How Does Technology Adoption Impact Business?
Technology adoption refers to the process of accepting, integrating, and using new technology in society.
The process follows several stages, usually categorized by the groups of people who use that technology.
- Innovators represent the very first developers of a technology
- Early adopters include groups that quickly test and begin using new technology
- The early majority and the late majority represent the bulk of users
- Laggards are those who adopt a technology last
This model has been around for decades and is often applied to digital technology. Some versions of the model make use of different terminology, but they all feature a graph in the shape of a bell curve with similar groups of users.
The model is useful in describing, for instance, the adoption of cell phones, smartphones, the internet, and other forms of digital technology.
For businesses that develop software or digital technology, this model can be used to discover appropriate customers for a product.
It can also be used by any business seeking a better understanding of the impact of digital technology in its industry.
Businesses that can identify technology trends, for instance, can adopt technology earlier than competitors. This will often result in a competitive advantage for those businesses.