4 Things that hinder technology disruption
Technology change is a good thing, but with each change, there is always fear and uncertainty that arise. Regardless of how good the disruption is, there will be resistance either internal or external to a company.
Here are the four things that can hinder disruption.
Cybersecurity can help spur technology growth but at the same time may act as a hindrance. Some companies prefer staying with the technology they believe is safe thereby missing out on the possibilities of disruption. A case in point is the Kenyan banking industry and Mpesa. Even though MPesa was a positive disruption, banks took a cautious route in adapting ending up playing catchup.
2. Government regulations
Technology keeps on changing by the day. With these changes, governments around the world are left with the option of developing regulations to ensure a level playing ground and protect the public from crooks taking advantage of the disruptions. Regulating an industry is a good thing, but can slow down growth and disruption of an industry.
3. The cost of R&D
Most tech companies rely heavily on R&D capabilities to release a new product into the market or disrupt an industry. R&D helps companies remain relevant and at the same time discover new and cheaper ways of implementation. Unfortunately, the cost involved in R&D is not cheap. Chances of failures before mining a precious technology is high and may require pumping in a lot of resources to achieve anything tangible.
4. Consumers ability to adapt and accept change
We all love our comfort zone. We are creatures of habits and prefer maintaining a status quo. Disruption does not care about the comfort zone. It prefers a constant change and upgrades. That's how the world of technology is wired. But with every change, it creates uncertainty and fear of the unknown. People fear that technology or disruption will render them jobless. As a result, they become resistant to adoption. To customers, it means bringing something new that they are not familiar with.
Regardless of your take on technology, the most important thing is to have an open mind for adoption and find new opportunities that may come with the disruption.