New Technology can make or break a business
The pace that technology has been developing over the past years has been staggering. I remember when I started collage, the cell phone and texting craze is just starting in the Philippines. The latest nokia cell phone then was 5110 and Globe prepaid allows unlimited texting without additional cost, those were the days. But look how far technology has progressed since then. Cell phones now allow you to surf the web, take pictures, pay for your vending machine purchase in some countries and doubles as a digital video recorder. The future is indeed shining brightly for the cell phone. For a businessman point of view. New technology can bring great opportunities as well business closing shop due to becoming obsolete.
For those of us studying in the nineties, the pager is the techie gadget to get. All businessmen had one. If you had one in school you are considered very cool or a show off depending on ones point of view. Companies like pocketbell and powerpage we at the front of the mobile communication business. But the arrival of the GSM and SIM card powered cell phone changed all that. Needless to say the pager industry died. Most companies are forced to close shop simply because new technology has rendered their product and service obsolete.
Business owners today must learn to diversify their business. Never be contented of what you are doing because the demands of the market is always changing. Take a look at a telecommunication company like AT and T. They have diversified into various communication features like AT T wireless, AT and T call conference, AT and T cell phones. But the telecommunication industry, particularly their long distance calls service is under threat from a new technology called VOIP or Voice over Internet Protocol which uses the internet to call anyone anywhere in the world either for free or significantly cheaper as long of both has an internet connection. Local industry players like PLDT and BAYANTEL will likely research on how to counter the emergence of VOIP for if it ever catches on to the public, their bottom line will be seriously affected.