various form of digitization

Diffusion of Innovation Part 2

How’s that make you feel?

If technology is embraced at its earliest availability (innovators on the diffusion curve) it’s because the business or consumer decided it made them feel a certain way. At the consumer level, it’s about enjoying an expedient lifestyle. I grew up in a household that embraced technology. You’d think that it was having the first gaming platform or the first TV over 35”, as the reason I am an innovator. It was, in fact, my experience in the financial world; first as a commodity trader then as a banker that anchors my attraction to technology.

various form of digitization

Diffusion of innovation

It was there that I came to understand the competitive advantage technology provides businesses. Businesses that embrace technology do so in a logical way but consider the emotional connection that their customers and clients feel by working with them. Business uses technology and innovation to create a more friction-less world for their clients. Financial entities understand that spending money (investment) upfront to serve the client earns more money (ROI) with innovation for a competitive edge. This equals more profits with fewer marketing dollars. Financial businesses understand this, perhaps more than any other sector. It is the emotional connection to having outsmarted the competition that drives business to take this innovative path.

If you were to review how you approach innovation/technology, how do you consider the emotional connection in your decisions? I’d like to know your thoughts about using innovation/technology to achieve your business goals.

 

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