Not too long ago, it seemed virtually impossible for a small company to climb the ranks to be on the same playing field as an established giant, and though it remains true that bigger companies tend to have more resources and continue to be in the lead for some, the world seems to be rooting for the underdog small startups, and there’s one specific reason they’re getting a seat at the table: technology.
The title specifically mentions digital tools, but the truth is that without a solid strategy in place behind the implementation of technology, it doesn’t matter what tools you have on hand. So instead of showing you specific tools you can leverage for your business, we’d like to focus on what you can do with them and how you should plan your outlook so that you can acquire tools that will grow with you depending on the goals and needs of your business.
So how can digital tools and technology improve your competitive advantage?
- Competition itself breeds improvement: when a new player breaks into an industry, they usually come with an offering that includes new feature, at a lower rate than what is currently being offered in the market. This forces the big guys to rethink their go-to-market strategy, and the ultimate beneficiary of all of this is the user, as there will now be more options, better rates, and maybe even a democratization of a tool or service with wider availability for the masses.
- Small investments yield big impact: with every passing day, it seems that technologies become more attainable or budget friendly, and it’s precisely due to the options created by competition, and the fact that the newer technology makes it easier to improve and achieve current ones. Leveraging existing technologies like a bot or virtual assistant is not as expensive as people may think, and it actually grows the workforce without requiring increased budgets.
- Agility and adaptation: the saying “if you snooze, you lose” could not be more accurate in business. In today’s instant gratification environment, if you cannot answer a customer or resolve a claim quickly, it is very likely that the customer will look for other companies that seem like they’re listening to them and can help them faster than you. Cloud, mobile technology, and IoT have made it possible for us to live in a real-time world, and if your response doesn’t match that timeline, then you’ll be out of business.
- Organization and strategizing: through technology, you can make educated and intelligent predictions and projections about trends, supply, etc. that can help you optimize your business to provide the best possible service, at all times. This puts companies, especially small ones, in a unique position to chart their growth plan with information that their long-established counterparts couldn’t have dreamt of when they had to base their early game plans on intuition alone. So just like you have to strategize which technologies to invest in for better outcomes, you can leverage that same technology for further planning and strategizing. It ends up paying for itself in no time.
Technology has permanently broken down barriers and crossed borders that were unimaginable before, and now we don’t know what we’d do without them. You can deposit checks from your phone, you can offer a 24/7 chat service so your customers feel heard when it matters, you can automate rule-based tasks to free-up your workforce’s time so they can contribute more to the business and in turn feel like they’re valuable and needed… the choice is yours. Depending on your business and industry, there are so many advantages to new technology, all you have to do is make a call. When you’re ready, we’ll be here to guide you through your digital transformation, and beyond.