Technological upgrading refers to the planned and focused improvement of existing technology and production methods through the integration of new technology, research, and development efforts. Technology upgrades have brought about many good improvements that have altered the way we connect and the environment, from cell phones to virtual reality to artificial intelligence.
Technological upgrading appears even more interesting in light of the constant emergence of new technologies and businesses need to upgrade with the technology to survive in the market. Upgrading the business technology truly reduces downtime and increases productivity. The latest devices and software help establishments and their employees do their jobs better and faster. Costing of up-gradation may be high for a certain period, but the benefits of upgrading outweigh the price tag.
Without technology, businesses may have to rely on manual methods, which can be time-consuming, error-prone, and inefficient. Companies that fail to embrace technology may find themselves falling behind their competitors, facing operational inefficiencies, and struggling to meet customer expectations. Moreover, technology often enables businesses to tap into new markets, reach a broader customer base, and unlock new revenue streams.
Rise and fall of companies:
Globally many Companies failed that have failed. Kodak, Nokia, and Motorola Mobility are the best examples of failure due to not upgrading the business.
Kodak an American Company was focusing on photographic film (their cash cow). Kodak’s market was getting disrupted by digital cameras. The issue wasn’t that Kodak ignored searching for innovation altogether; it had over 7000 patents. More so, the problem was that Kodak did not capitalize on the inventiveness of its scientists when their ideas didn’t fit in with the core business.
Nokia was a manufacturer of the world’s leading high-end phones but couldn’t stand in the market due to the old and outdated technology. Nokia stuck to the outdated mobile technology and introduced Windows mobiles that are easy to use and at the same time, android mobiles with upgraded features were introduced. This is one of the major reasons Nokia failed. Without up-gradation, Nokia was not able to deliver the latest customer demand.
Even though Motorola kept producing various versions of its cellphone, they failed to see that customers wanted innovation in software. Motorola products weren’t user-friendly, and Motorola completely missed the movement to 3G. Motorola didn’t implement 21st-century communication in its products, making it hard to compete with smartphones.
Myspace, Segway, Border Group, Xerox, Sears, Tie Rack, BlackBerry, Blockbuster, Toys”R” Us, Polaroid, and Yahoo are other examples of rise and fall because they fail to recognize opportunities (and threats) early on.
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