Businesses today are posed with a challenging question, “How do we avoid becoming obsolete?” The rapid evolution of technological solutions has made competition more intense, and both large enterprises and small startups are compelled to look for ways to stay relevant and agile.
To help you outpace your competition, we are listing three ways you can use technology for your competitive advantage.
Technology as a Driver of Differentiation
Innovation and differentiation have never been more critical to businesses. In today’s global competitive environment, you must find ways to stand out from the crowd and create stronger bonds with your customers. This can only be achieved with technology. Using advanced technology, you can gather valuable data about your customers’ preferences and needs and focus on creating solutions that fulfill them.
Telstra, an Australian telecommunication company, differentiated itself from its competitors by offering self-service applications to its customers, but the company realizes that the competitive advantage may not sustain for a long time, and hence, is working on an architecture that will allow rapid transitions according to business needs.
Technology as a Driver of Inexpensive, Creative Solutions
Another great way technology can enhance the profitability of a business is by development of inexpensive, easy-to-deploy applications. When developing an application, you must ensure that the application answers an emerging business or customer’s need and offers a good return on investment.
Coca-Cola developed a smartphone app to manage its branded coolers in retail shops throughout India. The company had the investment capacity and ability to invest in RFID technology, but it preferred the mobile app because of its short lead time and easy deployment.
Technology as a Driver of Quality and Agility
While it is important to quickly launch new applications, ineffective, poorly designed applications can backfire and cause you to lose your customers. When using technology for developing business solutions, you should keep two things under consideration – speed and quality.
To develop a quality app using agile methodology, begin with requirements elicitation. Know your business needs of a smartphone app and gather resources to develop it in the shortest possible time.
So, is your organization prepared to embrace new technologies? Do your preparations to stay competitive in the corporate world.
This article was written using content originally published by Forbes Insights.