Fintech

Perks of Being an Early Tech Adopter

What does it mean to be an early tech adopter? For many, it could mean keeping pace with the ever-advancing tech while for others, it could mean spearheading innovations in the tech industry to deliver the first product built by integrating an emerging technology. Whatever the case, it appears that warming up to tech early has its perks. Let us delve deeper into these advantages.

#1 Competitive Advantage

It is an undisputed fact that technology can be leveraged to significantly improve efficiency and management during tasks. For a business, the mistakes from poorly organised documents or the time spent in manually managing tasks that can be automated, often add up to be a high cost. Saving time and costs by adopting the right technology can, therefore, offer businesses a competitive advantage over their peers. 

In most cases, individuals can also reap similar benefits by using automated bill payments, organising digital documents, using workflow management tools, etc.

Innovation Adoption Curve

Source: Illustration is part of www.management30.com  | Image License: CC by 2.0 [Need attribution to share]

#2 Better Relations with Tech Companies

For businesses, early adoption of new technologies often helps them forge lasting partnerships with other tech brands by creating a niche for offering their services. For example, Microsoft and VMware announced that they would partner on a new device management strategy called Project A2 in an interesting pairing between rivals.

For individuals, better relations with tech companies could mean better long-term experiences, such as upgrades. Early Apple tech adopters have had the chance to upgrade to a newer iPhone right at launch using the iPhone Upgrade Program, which also bundles AppleCare+ extended warranty.

#3 Potential to Influence the Market

In the age of social media influencers and tech reviewers, there are several ways that tech-savvy customers can potentially influence the market. Companies manage to get considerable feedback from customers through surveys and reviews. Tech enthusiasts also get beta testing opportunities, by participating in Google Play beta testing, for example. Sometimes, users also get rewards for reviewing products, as on Google Opinion Rewards. The feedback obtained is often immensely valuable for companies because early tech adopters constitute the first official demand for the product.

#4 Better Access to Resources

Tech revolutions have made it possible to have a plethora of resources available online. A world of opportunities awaits anyone willing to delve into the tech domain. For a tech-savvy user, access to all kinds of resources is far easier – for instance, online courses help to establish crucial industry skills and develop tech projects using new and emerging technologies. 

The skills and portfolio that are built enable individuals to connect with industry experts, participate in conferences and innovate to create products of their own. The benefits are not just limited to individuals, but businesses too can leverage these opportunities to cut down costs and enhance their products. 

What are the Risks?

Much like any other niche concept, being an early tech adopter comes with its set of risks. Often, the cost of investing in early tech products is high, and there is uncertainty regarding the future returns or utility of a newly launched product or even perfect functionality. But trailblazers in the field, such as leading businesses that were quick to adopt emerging technologies and even individuals who built expertise around tech products, have proven that often, the risk can be worth it. While adaptation is survival, early adaptation is innovation.

Write A Comment

Your email address will not be published. Required fields are marked *

%d bloggers like this: