In the decade past, the world saw some of the most innovative and even game-changing technology that came to the fore. However, all of these were not a hit. There were lots of tech products introduced that turned to be super disasters.
Now, there are several reasons for this. it could be the faulty and inappreciable design, low performance and even less requirement of these tech products that caused them to fail to make a mark in the market.
However, you should not blame technology entirely for that because just like anything. This too has its pros and cons, ups and downs. It all depends on how you use technology for the benefit of mankind and even business.
Talking about business, according to report of Bureau of Labor Statistics it is found that:
- In the US nearly 20% of small businesses cannot survive more than a year
- 50% of them are dead and closed down in five years and
- 70% small businesses do not last for a decade.
The reasons for such failures can be many and varied. It could be shortage of capital, improper business marketing techniques, inefficient management and much more. However, irrespective of the reason, success for any small business that deals with only one particular product is very hard to achieve. It is even harder if that product is tech-related.
Products that failed
Even major companies fail to launch a tech product successfully and continue with it, even though their other products are doing well in the market. Here are a few specific tech products and companies that have failed miserably compelling the manufacturers to take it and them off from the market.
- Smart juicer
- Digital media player
- A few music downloads services for audiophiles
- Few drones and others.
Not only small and unknown companies fail to make a mark with their tech products. There are some industry majors that have failed in the past couple of years including:
- Microsoft and
These companies are termed as the ‘Frightful Five of Tech’but have even screwed things up in the space of tech products. Therefore, more than the tech products that failed to make a mark, you should focus on why these companies failed to push their products into the market.
Apart from the reasons mentioned above, few of these companies failed because:
- They simply could not deliver what they promised or guaranteed for their products.
- Over promise and inability to keep up with the high standards that every consumer today expects are other good reasons of their failure.
A few other tech screw-ups are also the result of bad marketing practices. In this modern world, traditional marketing will not take any business anywhere northwards. Every business has to integrate different marketing strategies.
They will have to make the best use of the social media as well, especially when they want to launch any new product, tech or not. Instagram happens to be the best platform to do so since it allows posting pictures and even videos of usage on the feeds. If done correctly, brads will not need to buy followers but instead gain organic traffic to their site and increase their sales prospects.
Advent of cloud
Well, as said earlier, everything is not bad about technology. One of the best technological advancement of the recent times is the Cloud technology. There are some major cloud service providersthat have achieved tremendous success due to several reasons such as:
- The core functionality of it
- The competitive edge that it provides and
- The focus on extra services provided.
All these have encouraged these companies to come up with better services and new offerings at a rapid pace.
However, even here, few companies have failed simply due to making hasty decisions and inability to compete. Few even went a step further to release new services earlier than their competitors but that had incomplete features and rough edges.
The problem with such hasty product proliferation, especially ion cloud services, is that it often results in issues such as:
- Difficulty in automation
- Poor documentationand
- Incomplete integration with the own parts of the vendors.
These will cause frustration in the teams who want to deliver software that is high on functionality as promised by the cloud provider forcing them to force roadblocks.
Technology has also enabled protecting the supply chain of software. Now there is no need for lengthy approval and inspection process of the governance rules. Rather they can now use technology for different purposes including:
- Automated dependency protection that will take care of the dependency drift fitness function
- Security systems that comes with better security policy as code and
- Governance mechanisms that will control the run-cost of the architecture fitness function.
All these will protect the important parts of the software projects that are not urgent. It is for this reason that the world of today is seeing a natural growth in the software development ecosystem.
There is also a significant rise in automation noticed in the past couple of years in different fields that involve:
- Continuous delivery
- Continuous integration with automated testing
- Infrastructure as code and even
- Automated governance.
Therefore, in this modern time, the cloud technology is the best and most reliable resource to buildautomation. This will help a great deal in dependency management as well as the development of the architectural structure that will ensure that all relevant and significant aspects of software delivery is covered.
Summing it up
Machine learning is something that offers best solutions to problems that humans cannot solve. Its uses pattern matching as well as back propagation along with other techniques, though the results of these cannot be substantiated with logical inference.
At present there is also emergence of other tools and technology such as What-If, ethical bias testing and more.
All these technological developmentshave assured better output models, perfections in interpretability, deep neural networks and proper explanation of things by the data scientists. Therefore, technology, as always is not going anywhere and will continue to evolve as it has since ages.
Walter Moore is a notable management consultant and digital marketing expert. He is an experienced digital marketer and has helped e-commerce businesses in all niches gain with his effective marketing strategies and guidance.