Are Mobile Payments and Other Digital Disruptions Help or Hindrance?

The question itself, are mobile payments and similar digital disruptions a help or a hindrance in the field, likely sparks plenty of debate. We’ve seen both sides come out in recent weeks, but now, a new study Savoy Stewart sent our way is sparking that debate afresh. Perhaps its biggest conclusion is that almost one firm in four studied considers itself to be a “digital laggard.”

That’s right; 23.4 percent consider themselves behind the technology curve. What’s potentially even worse than this, though, is that just 12 percent of businesses actually voiced concerns about their ability to stay ahead. If all of these firms considered themselves “digital laggards,” then there are about 11.4 percent of firms who are not only “digital laggards,” but also in denial about it.

Thankfully, though, such a picture is hardly universal. Fully 36.9 percent of companies consider the disruption of technology a way to improve their businesses, bringing in new tools and putting them to work to improve overall operations. What’s more, 50.4 percent of businesses believe they have an “opportunity-minded” approach to new technologies. By comparison, nearly a quarter—24.4 percent—have no approach to new technologies at all, and admit to such a stance freely.

This could almost be understood in light of the fact that the typical window of technology to have any competitive impact on a company is about three years. This makes it critical that companies not only find out about new technologies in that three year time span, but also put these technologies to work. It’s also a good possible explanation why more firms don’t jump on technology.

That three-year window likely limits the impact of new technologies on enterprise users, who are commonly too large to pivot from one technology to another in the space of a three-year window. By the time it’s cleared all the levels of approval, the technology may really only deliver value for a few months. Smaller businesses, too, may stay out of the fray because they don’t have the resources to bring in a new technology that may be useless in three years.

From mobile payments to augmented reality and beyond, new technologies can really help businesses achieve. With so many options and so little time, however, that may contribute to a lot of technological laggarding.