Examining the Advantages and Disadvantages of Cutting-Edge Technologies

The pros and cons of using cutting-edge technologies

New technologies are often fascinating and impressive. And many do deliver on their promise of game-changing capabilities. However, adopting new tech in any enterprise software without thoroughly researching its technical and economic feasibility can be a huge gamble.

Here’s a pros and cons list to help you figure out if cutting-edge technology is a good fit for your business:

The pros

Access to new digital capabilities

Cutting-edge technologies introduce exciting new features and capabilities that organisations can leverage to improve their digital prowess.

New technologies can help create unique selling points, upgrade existing products/services, and deliver new high-tech solutions to gain a competitive edge. In today’s digital-first world, an arsenal of powerful state-of-the-art technologies could mean the difference between business success and failure.

Improved business efficiency

Leading-edge technologies are designed to provide more fitting, dependable, and faster solutions to new and old problems. To a business, newer tech translates into doing more with less, AKA efficiency.

Robotic process automation (RPA), for example, is a popular approach to improving business efficiency. Automating everyday business processes using AI-powered software solutions presents multiple following benefits like saving time on mundane repeated tasks, boosting productivity, eliminating human error and improving business agility.

Sharpened competitive edge

According to the KPMG 2022 CEO Outlook survey, respondents believe that, more than ever, investment should be tied to growth, and 70% of CEOs say they need to be more agile to shift investment to digital opportunities and divest in those areas where they face digital obsolescence.

Seventy-two per cent of CEOs report that they have an aggressive digital investment strategy focused on staying ahead of the tech race. They understand that early tech adopters gain a huge competitive advantage in business.

Reduced IT costs

A more efficient digital and work infrastructure ultimately leads to cost savings. You stand to save money on operational costs by giving cutting-edge technology a go. Additionally, tech vendors often offer financial incentives to early adopters. So, you might get a really good deal on cost-saving hardware and software in the first place.

The  cons

High barrier to entry

Integrating new technology into your digital ecosystem can seem prohibitively expensive or impractical. But the cost should always be justified by the value that high-tech solutions bring to your business. In other words, keep your eye on the ROI.

To appreciate the business value of new tech, you must first understand its scope, pros and cons, and how it fits into your business and IT ecosystems. By conducting a technical feasibility study, you can justify the ROI of implementing a new digital solution to see if it’d be a good fit for your enterprise.

Limited support

You might have trouble finding skilled IT experts who can properly implement and run cutting-edge digital solutions. And because the tech is so new, the support community may be too small and scarcely informed.

To guarantee ongoing support for your new solutions, ensure you partner with a reputable tech provider. A strategic IT partner will support every step of your digitisation journey, from feasibility studies and development to integration and full deployment.

Stability, security, and compatibility issues

New off-the-shelf software applications are often riddled with reliability, compatibility, and security issues. But over time, such problems get resolved through patches and updates.

To get around these issues, ensure the new solution is compatible with your existing IT infrastructure and security standards through custom software development. A custom system is designed to meet your specific business needs while delivering high-tech capabilities.

No guarantee of futureproofing

The final downside of cutting-edge technology is that you never know whether the tech will catch on and survive the early adoption phase. From Google+ to Vines, the tech graveyard is full of ambitious new ideas that initially seemed promising and revolutionary.

The good news is, opting for custom software development minimises the risk of investing in new ideas that won’t survive long-term. Part of feasibility testing is proof-of-concept development, a preliminary prototyping phase that tests and evaluates new tech concepts before taking them to market or adopting them for business.

What are the advantages of using cutting-edge technology in software development?

Software engineering teams can transform workflows and streamline the SDLC by leveraging AI, low-code platforms, and microservices. According to McKinsey, generative AI accelerates development cycles by up to 50%, allowing teams to focus on more strategic, high-value tasks.

Generative AI tools like GitHub Copilot and Microsoft Copilot can speed up code development by offering intelligent code completion, automated documentation, and rapid prototyping features. AI-powered software engineering assistants can generate code snippets, suggest optimizations, and help developers write more efficient and clean code faster.

Low-code platforms continue to streamline the SDLC, enabling smooth collaboration between teams and faster development cycles with minimal manual coding. By reducing the time and effort required compared to traditional development, these platforms can provide significant cost efficiency, lower labour expenses, and shorten time-to-market.

As generative AI evolves, its role in application development will increase, transforming how teams ideate, design, develop and integrate digital solutions.

What innovative developments can we expect in the future?

McKinsey's digital transformation report states that early-stage technologies like quantum computing and advanced robotics will continue to face challenges of substantial implementation costs and limited business applications. As cutting-edge technology matures, adoption rates accelerate.

For example, generative AI shows substantial growth, as approximately 25% of McKinsey's respondents are already scaling its use. Gartner predicts significant AI-driven business transformations by 2028-2029 with increasing use of AI in executive decision-making.

More established technologies like cloud computing, edge computing, immersive technologies like virtual reality and augmented reality, and artificial intelligence technologies, including machine learning, deep learning, conversational AI, and computer vision, will continue to drive technological innovation and serve as enablers for emerging technologies.

How can you make the most of advanced technology?

Back to our original question — is leveraging cutting-edge technologies a good idea? The simple answer is “yes.” If harnessed properly, high-tech solutions can truly revolutionise your business by equipping it with advanced capabilities, sharpening its competitive edge, and improving its bottom line.

Adopting new technologies begins with a feasibility study to see if they indeed offer a practical solution to an existing problem. From there, develop a proof of concept to test the ideas in a business setting. PoC development evaluates new concepts in a safe environment where real-world market viability and economic outcomes can be analysed.

Scaling new technology adoption will require a holistic ecosystem where user trust and readiness, business model economics, regulatory environments, and talent availability play crucial roles.

ELEKS will ensure you check all the right boxes when adopting cutting-edge technologies. Our team of highly skilled IT experts will guide you in conducting a thorough feasibility study, developing a proof of concept, and building and implementing a high-tech digital solution.