There are a myriad of ways you can grow as a company. But before you lose your way by focusing on too many factors, you need a solid growth strategy. And when implemented, that strategy should result not just in growth and increased revenue but the act of surpassing your competition, too.
And a huge factor in achieving all of that is leveraging technology. Digital transformation is the driving force that facilitates business success and fuels long-term growth. Technology these days can help automate processes, manage remote staff, and ensure seamless operations.
That’s why we’ll look into ways technology can help you gain a competitive edge.
Rule Number #1: Operate Like a Technology Company
Just as a myriad of core staff are realizing that they’re all in one way or another becoming digital creators, companies are realizing that they need to shift their collective strategy and mindset – into one of a technology company.
To gain a competitive edge, you need to innovate no matter your industry and start focusing on your product development and IT department. As you’ll see later on in the article, you need to implement automation wherever possible and train your staff to leverage that automation.
That will boost productivity and help your business grow.
Case Study of Experian
Take the example of leading credit bureau company Experian. Technology ages over time. And Experian noticed that as it accumulated technical debt over several years. Its giant technology architecture wasn’t just yet ready to digitally transform.
Even with its hundreds of millions of consumers and businesses, some aspects of their businesses were not performing. Then their CEO Brian Cassin challenged his core team to start thinking differently – like a software company. Sure, while Experian is a credit reporting company, since launching its new services in 2019 they became one of the globally leading software vendors. Experian develops and offers systems and analytics software to financial service businesses. Those businesses then use Experian software for their credit analysis and decisions.
That right there is the sweet spot – an underused advantage Experian spotted. Their CEO realized many companies need help with their credit decisions and jumped at the opportunity by expanding the company’s horizons and offers.
#2 Boost Productivity With Project Management Platforms
Speaking of boosting productivity – with helpful and revolutionary tech, your employees will have the resources they need to do their tasks quickly and efficiently. Utilize technology investments to boost internal communication and assist staff in being organized while handling multiple responsibilities.
You can track employee time to see where to automate or speed up operations and use such technology-based tools to keep projects overall coordinated. As your team begins to complete more work in less time with higher quality – you will see yourself beating your competition.
#3 Automate Processes With Novel Technology
Here’s another thing we mentioned and now we’ll expand upon – automation. Even though it’s on the verge of becoming just another tech buzzword, it does carry meaning with itself.
When correctly done, business process automation boosts production and efficiency while cutting costs. Automation produces consistent results, increasing client satisfaction.
Any business procedure that has steps can be subjected to automation. For instance, file transfers and data reporting are frequently automated. Automation helps outperform competitors because nowadays many companies find that over half of their tasks can be automated.
#4 Use Cloud Computing Spiced With AI
Sure, cloud computing is not exactly revolutionary tech. But you’d be surprised how many businesses are just now starting to move their operations to the cloud. It makes sense that businesses of all sizes are going through digital transformation given that cloud computing offers improved operational efficiency across the board, improved cyber security, and a variety of tailored applications.
To ensure efficiency and service availability, however, and to ensure that your move to the cloud is successful, you must have a qualified staff handle the migration process. That will allow you to remain active and online at all times without wasting any resources. If you’re thinking about using cloud computing, partner with a verified cloud provider that offers such tailored packages.
#5 Leverage Big Data Analytics
You need to use big data analytics to support your growth strategy with accurate and reliable data. And with so much data being shared on the internet, the only way to gather and compile huge amounts of information without wasting time or money is to combine big data analytics with AI (artificial intelligence).
When you have the relevant information, you can quickly and simply change your strategy, your techniques and your overall approach. To correctly accumulate data and leverage it for growth, use expert managed services.
Photo by Carl Heyerdahl on Unsplash
#6 Improve the Customer Experience
Whoever offers the best shopping experience wins in the eyes of the customer. Customers ofte make their buying decisions based on their first impression of the company and how they’re treated.
Using technology to enhance the consumer experience can show customers why your business is the best option. Provide your customers with a multichannel experience they’ll enjoy. For instance, chatbots and live support can assist in providing quick answers to questions. Also, surveys and interviews with customers help your future user encounters.
#7 Embrace Social Media
And lastly, here’s one for your marketing team – use the wonders of social media. That may seem like a given, but again, many companies sobered up during the pandemic and realized that a brick-and-mortar business doesn’t cut it anymore.
LinkedIn and social networks like Facebook, Twitter, Instagram, TikTok, and TikTok are accessible and free platforms for businesses to use on the web. Additionally, implementing a successful social media strategy can help you communicate with your audience and increase traffic to your website, as well as overall sales.
Finding the platforms where your potential customers hang out is the first step. The next stage is to formulate a plan to appeal to them and feed them interesting material.
Technology is the driving force of the economy and overall global prosperity. If you’re seeking long-term success, begin your digital transformation today. Weave technological innovation with testing and patience, and you’ll find those solutions fuel your growth strategy and take you where your competitors haven’t yet been.