We currently live in the technological era. In our personal lives and in business, not a moment goes by where people aren’t interacting with some form of technology. There are 3.5 billion smartphone users around the globe. The average person spends over three hours per day on their phone.
Throughout 2020, businesses have been completely reliant on technology to operate. The COVID-19 pandemic forced thousands of companies to be run from remote locations. Employees have spent the best part of the year completing their daily tasks from makeshift home offices. Apart from communication technologies, businesses of all industries have become much more dependant on technology.
As it continues to develop, opportunities arise to create significant competitive advantages over your competitors. The most important thing for businesses is to get strategic with their approach and to ensure they adopt technology that’s best suited to their overall goals.
Here are five ways for your business to create a competitive advantage by using technology.
Automation is fast becoming a focus of all businesses, big and small. A common misconception with automation is that it always has to be complicated. In reality, automation is all about maximizing your resources by marrying technology with human intuition. In many circumstances, automation works best with simple processes.
Look to functions that involve a lot of repetition or that frequently fall victim to human error. Automated technology can help increase efficiency and productivity in these areas, giving you a competitive advantage.
Unfortunately, most companies can’t afford to have specialized departments for every aspect of business. Information technology is a niche department that’s becoming more and more important.
By outsourcing I.T. to a managed I.T. services company, you can avail of the knowledge and expertise of technology experts, giving you additional time to concentrate on more pressing business matters.
This can give you a competitive advantage over those that don’t have specialized departments.
A byproduct of the increased reliance on technology is that cybercrime rates have skyrocketed. Hackers and cybercriminals target businesses of all sizes to steal valuable data and information.
A data breach can be detrimental to your business. Ensure that you prioritize cybersecurity and put measures in place to prevent a serious attack from harming your business.
Use the cloud
Information storage and file-sharing should be digitized. Take the modern approach and convert your in-person filing cabinet to a digital cloud version. Not only does this free up office space, but it also makes for more efficient day-to-day operations. Employees can gain easy access to files and information, speeding up processes.
Make sure to have adequate security in order to prevent breaches of data or unwanted access to restricted information.
Utilize data-driven marketing activities
Businesses today have more access to information and data about the market and their customers than ever before. A basic website and standard social media channels generate huge amounts of data for companies.
It’s vital that they use this information to inform decision making. By prioritizing data, all activities can be measured and tracked, giving you a true indication of campaign performance. This provides transparency, accountability, and removes any doubt about decision making.