Discussion: Economics of Technology Early Adoption

An interesting discussion over at Slashdot regarding the premium that people pay for being early adopters of technology. The discussion is done through the filter of the HD-DVD format which was recently declared dead; the casualty of the infamous "next generation format wars" between HD-DVD and Blu-Ray.

To commemorate the last address Bill Gates will give at the Consumer Electronics Show as the Chairman of Microsoft, a quote from one of the biggest visionaries of our time:

“If GM had kept up with technology like the computer industry has, we would all be driving $25 cars that got 1000 MPG.”
—Bill Gates, Chief Software Architect and Chairman, Microsoft

Advantages of Technology ala Entertainment

Regardless of how much of a workaholic or not the business leader is, everyone shares a common denominator. A good friend of mine once let me in on an insight of his: People do everything they do for the satisfaction of being entertained. Whether they seek that entertainment in books, work, or watching your favorite weekly drama or comedy, this common denominator is true of everyone.

Technology can not only help to make our work lives more productive, but it can help to make our leisure time more leisurely.

1. Digital Video Recorders. The DVR, or Digital Video Recorder, are becoming more and more prevalent in American households. Allowing you to pause, fast forward, and rewind live television (actually, delayed by a few seconds), this is widely considered to be the greatest invention since the remote control. I agree. Not only can it record television programs or movies for you at any time of day, it can also help you watch television more efficiently. Ever think that was possible? Being able to fast forward through commercials and the duller moments of the programs which you watch, the digital video recorder, also going by the brand name “Tivo,” is a great, great thing. Whoever had this idea…I want to shake their hand.

2. GPS. Once upon a time, the military decided that they needed to determine exact locations on the face of the planet, at least down to an accuracy of a couple meters. This technology, the Global Positioning System, has permeated the private sector and civilian life. Companies make these devices for walkers and bikers through the most die-hard of travelers. Being able to tell you where you are, where to go to get where you want to go, and even how to effectively make your way through traffic jams are all within the capabilities of these great pieces of electronics.

3. MP3 player. The general rule of thumb in the computer industry—in fact, the principle which the entire company of Intel is founded—is that things will get smaller and faster over time. In the 1990s when engineers were able to shrink a hard drive enough to put into a computer that you could put onto your lap, they shot for greater feats such as increased amounts of data in these hard disk drives and make a version of the hard drive that is without disk—a solid-state device which revolves around “flash” technology: The same technology that the memory cards in most digital cameras use. This revolution in technology has manifested itself in a plethora of consumer devices…such as the MP3 player. They come in all sizes, shapes, and for every use.

The greatest of these devices is the iPod. Coming in versions with flash technology that are lighter or those with hard disk drives that are more robust, the iPod is the epitome of style and, with Apple’s iTunes software, it becomes a great device to listen to music, podcasts, and—on certain models—watch video.

If video is more up your alley, though, and you want to be able to use your MP3 player in a more connected capacity, you might want to look into a device such as the Archos digital media players. Aside from a relatively large video screen, it also possesses wireless internet capability which allows it to surf the web with an included web browser.

The Technology Factor

Technology is a wonderful thing. “One machine can do the work of fifty ordinary men,” American writer, publisher, and artist Elbert Hubbard once said. The use of technology can certainly, as history has shown, be used to add more value to our daily business, squeeze more productivity out of our resources, and get more done with what we have than we might have once through possible. In the hands of the adequately skilled leader, the limits of technology are only limited to the boundlessness of creativity.

From the most basic perspective, the time savings, efficiency and commoditization of routine tasks and services allowed by computers and other pieces of technology has been able to free many the business leader to focus on the more pressing, creative, problem-solving, and desirable aspects of our trades or businesses. Computers, however, being the blessing that they are can also cause headaches or lack of productivity if they are not correctly tailored and utilized in the capacity that meets the missions of the business concern. When looking at computers, for instance:

1. Get a computer that meets your needs: Word processing? Spreadsheets? Financial management? Presentations? Personal information management? Sales management? At the very least, make sure you use a suite of programs designed to protect your computer against “malware:” The general type of malicious computer software which includes viruses, spyware, Trojan horses, and the like. While there are many programs that you pay for on the market, my experience shows that you can also achieve the same level of protection from the right mix of free programs. For instance, at home I use AVG Anti-Virus Free, Windows Defender, and Spybot Search & Destroy. This has been able to hedge against any malware problem I have on my computer at home, and what I’ve seen with others using these.

2. Organize your computer. Investing some time now on organizing your computer will very much add to your efficiency and productivity later. Be descriptive enough with your titles in order to convey your message to yourself or others. Be certain to use a system that is logical and makes sense to you.

3. Keep email short and direct when you send it. When you receive it, scan messages by subject header. Only give your email address out to people as necessary to avoid unsolicited junk or “spam” email. Designate a discrete number of times in the day, usually 1-3, to review and respond to emails. Studies have shown this to be the most productive approach.

Three ways that your computer can do for you to make your life easier:

1. Internet faxing services can remove your need to have fax machine in your office; instead, with the use of email (and possibly a scanner), you can have people fax you and you can also fax other people! These services include, but are not limited to: eFax, MyFax, RapidFax, Metro Hi Speed, FaxAge, FaxMicro, Send2Fax, and SRFax. Not sure if you want to pay? Try advertising-supported FaxZero!

2. VoIP, or Voice Over Internet Protocol, allows you to escape the confines of traditional phone plans and call anywhere using your broadband Internet connection in conjunction with your existing phone system, or simply a headset attached to your computer. The latter would find you using a program & service called Skype. The former, using your own phone system, will find you either using a local Internet provider or services such as Vonage, 1TouchTone, Verizon VoiceWing, or Lingo, for example. Want to know who ranks the best? Visit here.

3. The podcast is an excellent and efficient way to stay connected with news, opinion, and entertainment on the run. Essentially podcasts are just “radio on demand” programs from anyone with a few pieces of software to record, edit, and upload what they have to say to the Internet.

Next, how other parts of technology can play an effective part in the business leader’s everyday life.