Why Staying Competitive Means Investing In Technology
in Insights - Last updated December 20th, 2022
Staying competitive, and finding new ways to stay ahead of the curve, should sit at the forefront of every business owner’s mind.
The common challenge though, is identifying the how. The means by which you can become your industry’s leader.
Innovation, and correctly identifying the right consumer trends to jump on, are part and parcel of any forward thinking strategy.
The key ingredient, however, is investing in technology.
By adopting the right technology, at the right time, companies can begin tracking trends to unearth innovation opportunities.
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.
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Investing In The “Right” Technology
For those in the retail 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
By contrast, the right technology allows you to identify strengths and weaknesses, get new products and services out the door to your customers in a timely manner and increase your overall profitability.
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.
Updated 20/12/2022
Ready to explore how Anthill can help you achieve the benefits of investing in technology? Schedule a demo today.
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- December 20th, 2022