Technology Firms Turn to New Products and Services to Improve Business

Technology companies are more likely to identify as pioneers when it comes to the adoption of future-forward products and services, such as machine-to-machine, advanced business analytics, cloud services, social tools and mobility, according to recent research by Harvard Business Review (HBR). In a global survey of 672 business and technology leaders, 62 percent of technology firms stated that they strongly believe in the benefits of technology and seek first-mover advantage, significantly above the 34 percent average of all respondents.

“IT Pioneers — companies that believe strongly in the benefits of adopting new technologies and that pursue first-mover advantage — are more likely to lead in both revenue growth and market position,” HBR researchers stated in the report. “Not surprisingly, technology companies are more likely to identify as Pioneers, and their business models are being affected more dramatically than many other industries.”

In a market by market breakout, HBR found some interesting trends in the technology market, including:

• 92% of technology companies said they were already using cloud services
• 63% said that new technologies had improved data security — 30% said they had done so “significantly”
• 68% said that use of new technologies had helped differentiate from competitors
• 58% said their products and services had “significantly” changed due to new technology
• 75% said that use of new technologies had made them more responsive to customers
• 66% said that new technologies had improved their ability to access global markets
• 70% said that use of new technologies had increased their market insight
• 73% said that use of new technologies had improved collaboration within the business
• 64% said that changing customer behavior is a primary driver for change in their market

To learn more about how technology companies (and many other enterprises) are taking advantage of the latest technologies and becoming Pioneers, read the Harvard Business Review report “The Digital Dividend: First Mover Advantage.”