The world is rapidly developing and metamorphosing , thanks to technology. We are done developing the earth and frantic efforts are being made to invade mars for development to make it habitable. The Elon Musk's recent success flight of commercial vessels to space is a great feat wrought by technology that would reshape human existence.
While brainstorming on technology and its wide applications to different faucets of life, I discovered that not all the tech innovations that has surfaced actually got sustained. Many lofty tech ideas were lost before pour eyes and it seemed they weren't well planned. However, this seems to be untrue as I got a shed of thoughts that they mioght have lacked business strategy.
A lot of researches have been made and thoughts have been shared on the role of technology in business but quite a little have been presented on how technology can leverage business and economics knowledge to thrive.
Business Technology has been conceptualized as "all technology that helps an organisation run its business and operational processes". These technologies as adopted into business can be customer-facing applications and solutions, business-critical production and logistics solutions, or back office financial systems, among others.
The leveraging of technology in business allows organizations to improve both the performance and overall effectiveness of products, systems and services, which, in turn, enables businesses to expand quickly and efficiently. However, I am concerned at how we can make the most of innovative technological developments. The one before our very eyes has been the blockchain technology which has found it difficult to earn mass adoption.
I am thinking that the shortfall that blockchain technology is having towards it's adoption is that of economic strategy which would position and present it to the masses as a "business opportunity" rather than a tech to help business.
Investopedia defines business as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or they can be non-profit organizations that operate to fulfill a charitable mission or further a social cause. By the definition above, it is crucial that we should begin to build technologies as business.
The above is a screenshot of results of a google search of "the role of business knowledge in technology". The search outcomes were the opposite of what I demanded. As we can see in the screenshots, google tries to give me search results of technology in business.
I needed to verify my claims by changing my keywords in the search to include "economics" which is more of an authority in itself. I made a second search with "technology economics" as and search results are as shown below.
As shown above, the search results again showed an opposite of what I requested. More of the entries try to cover how technology supports economics and economists. At this h=juncture, we will agree that there is need to leap into "technology business" with the aim to provide a economic guide for tech developers in order to help them profit from their skills.
As each day passes, there are brilliant tech initiatives that help ease work in various spheres of life. However, sad that in a little while, some of these initiatives go extinct. If you look within such teams , you will agree with me that they lacked an economist and /or business strategist to help fix the profiteering aspect of the development.
This therefore should become the concerns of tech developers. There is a need to bring in an economic and business strategists into the core team when idealizing a tech development.
Let's share thoughts on how to develop a solid business model for technological innovations to help them thrive.