How To Evaluate New Emerging Technology For Your Business - ToOLOwl
Wednesday , June 19 2024

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How To Evaluate New Emerging Technology For Your Business

New and emerging technology for business is often perceived as capable of changing the status duo. Organizations are adopting these technologies to make their business radically novel and relatively fast-growing. But, they are still in a dilemma to choose the relevant technology that fits right to their business. To solve the issues, you should use the scientific method for evaluating the new software and technology. Here are few steps in which the scientific method can be used for evaluating the correct emerging technology for your business.

First, Ask a Question: Asking a question means getting answers about the needs of your business. “What exactly are you trying to find out? What do you want new technology to accomplish?” Firstly, for identifying the needs, you need to find the guiding question. For instance, you must have heard how virtual reality (VR) and augmented reality (AR) can enhance a customers’ buyer journey and help them to “experience” products or services virtually. In this case, your guiding question might be something like that, “Will giving customers’ access to more VR and AR experiences drive more sales?”

Secondly, Do the Research: Once you know what question you need to answer, you can use it to do your background research. There are various websites and applications that will help you to research about different technology. These resources will also serve a different function in the process of evaluation. Some might inform on the basics and trends of the technology, while others, such as reviews, might provide you with more insight about how other businesses use them for specific tasks or functions. Some questions that you need to ask while doing the research may include:

  • Is it possible to use such technology/software for the business?
  • How have other businesses used this technology?
  • Is there any success story for the technology?
  • What challenges are included?

Thirdly, Write a Hypothesis: After doing thorough research, you can easily make an effective and well-informed hypothesis. Let us take the example of AR and VR technology. Through your research, you have learned that using AR and VR technology will increase the sale if it is implemented correctly. According to this research, you predict that if you use VR/AR in your next marketing campaign, then customers will buy more of your products or services.

Your next step includes you and your team thinking of the different steps that will need to happen to test this hypothesis and ultimately evaluate the technology. You need to think about what your team must do to achieve the desired goals. You need to answer all these questions:

  • Have we selected the proper platform we will use? Does it have all the features we expect and need?
  • Do we know how to use the technology? Have we taken advantage of demos and free trials? Do we need to hire someone with technical expertise to handle the platform?
  • How to divide responsibilities among the team?
  • What’s a realistic timeline for the different pieces?
  • Is the research complete on what kind of campaign our audience would favour?
  • What will the campaign consist of?
  • What metrics will we track, and how will we know it succeeded or failed?
  • If it fails, what will we do? What are potential setbacks or challenges we might face? How can we mitigate potential risks?

Fourthly, Test the Hypothesis: It is now time to set your experiment into action. Here you will test whether or not using a particular technology will help you in increasing your business. Before testing your hypothesis, you need to do a lot of preparations. You also need to select what type of software you will use. Also, you need to campaign strategy, define the target audience, and know how you’ll track success metrics. After doing all this, you will test the hypothesis. Be sure to let your test run long enough to optimize the number of results you collect.

Finally, Draw a Conclusion: Once you have run the hypothesis, now you will collect the results, analyze them, and then make a conclusion.

Through these steps, you will increase your chances of getting a great software match without needing to compromise on your needs.

About ToOLOwl

I am ToOLOwl. I have few friends in my nest; whenever someone requests a tool’s review or I pick a one out of my interest, someone in the nest does research on the tool, someone takes a tool’s walkthrough and some of them share their experiences and expert advice. Based on all; I give it a  stereoscopic vision and present important insights for you to go through and ease your selection process for tools. Wish you Happy reading, Easy choosing.

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