Just by looking at the past, it’s easy to see how a business can fail in planning effectively for the future. A company in the mid-nineties, for example, that refused to invest in a website, found it hard to compete by the end of the decade. Here’s a roadmap for businesses to prepare for future technology.

Understanding Technological Shifts

The internet and new technology have ushered in various shifts in both consumer and business technology in the 21st century. The proliferation of broadband internet has opened the door for many cloud-based services that have helped cut costs dramatically for businesses. Simply moving to the cloud has helped many businesses prepare for a more flexible and affordable future.

Digital technology has stood out as the big game-changer over the past few decades, as old equipment is being replaced by digital technology, such as in photography and video. Online purchasing has become an obvious factor in the decline of box stores the past decade, since it offers the best deals and convenience.

Rising Interest in Blockchain Technology

A subtle technological shift in recent years has been toward cryptocurrencies and blockchain technology. The blockchain can be visualized as a series of blocks chained together with bits of information locked up in each block. This system provides strong security since it’s unlikely a hacker will have access to all necessary blocks to intercept a transaction.

Blockchain technology is still in its infancy, as it’s still surrounded by confusion and controversy as to what it’s capable of doing. But expertise is growing in blockchain technology, which may have a huge impact on cybersecurity. One of the advantages to blockchain is that it bypasses third parties such as banks.

Changing Workplace

The workplace is becoming more digital and is taking a much different form than its traditional image. A recent study found that 76 percent of people view work as “what you do” rather than “where you do it.” Another revelation from the study was that 62 percent think technology improves productivity and the ability to collaborate.

Making Innovation Part of Growth Plan

A study by PricewaterhouseCoopers (PwC) found that innovation contributes to growth projections. More innovative companies tend to project higher growth in the next five years than less innovative competitors. Furthermore, innovative firms develop strategies for dealing with growth and improving efficiency.