How Can Your SME Be Equipped to Compete – Transformation & Technology
In our series on how your small to medium sized organization can have the necessary tools to be competitive, we have discussed having a global mindset, focusing on innovation and differentiation, and techniques to reinvent a global business outlook. All of these are excellent building blocks to growth, however without embracing new technologies and transformation, the process can be left incomplete.
Do you see yourself as an early adopter of technology? If so, you’re likely to be profitable. Technology enables you to have competitive advantages ideally suited to the digital age. This helps you distinguish yourself from more established firms. Technology and transformation go hand in hand. Studies have shown that nearly two-thirds of respondents of a survey say that they must transform to stay ahead of competition. A similar number recently completed, are currently undergoing, or are planning a transformation initiative. The need for technologies that will enable your organization to make a more sophisticated use of its data, and in turn transform, is a critical move for maintaining your growth trajectory.
Here are some key benefits of transformation & technology:
- New found confidence – By embracing business technology, you most likely will gain a new-found confidence. You want to be more innovative than your key competitors. Remember, there are different ways to compete with global rivals under the strains of global competition, rising labor costs, economic uncertainty, shifting customer demands, and emerging technologies. By focusing on innovation, you can stay on top.
- Can determine ROI of new technologies – By using business analytics and management software, in conjunction with social and cloud technologies, your organization can easily determine the ROI of such technologies. Can you handle technology and do you understand its relevance? By utilizing tools that improve communication and enable the exchange of ideas, you have better insight into how and where you’re making a profit.
- Agility and adaptability – This new found confidence, combined with self-belief, allows you the potential to take on anyone in any market. Transformation is more than simply plugging in new technology. And with fierce competition at home and from firms based in other countries, finding new markets is an essential survival strategy. Without staying agile and adaptable, it’s transform or die.
- Long-term success – Technology is critical to sustain growth and long-term viability, meaning it’s become a necessity to compete globally. You know that you have to do things differently to compete with global rivals in the future. Some say that technology is even rendering traditional business obsolete. This shift in attitude is causing you to rethink business models and strategies, even adopting certain technologies that were once out of reach.
- Deliver innovative products & services – Technology helps you deliver more innovative products and services. It pays off in terms of better customer service and improved product and service development. You want to emphasize the role of enterprise mobility in improving innovation.
Clearly, transformation is a key to business success and technology plays a growing role in reinventing your business models and transforming your products and services. After all, business transformation is imperative for growth-minded SMEs. Contact Third Wave today and learn more!