Business history is littered with remnants of established companies whose one small misstep put them behind some startup and forced them to play a pointless game of catch up.
In the current business climate, this scenario plays out on a constant loop due to a seemingly endless array of new and disruptive technologies. Some entrenched companies like Sears never manage to pull even with the pack. Legacy names like Walmart, however, are fighting back by reimagining their customer experience with the help of digital partners.
For good reason, the possibility of falling behind puts many business leaders on edge. Unfortunately, the responses to this fear are often knee-jerk attempts to keep up with the latest tech trends without any thought into how those innovations might actually better serve your company and its customers.
The result is often a hodgepodge of aborted projects and poorly implemented technology that not only fails to address the issue at hand, but also leaves the company behind schedule, which is what it wanted to avoid the whole time. No matter what emerging technology is being experimented with – be it automation, AI, or blockchain – it often causes businesses to stumble when they should soar. And it doesn't have to be that way.