Leverage Technology to Gain Sustainable Competitive Advantage that Will Take Your Business Forward.
In the aggressive business world, creating a competitive advantage is an integral part of achieving success. We can see there are many competitive advantages speed to market, speed of delivery or even price, many can fall away quickly or be recreate by competitors. The answer for this is leveraging technology, that drives innovation. Companies can form a sustainable competitive advantage that can help cement your place as a segment or industry leader. Let's take a more detailed look at what counts as a sustainable competitive advantage.
Sustainable Competitive Advantage?
The first point to note is that there are many types of competitive advantages. They're not just limited to a few processes that you could perform better than a competitor. It could be operational excellence or product leadership, for example. Or your offering could offer customers superior personalization.
Whatever your specific competitive advantage, it is essential to note that most are not sustainable. That is, they will only last a certain time. For example, a first-to-market product only has an inherent advantage until a competitor creates something remarkably similar or the patent has expired.
Conversely, lasting competitive advantages are obtained when a specific aspect of your business has an unfair advantage that is destined to last into the future. Warren Buffett has a keen eye for companies that have built such competitive advantages, describing these companies as having a "gap" around them.
Reject so-called benefits such as "first-mover advantage". It explores investment opportunities for tangible benefits that cannot be replicated, such as unparalleled knowledge of the industry (trade secrets) or technological advantage.
In terms of technology, advances in the latest software and hardware could be the most effective chance for a legendary advantage in the marketplace.
Why Technology Holds the Key to Business Success
Technology is helping to reframe the business landscape. It is not an instance that technology is an esoteric technology that stands out from certain industries and companies. On the contrary, every business should now be looking to become a technology business.
As the line between who makes the technology and who uses it blurs, it will be the companies that use the technology for sustainable competitive advantage that will leave their rivals behind. With the advent of the Internet of Things (IoT) and large data collection powered by cloud technology, early adopters will gain an advantage that could turn into a lasting advantage over the competition.
Summing up:
Moving forward, information will be the key to success. Analyzing, gathering, and implementing the insights generated by cutting-edge technologies can help businesses operating in even the most conventional industries find their way towards success.
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