There are many competing theories for business success out there, each of which has its own merits. However, there are few tried-and-tested systems that have been so consistently successful as the so-called Technology Adaptation Life Cycle.
This widely-studied theory of business success posits that those companies that adopt emerging technologies and platforms before their competitors, are able to make use of the productivity gains to put themselves at a winning competitive advantage.
The cycle compares how early adopters fare against medium and late adopters of new technologies, demonstrating how those entrepreneurs and leaders that are able to identify emerging tech trends before others are significantly more likely to see long-term success and profits.
With that in mind, let's take a look at some of the core advantages of being an early adopter of business technologies.
Offer a product that customers want
One of the main advantages of being an early adopter is that, if you choose the right technology, you could become the only company in your industry to offer something new that customers genuinely want.
Let's look at the online casino industry, for instance, which, in recent years, has been transformed by the advent of live casino gaming, which uses innovative livestream technology to bring immersive gaming into people's homes. Early adopters of livestream technology such as Genesis Casino, for example, were able to rise to success by offering this type of gaming before many competitor companies, thus gaining a crucial competitive advantage.
Become a thought leader in your industry
As many entrepreneurs and managers know, personal branding is often essential for business success. If you are able to adopt emerging technology and guide your company to success as a result, the reputational pay-off can be truly immense.
Other influential figures in your industry may see you as a visionary and a thought leader, as well as somebody who is a worthwhile investment and collaborator. By adopting technologies before anyone else, you are going against the grain and showing others that you are not afraid to make hard decisions in order to push your business to the next level.
Get in on the ground floor
If you are able to successfully identify an emerging technology before it becomes the norm, the short and long-term cost advantages can be truly immense. Getting in on the ground floor of a new innovation can produce life-changing gains - just look at how much your Google shares would have grown in value if you had invested before anyone else.
The same principle applies to your business practices. Adopting a core technology early on will likely mean that you are able to lock in a good price before a provider becomes popular and starts charging others through the nose. In addition, adopting technology or a platform early might mark you out as a preferred partner for your provider, meaning sweetheart deals and potential discounts in the future.
These are just a few of the important advantages of being an early adopter. Remember, the early bird gets the worm!