Startups are blossoming like seeds all around the world thanks to available technologies like social media, and natural evolution of our society. People are more emboldened to take their ideas and turn them into businesses thanks to the exposure they can garner with an online presence, and they’re ready to take on some pretty big competition thanks to the confidence of having the tools and resources today that those companies didn’t have a few decades back.
These companies definitely have the right idea, and it’s not hard to see the clear differentiators between those who are still doing business by word-of-mouth with virtually no digital branding (yes, those still exist in plenty of industries and places) and those that are fresh out of the womb, yet seem so seasoned with the standards of today. So what do these companies see in technology? Here are five of the many, many ways in which technology can impact your business to give you an advantage over the most established company in your sector:
- In software technology, newer is almost always better: imagine you’re a startup just entering the realm of your industry, measuring up against a giant enterprise with years of experience and maybe even a conglomerate of companies under it. How can you possibly stack up against that? When you start a company in today’s environment, you’re probably starting with cloud software or software as a service (SaaS) offerings, which have seamless updates and are kept current without the need for much physical infrastructure. The most technologically advanced big companies today are still dealing with some serious hardware transitions, and they probably have to endure adjustment periods where they get all their employees on board, not to mention, any change must be made throughout the company, usually for thousands of employees, which gets to be very expensive. The startup these days always gets the newer, better tech, more accessible and has an easier time making changes.
- Customer service: this should always be at the forefront of your priorities, and it will be the reason for your business to thrive or fail in the process. With technology like AI, machine learning, IoT, robotics, etc., you can capture and keep customers all over the world that are attracted to the experience you can provide. The demographics with the biggest purchasing power are shifting towards the younger generations, and they want their products and services provided by the top-of-the-line technology. You don’t have to “get with the times” when you are starting out ready.
- Operations and processes: businesses a few years back had a need for physical instruments, materials, hardware, etc. that are no longer needed today. For example, doctor’s offices all over the world have gotten rid of their patient file cabinets and have switched to fully digital medical records, eliminating the need for sorting files and giving their staff time back for more meaningful interactions with the patients. This same effect is happening across industries, and startups today have the opportunity to start from scratch with already optimized processes and tools to run their operations.
- Financials: with the democratization of so many technologies, technology has never been cheaper. Almost all software and hardware products have reached an all-time low in terms of accessibility and you can get much better solutions for far less of an investment than before. Financially, there’s never been a better time to be an entrepreneur and start out at the pinnacle of technology.
- Reputation and partner ecosystems: today, when you start off with the technological advantage, other companies take notice and may start partnerships with you where you are certified to offer their services, and vice versa. For example, Amazon Web Services has the Amazon Partner Network where they certify third-party companies to provide services on their platforms. This is an incredible opportunity when it comes to exposure, growth and a steppingstone to more.
With all of these advantages, there’s absolutely no reason why a company should start off without a full suite of tech support behind it. Your customers, employees, and ecosystem will thank you, while your competitors, regardless of how established they are, will wonder where you came from. If you’re ready to take your industry and sector by storm with the help of technology custom-made for your needs, contact us for a full assessment and scoping of your possibilities.