Why we should invest in technological products wisely

in 500 Words a day9 months ago

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Intro:

We are in the age of Technology and Science. Here we can see a lot of technological and scientific revolution in everyday life. If you think about the technological change for last couple of decades it's really huge. So, in this time, some of us may be think about not to adopt with the technology but the wise decision should be quick adaptation with the technology that should be better and beneficial for us. Today I shall discuss about why we should come to the new and latest technology with the time change and what will be the impact or consequence of not adaptive Technology. I shall try to draw some examples of such kinds who fails ignoring the technological changes.

Some Examples:

Let's give you some example of these instances. Once we have seen a lot of video and VCR technology which was used for watching movie throughout the world. Then in that time, this industry was in the peak position but with the time change Compact Disc or CD technology has come to existence and took the place of VCR. VCR Technology has been obsoleted. This change happened because of the low price, high capacity and availability with the new technology. So, this way, technology is changing and we should adopt with the technology as quick as possible. But we have seen some cases compact disc has been also obsoleted with the initiation of memory card or multimedia card which has a limited size and huge capacity. Finally, it had not sustained for a longer period as well because now a days we can see a lots of mobile phone or smartphones which are offering a huge amount of space into the mobile phones that's why the uses of external smartphone is no longer required now. And we don’t know how long this technology sustain. Maybe within 5-10 years this technology will go the museum.

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Source: Image by AJS1 from Pixabay


If we draw another example of Nokia, we can find a good instance of this case. Once from 1990 to 2000, it was the leading mobile manufacturing company of the world. But with the technological change, the resist adopting rather using their own Symbian operating systems. When the leading company of the world Google initiated the Android operating system, Other top companies try to adopt with the Android OS as it was open source. In that time, Nokia just resisted itself to adopt with the technology. As a result, other companies like Samsung and rest adopted with the Android OS and they have taken the market over from the Nokia.

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Source: Image by Free-Photos from Pixabay


Initially the normal trading or business was very much popular and they were making a huge amount of business from their shops but now a days we can see software-based technology and online technology in different parts of the world who are using those technology in their shops and Super Stores. This new technology is creating high productivity and more security for any kind of Stores. It takes a smaller number of people to run or operate the business than the previous times traditional human based method. On the other hand, It takes less time to calculate all those transaction related to the business because all the things are software oriented. They need to put input only. After that they can easily get the required statement in the statistical forms. So, managing and controlling has been changed dramatically with the technological change in the chain shops, super shops and on-line businesses.

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Source: Image by Ljusetitunneln from Pixabay


Finally

Sometimes in our business we normally go for investment and in that time, we need to think about the technological change and Technology behind our business. Otherwise we shall not be able to gain much more profit from this technology or business. In those above instances you can easily understand if you want to grow more you need to think about the adaptation with the technological changes. Try to adapt with the technology otherwise you may fail overnight. From the above instances, those who has invested a much amount of money on the technology of compact disc (CD) and multimedia card (MMC) should trap in a huge amount of loss for their businesses. Any business has a Payback period for any big investment. In the time of technological change, they are bound to shift from the previous technology to new technology and in that time, they can't increase their payback period of previous projects and resulting they may face some losses for their project and that's happened to many companies who has done this mistake.

So, I am just trying to draw the attention of those who are just making a good amount of investment in the technological product, they must think about the technological change. They need to be much more careful before going to the long-term or huge investment in the technological products. That's the summary of today's writings.

So, invest wisely



Who I am:

I am lecturer of Textile Engineering in Bangladesh. I love to share my thoughts and ideas to my friends and community. I want to express my ideas and learnings to this community so that anyone can be benefited from me. I blog in YouTube, DTube and Hive on Textile, Online Money making and Random topics. I love to capture Natural Photography. I am always a learner and wants to go to the moon with this great community.

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Technology changes so fast these days that it is really hard to keep ahead of the market. Good projects will replace the old way of doing things and android versus Nokia is a great example. Nokia had almost complete dominance for a while so much so that they failed to adapt to new tech.

That is why I love #hive so much as I can see where it is going. Apps like splinterlands are only the first wave of what is to follow. Real game economies are now possible so who wouldn't switch from the old system of sinking money in with no return?
The same goes with social media like Facebook. We just need the right app to challenge them as who wouldn't want to earn from there content instead of pouring in your time for zero return. It is the future. It's only really a matter of who gets there first.