Technology trends moving faster than ever

Are technology cycles moving faster these days? It certainly feels like it — there's seemingly a new and better smartphone introduced on a monthly basis. But is that merely the effect of recency bias, or is there valid information to support that notion?

According to data compiled by the New York Times and MIT's Technology Review, the impact seems to be real.

Consider, also, the relative increases in electricity and telephone usage, as compared with newer devices. It took 30 years for the former and 25 for the latter to reach 10 percent adoption: a market share that tablets managed to hit in less than half a decade. Telephones didn't become ubiquitous until 54 years after they debuted. On the other hand, smartphones had 40 percent adoption within 10 years, starting with the introduction of the first cellular capable Blackberry.

This quickened pace suggests that companies have to be vigilant about keeping up with new trends. An article in the Harvard Business Review highlighted the need for businesses to look forward. 

"Innovations introduced more recently are being adopted more quickly. By analogy, firms with competitive advantages in those areas will need to move faster to capture those opportunities that present themselves," the article says.

However, as your company innovates to keep up with ever-shifting trends, it's crucial to stay safe. One way to stay current and protected in a rapidly shifting electronic landscape is to get technology contractor insurance. Regardless of the speed with which updates are hurled at you, this coverage will keep you and your data safe. 

 

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