THE MISALIGNMENT IN TECH­NOL­OGY AND INNOVATION

If you were an­tic­i­pat­ing a global tech trend to jump aboard of, you might be wait­ing a lit­tle longer for your de­par­ture time, be­cause when it comes to an­tic­i­pat­ing the best tech for their cus­tomers, busi­nesses across the world all have their 2 cents to pi

Business First - - INNOVATION -

Lim­ited li­a­bil­ity has been an im­por­tant build­ing block of the western world’s com­mer­cial sys­tem since its in­tro­duc­tion in the UK in 1855.

There’s one thing they can agree on, though – that they’re ‘ex­cited’ for new touch­points. Re­spon­dents from Aus­tralia, US and Europe unan­i­mously agree that emerg­ing tech­nolo­gies such as AI, VR, IoT will serve as touch­points that pos­i­tively af­fect how they en­gage with their cus­tomers.

But when it comes to de­cid­ing which of these tech­nolo­gies will out-per­form the rest, there’s some discrepancies.

When asked which tech­nol­ogy they were most ex­cited to adopt in the fu­ture, the ma­jor­ity of the US (38.6%) said pre­dic­tive, but the feel­ing wasn’t mu­tual for the UK (7%) and Ger­many (4%), who both ranked this as the tech­nol­ogy they’re least ex­cited to adopt. A greater per­cent­age of UK (9%) and Ger­man (11%) re­spon­dents ac­tu­ally pre­ferred no tech­nol­ogy, over pre­dic­tive.

So what are the UK and Ger­many ex­cited for? VR, ap­par­ently. 26% of UK, 30% of Ger­man, and 23% of Aus­tralians claimed they were most ex­cited to adopt the tech­nol­ogy in the fu­ture.

They may be ex­cited to adopt it, but when it comes to an­tic­i­pat­ing the tech­nol­ogy ac­tu­ally used by their cus­tomers in the next year, there was a dif­fer­ent story to tell. IoT was rated as the tech most an­tic­i­pated, with AR the least across the board. Same goes for which tech re­spon­dents were most likely to use in their marketing strate­gies; IoT the tech pre­ferred by all, ex­cept the US who greatly favoured pre­dic­tive over all else (69.5%).

Don’t ex­pect to see Europe adopt­ing AR and VR into their marketing strate­gies any time soon; UK and Ger­many all pre­ferred no tech­nol­ogy over adopt­ing AR and VR (17% and 16.8%, re­spec­tively).

But what about when it comes to en­gag­ing cus­tomers, which is the best to use? IoT is still unan­i­mously the most pre­dicted in Aus­tralia and Europe, but the US still an­tic­i­pate pre­dic­tive to be the top tech­nol­ogy to use to en­gage with their cus­tomers (56.8%).

It may be ide­al­is­tic to de­sire a unan­i­mous global tech trend for the sake of con­sis­tency, but at the very least, these markets should ac­cu­rately match the tech­nol­ogy with their needs.

This sur­vey re­veals there are vast dif­fer­ences be­tween which tech­nolo­gies busi­nesses be­lieve will work and what they ac­tu­ally will on­board. Aus­tralia and Europe both claim that bet­ter re­port­ing and an­a­lyt­ics to make sense of data is the one think they need most to suc­cess­fully main­tain cus­tomer re­la­tion­ships, and yet they fail to rate pre­dic­tive tech­nol­ogy as their pre­ferred touch-point. IoT may be great for of­fer­ing seam­less om­nichan­nel ex­pe­ri­ences for cus­tomers, but it will ul­ti­mately fail to pro­vide busi­nesses with what they claim they want.

What busi­nesses need from tech, and the tech they be­lieve they need to achieve may sim­ply not match. Maybe they’re caught up in too many trends? Maybe more trans­parency and un­der­stand­ing of what these tech­nolo­gies ac­tu­ally per­form is needed in­stead.

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