Technological development will always makes new business opportunity. This fact will improve organizations opportunity to make profits. Additional value will be applied if a new technology is incorporated to products or services with the right plan and strategies.
Some general benefits when applying the technology in to business process or product are; improving productivity, raising the profits, reducing the costs, and many other benefits. The market segments will grows along with the growth of business that incorporating the technology innovation.
There are few key aspects that should be notice when adding technology value to business to make sure the organization can improve their profits which are;
- Define the real value of the technology that will be applied
- The method of applying the technology to the business strategy
- The change on people life when the new technology is applied
- The improvement of wealth that could happen when the technology applied
The information from those aspects above will define the market opportunity. The better the technology value, the better opportunity to get profit from it.
This matter makes business to maximize the use of technology in to their business as part of their production or end product. The dynamics of this systematic conversion of technological ability into utility will creates new market segment.
To determine the market segment for your organization you need to find the answer of these propositions;
- The ability of the new technology
- The application of the new technology in to business company’s strategy, plan and abilities
- Who will be getting the most benefits of the technology which will become the potential customers
- The ability of the new technology which cannot be done by the current or latest technology
- How the new technology will satisfy the end users much better compare to when they are using the current technology
- How to make the end user realize their problems with the current technology will be solved by the new technology
- The additional value of the technology
- The estimation of new market segment’s value in current and future time