planning for 2024


25th May, 2021

Technology is now a core competitive advantage

Being first over the finish line often means being adaptable, and that requires full transparency of business data and insight. How you use technology makes all the difference.

Competitors are a serious threat and for larger, growing businesses, there’s a lot of emphasis put on activities like market research and competitor analysis in an attempt to stay one step ahead.

In fact, there’s almost no end to the amount of information to be gleaned about competitors and how your organisation matches up — a situation that leads some to analysis paralysis. As a result, it’s the organisation that most efficiently and effectively processes business insights that’s more likely to gain a competitive edge in the long term.

Technology as a competitive advantage

No matter the industry, technology has become a major investment for all businesses, leading to real outcomes when it comes to the development of service offerings and, ultimately, revenue growth.

Technology becomes a competitive advantage when it’s harnessed to deliver the following four benefits:

  1. Real insight, real responsiveness — Identifying and resolving issues before they become major headaches has clear benefits, whatever your business. If your competitors can respond immediately and solve problems with ease, it could be a result of their software. Many business management systems offer access to business data in real-time, so it’s easier to spot issues – customer complaints, missed invoices, project delays – as soon as they arise. With this information, the business can create a strategy to resolve the issue promptly, rather than ignoring and exacerbating the problem.
  2. Competitive pricing, accurate quoting — Business management software could be helping your competitors score points in this area. It can boost efficiency, lowering price points for services overall. Sophisticated reporting functions can help make project costings more accurate, meaning fewer cost overruns – and fewer disgruntled customers.
  3. Work anywhere, anytime — Work no longer begins and ends at the office. Working remotely is far more common and site visits, business travel, international clients and other factors mean that work often needs to be completed outside office hours and away from the physical office. This is where cloud business software comes into its own. It allows you and your staff to access work programs and up-to-date business data on any device, from anywhere.
  4. Online access and improved service — Features like online customer portals can make it easier for clients to do things like check the progress of a project, pay an invoice or request a new service. As more businesses use technology to automate services, expectations will rise – and if you can’t provide the same level of service, you could struggle to retain customers.

As we move into an increasingly data-driven business landscape, the use of comprehensive and reliable technology such as business management software will become a key determinant in short-term sustainability and future success.

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