Staying Competitive Means Investing In Technology

Posted by Jacob Goodwin in Insights - Last updated

Staying competitive, and finding new ways to keep ahead of the curve, often sits at the forefront of every business owner’s mind.

The common challenge though, is identifying how to be your industry’s leader.

Innovation, and correctly identifying the right consumer trends to jump on, are part and parcel of any forward thinking strategy.

However, the key ingredient is investing in technology.

It is through adopting the right technology, at the right time, that tracking trends and generating innovation is achieved.

According to a new report from Nexer

“More than half of retailers believe they will have to introduce more technology into their business strategy.

Doing so will allow them to remain competitive over the next five years.”

Nexer

The risk for those who don’t is clear; a lack of iterative improvements will see you left behind.

When To Invest

As with any competitive advantage, the real gains are made by backing the right horse before anyone else.

This means that proactivity is essential when it comes to investing in technology.

Concerningly, Nexer’s study also identified that…

“More than a quarter of those surveyed believe the technology they are currently using will be sufficient for the foreseeable future.”

Nexer

Many of those would have said the same thing before March 2020.

Hindsight is of course a wonderful thing and as we now know, Covid-19 had dramatic repercussions on the operations of every organisation.

By no means are such world redefining events commonplace.

Yet, those that managed to pivot, or bounce back, faster than others, were those with the technological capacity to do so.

Whilst companies were left chasing their tails trying to formulate new operating strategies from scratch, technologically advanced organisations were able to capitalise on the emerging gap.

In other words, it paid to be prepared.

Investing In The “Right” Technology

For those in the KBB sector, it’s clear that technology already plays a significant role.

CAD packages allow designers to create digital concepts with ease whilst AR and VR technologies have revolutionised how those designs are brought to life for prospective customers.

But too often, gaps in technology appear when it comes to optimising operational processes.

Either no change has been made resulting in 10 year old practices still being used. Or, in cases where systems have been introduced, this has been done so in line with a bit part approach that has led to disconnected and siloed information.

Businesses that aren’t streamlined risk bottlenecks that can delay progress and slow down future developments of products or services.

Coxblue

The more efficient your business is, the more likely you are to get new products and services out the door to your customers in a timely manner.

Ultimately, it is this which will help you stand out from your competition.

By identifying areas where technology can improve your process, you are directly identifying areas in which you can better serve your customers.

Our business landscapes are exceptionally quick to change.

Ensuring you have the right technology in place guarantees you either stay ahead of the curve, or are fastest to respond to an unforeseen change.

Investing in technology is investing in your customers. And by extension, your future success. See how Anthill can help, today.


Intrigued to learn more? Check out our Insights Hub to keep your business at the cutting edge.


Jacob Goodwin -

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