Did you know that one of the major theoretical principles of technology, Moore’s Law, stated that the number of transistors on integrated circuits would double every two years?
While more advanced theories have succeeded this rule, it shows just how rapidly technology is changing. Even with innovation, no version of technology is ever permanent.
A good understanding of technology includes learning about the four main phases. Read on to learn more about the technology life cycle and what it entails.
Why Is The Technology Life Cycle So Important?
The constant changes in technology make support services a must for all but the largest companies.
Companies are producing and managing large amounts of data, and any downtime can be detrimental. Even using technology that is further along in the life cycle is risky.
The Four Stages of the Technology Life Cycle
The lifespan of technology is not long, and often by the time an upgrade is due, you can purchase more advanced technology for a similar price. The four stages of the technology life cycle are as follows:
Research and Development
The first stage, also referred to as the introductory phase, concerns the technology before it becomes public. This stage includes the conceptualization and the various iterations that come with developing it. This can be the hardest period financially, as the upfront costs can be expensive without any return.
The growth stage begins with the launch of the new technology. The goal of this stage is to recoup the money that was spent in the first stage. One of the biggest expenditures of this stage is marketing the technology to build awareness.
After the product has hit the market, competitors and alternatives can emerge. This can cause the producers to pivot, such as lowering the price or making adjustments to the technology.
The maturity stage is often a combination of good news and bad news. The good news is that the technology has gained acceptance. The bad news is that competition has caught up and is either offering the same product or an improved one.
This stage can also include updates to the new technology. Depending on the type of technology, this stage can pass quickly. An example is the short computer lifespan.
The inevitable final stage for technology is its decline. The competition is now offering a superior alternative, which is driving sales down. Further research and development have been looked at and the cost-benefit analysis isn’t feasible anymore.
How to Survive the Technology Life Cycle
The lifespan of technology is especially short in areas like information technology (IT). When businesses seek out IT support, they need a company that is innovative and up-to-date on emerging technology. This can include new trends such as IT recycling.
Are You Ready to Manage the Life Cycle?
Now that you know about the four stages of the technology life cycle, do you feel you can help your business be more successful? Depending on the technology type, pivoting can happen multiple times in a year.
If you’re ready to get support to manage this ever-changing world, contact us to get started.