptocurrencies, the financial benefits of these hacks can run into hundreds of millions quickly.
On March 29, the gaming-focused Rohin-network revealed that $625 million in Ethereum was stolen, in one of the biggest crypto heists to date. Hackers used vulnerabilities in the technology to gain control of the mechanism that validates transactions. In basic terms, robbing the bank while the security personnel are tricked into working along with the criminals.
Organisations therefore need to have an exceptionally good ability to understand the possibilities that these new technologies entail, to define relevant use cases, and to design and develop high value add customer experiences and secure solutions.
Whether you are creating new digital applications, platforms, or a combination of hardware and software, there are many benefits of introducing new digital products or technologies such as augmented and virtual reality to build a unique brand experience. From new streams of revenue to increased customer lifetime value, customer acquisition, retention and loyalty, and brand reputation and gravity. Wondering how to get started?
Ready to learn what new technologies can help you open up new revenue streams? Let’s get started.