One thing that can be clearly observed with time is that the masses do not know to predict the power and benefits a new technology can bring and to back this up, there are innumerable examples. This creates problems for the companies for they aren’t sure as to which ideas will be welcomed by the public. They face pressure from all sides; they need to stay at par with their rivals and find out and deliver profitable innovations that will be accepted by the consumers.
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Finding the Answer
The solution to this complex situation happens to be quite simple. In fact, the companies know the customers really well, they are just apprehensive and scared that they might fail on a big level. An outstanding illustration of this is the invention of the ATM. When the idea was initially implemented, it seemed like it would be a huge joke because people where used to going to banks to get their money and the whole idea somehow seemed like a scam to many. Yet, despite all these odds, Citibank invested a lot of money and set up ATMs everywhere and then did the masses realize how convenient this technology was. Today, can you even imagine a place without one?
Similarly, Amazon was launched when lots of people did not know that something called the internet existed. But today, there are many other similar companies like these hoping to make it as big as Amazon. The history of technology is full of many such stories. Some triumphed while others failed. This teaches the world that it is important to try and be brave enough to accept failure and learn from it.
Developing a Technology
Implementing a new idea and bringing it to life using technology involves lot of work and money and so a little analysis must be done before getting started. First, the developer should think from the consumer’s point of view, if that particular technology would make life any easier. Another method is to analyse the problems faced by the consumers. Talking to people in the call centre helps because they will be very familiar with the consumer issues as they deal with them every single day. If after doing all this, the idea still seems great, well then, it is a clear green signal. Else, some modifications can be introduced.
Now comes the next challenge, the challenge of integrating emerging technologies with ideas. For example, the CitiMobile app that was the pioneer in internet banking was introduced at a time when net connection was never stable. There came a point when the owners decided to give it up, for without stable connections, such secure transactions can never happen. But then, flew in the power of 3G internet and the rest, as they say, is history. So, it is vital to consider emerging technologies and advancements when implementing an idea.
Embracing Failure and Success Equally
All these tales from the successful brands that this generation has grown up hearing of seem very motivational and inspiring. But, there is a slight catch. These are stories of success that made things possible and revolutionized the world. There are many more untold stories of failure where companies have suffered enormous losses in financial terms with the reputation going down too. Though with a little analysis and insight into what the world wants, the percentage of failure can be brought down, at times it is simply inevitable.
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At times like these, the company must be willing to learn by looking into what went wrong and where. If this is done, there is definitely scope for improvement. They should learn to look at others and be willing to learn from their mistakes too. But yes, all said and done, at the end of the day, one needs to trust his or her instincts, proceed and trust it to take care of everything.