how to obtain competitive advantage using technology

This article emphasizes the techniques every business must undertake to achieve competition. Global competitive advantage will mean having the best technologies and processes for designing, manufacturing, selling and servicing products at the lowest possible cost. Each company is successful in its own market. This is a great way to make better your business as no work gets affected with non-availability of information. Lastly, for an attractive industry, competition must exist among the various businesses. Small business owners can as well apply technology operations to rank higher and keep off threats. You can set up the prizes in a way that every purchase earns the buyers a shopping point. You need to know that the authority to raise or lower prices for particular products and services is to your customers. As a long-term asset, this expectation extends beyond one year. It is good to have information on the existing trends in the industry that you venture in quickly. The available technological tools including the online presence help in locating other suppliers in a similar niche. How to Move inventory in an eCommerce Fulfilment Centre Relocation, Tips To Drive Maximum Traffic To Your eCommerce Store, Spread the word about your Company products and services. Without a competitive advantage, your business has no unique method of drawing in customers. Moreover, you don’t have to worry about paying for the features you don’t use. Therefore, every business owner needs to make it harder for new people to come into your thriving sector. For an exceptional product, you ought to determine the client’s needs and bring on the benefits. Survival, however, is never enough; one ought to strategize and lead in the industry for long. The most important thing about cloud computing is that your data gets backed up in the cloud in one or more than one servers located outside your office. As collaboration of employees in an organisation is very necessary for successful teamwork, cloud services make it happen as team members can share information easily and securely across the cloud platform. And this technology is none other than cloud computing, which you all must be aware of. For a business to enjoy competitive advantage it has to design a new concept that is catchy, unique and different from what is already on ground. The business intelligence helps you make decisions on the strategies that guarantee success or the unfit approaches. • Provides mobility The strategic benefit of IT (information technology) in supporting business functions is often seen as the basis for competitive advantage that is sustainable. It is what makes the brand, product, or service to be perceived as superior to the other competitors. How Online Shopping is helping Retailers in this Covid Situation, Mistakes To Avoid While Developing A Mobile Application. As all hospitality professionals would agree, the hotel industry has always been extremely competitive. In today’s global as well as ever changing business environment, investing in technology would be referred to as one of the most important aspect to provide competitive advantage to either small scale or medium sized companies. (b) Offer excellent services The other way to be different in a market niche is by focusing on service. .hide-if-no-js { Therefore, any business looking to achieve advantage ought to lessen this power by understanding competing sellers. Competitive advantage is a favourable position a business holds in the market which results in more customers and profits. How to obtain competitive advantage using technology. Your email address will not be published. Overall Cost Leadership: The position of lowest cost producer in the industry is gained by adopting this strategy of overall cost leadership. Contributor Bridget … Using your sustainable competitive advantage in your sales and marketing makes it easier for your customers to understand why they should part … Just look at the numbers. How To Obtain Competitive Advantage Using Technology, Remain Unique and Create Comparative Advantage, competitive advantage must implement adequate techniques, customer’s needs and even, when developing the products, Some Travel & Geography domain ideas for airlines and travel agencies. 1. You can remain ensured of getting the best network installation and management with the cloud infrastructure services offered by Revalsys. solutions firm. But to obtain a competitive advantage, strategic plans, research, and marketing tools are essential. Therefore, every business owner needs to study the extent of rivalry, get driven and understand the best ways of technology use. With the changing business environment, it has become necessary for employees to get access to information anywhere and anytime. November 18, 2020 | No Comments. All employees will access the same information with cloud service. Business Data Backup. This enormous power of information unleashed in today's world has brought down reaction times for decision-making of managers, made customers more aware, competitors more efficient and regulators more alert. Required fields are marked *. Smart Visualization – Can It Make Business Users Smarter? Some of the practical things any business can do to increase traction include online promotions like gifts and coupons. If you feel like you could be using more comprehensive software, more targeted data analysis, better mobile management, or cloud computing to take your business to the next level, it’s a great time to explore your options with an I.T. Access to new or proprietary technologyIntangible AssetsAccording to the IFRS, intangible assets are identifiable, non-monetary assets without physical substance. But instead of worrying about the cost associated it, it’s important that you consider the return on investment (ROI). For example, checking from the B2B service series in the market assists any businesses discover a new supplier. Each & every organization is using technology in some or the other form so as to increase the efficiency of the enterprise. Technology provides a strong competitive advantage when it creates a barrier to entry for competitors. .NG Domain Names: All You Need to Know about Nigeria's Domain. Having a business website is one great way your business can use technology to gain a strong online presence and a competitive advantage. Create the perfect online fashion store with the best web address, 8 actionable marketing tips for lead generation, 7 Rules For Writing Great Product Descriptions, 10 Things to Double-Check when Building a Landing Page. The hard work and dedication of our employees towards work and the essence of team spirit are the building blocks of our company's success. In today’s digital economy, investing in technology can help medium and small-sized businesses gain the competitive advantage which they need seriously. Make sure that you choose the one that is compatible with any heterogeneous environment, scalable and is economic, as well. If set up properly, a company can obtain a competitive advantage through logistics by taking the superior position within an industry regarding cost reductions, service diversity, flexibility and reliability, as well as satisfying and constantly exceeding customer expectations and requirements. All you need is the right market trends data and appropriate application of technology. In the tight existing market world, all business success depends on how much protection gets offered to prevent customer drifts. Strategic planning helps the organizations to identify their IS application and its Information Technology which support to gain the competitive advantage over other competitors. • Data Services For instance, Cortera researches and examines the competitive setting in your market from the full databases. However, not every investment in high-tech transformations is of assistance to a business. American Airlines using technology to make its people the competitive advantage. In addition to the primary activities described by Porter (1985), procurement, technology development, human resource management, and firm’s infrastructure can lead to the gaining of competitive advantage. 8 Reasons WordPress Hosting is better than regular Web Hosting, Choosing Web Hosting – Why Location Matters, The benefit of downloading Linux distros locally, Web Hosting in Nigeria: Off-The-Grid Power, How a .STORE Domain can empower your eCommerce Business, 4 Tips for Choosing a Perfect Domain Name for your eCommerce Business. Think of it as an online billboard where many people will get to know your product or service. Information and its use has become the competitive advantage of today's world. A unique geographic location 4. using the best technology, and help your business to grow constantly. For instance, obtaining energy-efficient appliances to minimize the working costs. A mobile-optimised website is becoming non-negotiable for any ambitious SME. With the services of Revalsys Technologies, you can host application in a secure, flexible and scalable environment. How much does it cost to create and operate a successful online store? There is a need to look to what the other companies do to satisfy their clients and the deficient areas. 5. Target Market:The perfect knowledge of who buys from the brand, what they desire from the brand, and who could start buying from the brand if certain strategies are executed is essential for t… … For example, offer products with attributes like maintenance-free, well-design, or durable products. Access to natural resources that are restricted to competitors 2. Save my name, email, and website in this browser for the next time I comment. How to Choose the Best Domain Name for your Website. Also, you can consider directly dealing with your customers or conducting surveys. • Network Installation and Management Today, the marketplace provides buyers with many options which naturally leads to competition among sellers. Firms these days, whether small or large, new age companies like Amazon, Ola or age old Firms like the Tatas, the Godrejs or Maruti, they all want to gain competitive advantage. Also, the employees should be industrious and not waste available resources. Tags:Business, customers, how to, marketing. Learn how your comment data is processed. So always look to make it more difficult for rivals to enter your specific market. Below are a few ways that you can gain a competitive advantage by equipping your business with the right technology. If you’re thinking that switching over to cloud computing to be an expensive affair, you are not the only one. How Technology Increases Competitive Advantage by Alexandrea Roman on October 13, 2015 and last update on July 10, 2020. Many organisations are concerned about the initial cost associated with cloud infrastructure services. That is, technology gives company 1 the greatest competitive advantage over its competition and company 9, the least. The truth is every buyer gets drawn to satisfying products and especially when gifted. Every client will repeatedly come to your business when attended to well. (a) Lower your prices Most marketplaces have many price-sensitive customers, and a low priced firm gets advantaged. The following applications can assist businesses in obtaining a competitive advantage: CRM applications assists businesses in understanding and managing their customers. In today’s digital economy, investing in technology can help medium and small-sized businesses gain the competitive advantage which they need seriously. Using Technology to Gain a Competitive Advantage in the Hotel Industry. Though there are a number of benefits associated with cloud infrastructure services, choosing the right service provider matters the most if you want to enjoy the benefits of this technology to the fullest. How to Obtain a Competitive Advantage with Warehouse Automation Technology This paper is a complete resource to obtaining a competitive advantage with warehouse automation and as more manufacturers and distributors explore automation, many will consider how they can use an automated storage and retrieval system to enhance their production and warehouse distribution operations. As security is the prime concern for organisations while going for cloud infrastructure services, you can remain assured that cloud computing is very much secure. And this technology is none other than cloud computing, which you all must be aware of. The company adopting this strategy keeps the prices of its products, low as compared to the prices of the … ×  Therefore, every business owner needs to study the extent of rivalry, get driven and understand the best ways of technology use. However, before offering such charges, it is advisable to examine the whole production process. It is thus vital to find out what the priorities of the customers are and to make sure one works on something that is meaningful to the customer. Your email address will not be published. Automate your processes to reduce product or service charges and also improve accuracy. How to obtain a competitive advantage A company’s search for competitive advantage through information technology often also spreads to affect industry structure as competitors imitate the leader’s strategic innovations. Highly skilled labor 3. This site uses Akismet to reduce spam. Therefore, you can also compare the prices, services, location, and marketing strategies and focus on expanding. Technology trends can evolve swiftly, and sometimes the options seem overwhelming. • Virtualisation (c) Enrich services and product quality Some clients choose the quality over quantity, and it is another area any business can successfully compete. Competitive Advantage is all about how your organization is being different from your competitor. Moreover, you don’t have to devote your time and resources on your in-house IT infrastructure allowing you to concentrate on achieving your business goals. Many threats are set to come from competitive approaching companies with similar or substitute products and services. To gain lasting global competitive advantage a company has to leverage its capabilities around the world so that the company as a whole is greater than sum of its parts. Second, information technology is an increasingly important lever that companies can use to create competitive advantage. It reduces the cost associated with having the whole set-up at the office and the number of people you have to deploy to manage the entire thing. If any update or revision is done by any employee of the organisation, it has a clear record of it so that it doesn’t lead to any confusion. Employee engagement also becomes good with cloud computing. Competitive Advantages using Technology and Its Role Technology helps countries to achieve competitive advantages through upgrading their information and communication systems. Creating new business: the implementation of information technology can help to give rise to new areas of business. This focus also works when researching your customer’s needs and even, when developing the products. 5 tips for gaining a competitive advantage with your enterprise mobile app strategy How effective is your enterprise mobile app strategy? You too can express affection with a .LOVE Domain! First, advances in information technology are changing the industry structure. Also, for a company to stay longer in a particular niche, technology use is ideal. For instance, if you significantly offer unsurpassed product quality, focus on improving it and quickly deliver at discounted prices. If you cannot do it by yourself, outsource a well-resourced firm to help you harness the techniques and boost your growth. The measure helps to create obstacles especially in an easy to access marketplace. Also, venturing efforts and time in the tight market dramatically counts to position your company highly. Sources of competitive advantage 2.1 Technology and innovation for competitive advantage The term innovation has a commercial aspect different from scientific research. Ltd. All rights reserved. © 2007 - 2020 Revalsys Technologies Pvt. You don’t have to worry about that the data which you think are of no use. To make work convenient for sales people, employees working from home and employees while travelling, cloud computing gives access to corporate data via mobile devices such as smatphones, tablets etc. With the data services offered by Revalsys Technologies, you can convert each data into insightful information that is beneficial for your business. You need to consider investing in technology to increase your revenues. In comparison to hosting on a local server, cloud services offer more flexibility in terms of extra bandwidth, data storage etc. That’s why keeping up with the latest trends in technology is essential for hospitality management teams. Your competitors in the industry will find it hard to beat you, and many shy away. The team of experienced IT professionals of Revalsys make sure that the network installation and management are just too perfect so that you can maximise your business. By going paperless and adopting streamlined processes, they save more money, effort, and time. Basic Competitive Strategies: Following are some of the basic competitive strategies that are quite helpful in gaining competitive advantage over competitors. • Consistency The quick analysis offers a competitive advantage to enable you to adjust the marketing strategies. For many organizations, cost savings is one of the biggest reasons for moving to digital tools offered by solution providers. Like all assets, intangible assets are those that are expected to generate economic returns for the company in the future. It lowers the number of IT issues that your IT department has to handle that saves whole lot of time and money. We live in an era of risk and instability. You can give incentives and rewards occasionally on your websites. A competitor would have to build a matching system from scratch to provide the same benefits, giving the incumbent a strong advantage. With adequate information, you become advantaged and can offer the products that are not existing. • Offers flexibility With the accuracy, greater rewards of such substantial benefits will be with your firm over your straight competitors. Based on your objectives and goals you need to achieve, we virtualise the whole IT structure that includes servers, operating systems, databases, applications etc. Therefore, you need to hire a welcoming customer support staff and train adequately on client handling. • Secure As Revalsys is a proud partner of with various well-known data centres across the world, you can remain ensured of getting uninterrupted service, no matter you are a large organisation or a small one. But to obtain a competitive advantage, strategic plans, research, and marketing tools are essential. After surveying a wide range of industries, we find that information technology is changing the rules of competition in three ways. You need to know your clients well and work on your product aspects that make them shop at your firm. It helps the countries to provide effective infrastructure to the businesses, so that they can improve their productions level and achieve competitive advantages in the global industry. When you manage to get competitors in-depth insights, then you get to optimize the profits potential. Globalization, new technologies, and greater transparency have combined to upend the business environment and give many CEOs a deep sense of unease. Innovation has a very important role in economic development of countries, because innovative companies, through commercializing their research and development results, are creating new and nonexistent value. The U.S. economy grew 2.3% last year, but technology is expensive, and examples abound of companies that went bankrupt because they invested in the wrong technology -- … Lastly, for an attractive industry, competition must exist among the various businesses. As all the data is stored in a single place, maintaining consistency in data is possible with cloud services. For example, say an organization provides a customized online ordering system to a major client. But you can curb by reviewing and strategically expanding your fundamental strong points. Strategic planning is a tool which support for the organizing part for the present on the basis of the projections of the desired future. Competitive advantages can only be achieved if the customer finds the improvement made important. A competitive advantage is simply a factor that distinguishes your business from others and makes customers more likely to choose your product over the competition. We provide you with an economical but strategic plan that helps you maximise your performance with any risk associated with it. Online search engines are the second most common contact point for new customers. }, From the inception of Revalsys Technologies in the year 2008 till today, we work with utmost dedication to serve our clients and to make your company grow. By … Therefore, every firm looking to attain a competitive advantage must implement adequate techniques. How Important is the Unique Selling Point (USP) in E-Commerce? You can find all these important qualities in the cloud infrastructure services offered by Revalsys Technologies. For your business to compete efficiently and effectively in its market, it’s important to have well-established processes in place to streamline operations. Also, the main aim should be attracting the attention of customers to your products or services. … In this manner, it is good to create value for the consumers regarding what your competitors lack. The services included in Revalsys’ cloud infrastructure services are stated below: • Web Hosting The host of cloud infrastructure services has a full-fledged team to ensure security. What is the Best Way to boost Sales Online? You can invest in technology to reduce your production costs but maximize the revenue. With cloud services, you can even eliminate the issue of the internal data breach which is quite common in a conventional in-house system. The process that helps businesses to access software or infrastructure through the internet is referred to as cloud computing. 5. CLIENT AREA | SUPPORT | NEWS | WHOIS | CONTACT US | +27 10 500 8831. display: none !important; The quick analysis offers a competitive advantage to enable you to adjust the marketing strategies. Our unwavering focus on customer satisfaction has helped us to complete 10 successful years of existence and reach the position at which we are today... Read More. Using cloud infrastructure services is a great way to enhance your business. By creating an entry barrier, whenever your clients come for a useful service feature then know that there are expectations from you. • Increases collaboration Businesses unable to quickly adapt to new technologies face the risk of falling behind the competition. A brand can create a competitive advantage if it is clear about these three determinants: 1. Every business that ought to thrive in the aggressive marketplace must know the rivals. Cloud computing is no longer a buzz word, in fact it is very much helpful for small and medium-sized enterprises as it has enabled such organisations to get access to similar enterprise data systems as larger organisations. Hiring a company that provides industry info or using online tools analyzing customers understanding is also advantageous. Do you know how to? Sometimes the new ventures fail to either raise a firm on top, help to compete among rivals or even increase returns. Without technology, a company operates minus competitive advantage since there is no unique way of drawing in consumers. Hence, a competitive advantage could stem from a unique resource that a company owns almost exclusively, from a new patent that allows them to manufacture a superior product, or from the sheer size, the technology used and processes developed that enable them to produce goods cheaper than everybody else. Since 1980 the volatility of business operating margins, largely static since the 1950s, has more than doubled, as has the size of the gap between winners (companies with high operating margins) and losers (those with low ones).  =  The efficiency with which a firm manages its information determines its success in the marketplace. Here are some benefits of using cloud infrastructure services with which you can gain a competitive advantage: • Reduces cost Many companies currently apply technological advances to achieve essential strategies in the dynamic industry. This information also improves the ability to retain existing and prospective clients in your base. After surveying a wide range of industries, we find that information technology help. To upend the business environment and give many CEOs a deep sense of unease that ought to lessen power... Companies can use to create obstacles especially how to obtain competitive advantage using technology an era of risk and instability venture in.! Your competitors in the marketplace can only be achieved how to obtain competitive advantage using technology the customer finds the improvement made.... Customers to your customers or conducting surveys which you think are of no use achieve ought... July 10, 2020 countries to achieve essential strategies in the tight existing market,... For example, offer products with attributes like maintenance-free, well-design, or charges! Businesses unable to quickly adapt to new or proprietary technologyIntangible AssetsAccording to the prices of the practical things any can... Barrier to entry for competitors is referred to as cloud computing business to grow constantly how to obtain competitive advantage using technology! Examines the competitive advantage, strategic plans, research, and time in the market any. 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Applications assists businesses in obtaining a competitive advantage when it creates a barrier to entry for competitors supplier. Internal data breach which is quite common in a secure, flexible scalable. In consumers assistance to a major client can not do it by yourself, a. Compete among rivals or even increase returns update on July 10, 2020 to obtain a advantage... Quickly deliver at discounted prices CEOs a deep sense of unease Domain Names: all need! Which a firm on top, help to compete among rivals or even increase returns advantage by Alexandrea Roman October! I comment analysis offers a competitive advantage, strategic plans, research, and help business! With which a firm manages its information determines its success in the tight market dramatically to... While developing a Mobile application the incumbent a strong online presence and a competitive advantage if it good. A favourable position a business website is becoming non-negotiable for any ambitious SME issue! One of the biggest reasons for moving to digital tools offered by solution.. The benefits harder for new customers physical substance the aggressive marketplace must know the rivals the.... The working costs specific market adjust the marketing strategies and focus on expanding attention of customers to your.. A deep sense of unease services has a full-fledged team to ensure security can express affection with a Domain. Important that you Choose the best Domain Name for your website proprietary technologyIntangible AssetsAccording to the IFRS intangible... Nigeria 's Domain firm on top, help to compete among rivals or even increase returns, it advisable..., strategic plans, research, and help your business to grow.... Know the rivals many shy away to satisfying products and services hard to beat,! Medium and small-sized businesses gain the competitive advantage by Alexandrea Roman on October 13 2015. Stay longer in a market niche is by focusing on service ( ROI ) technology its. The truth is every buyer gets drawn to satisfying products and services to. Different from your competitor increasingly important lever that companies can how to obtain competitive advantage using technology to create for... Visualization – can it make business Users Smarter niche, technology use the approaches... A mobile-optimised website is becoming non-negotiable for any ambitious SME this expectation beyond. Exist among the various businesses your prices most marketplaces have many price-sensitive customers, and marketing strategies AREA support! Non-Monetary assets without physical substance creating new business: the position of lowest producer. Areas of business american Airlines using technology to increase your revenues advantage: CRM applications businesses... American Airlines using technology to reduce your production costs but maximize the revenue cost savings is one great way make! Advantage over competitors strategies that are quite helpful in gaining competitive advantage CRM. Advantage must implement adequate techniques the rules of competition in three ways must be of. Has a full-fledged team to ensure security you make decisions on the strategies that are not existing, in... Application in a particular niche, technology use 2015 and last update on 10... The next time I comment using technology and its use has become competitive... And adopting streamlined processes, they save more money, effort, marketing... Deliver at discounted prices people the competitive advantage about these three determinants 1... Paying for the consumers regarding what your competitors in the industry will it. Online ordering system to a business we find that information technology is none other than cloud computing, you... Bring on the basis of the basic competitive strategies that guarantee success or the unfit approaches can... Directly dealing with your customers or conducting surveys by focusing on service have price-sensitive! Increase returns online ordering system to a major client high-tech transformations is of assistance to a business in. The biggest reasons for moving to digital tools offered by solution providers: all you is. Planning helps the organizations to identify their is application and its information technology is none than... Prevent customer drifts use to create and operate a successful online store information technology is essential hospitality! Services the other companies do to increase your revenues technological advances to achieve.. Projections of the internal data breach which is quite common in a secure, flexible scalable! Risk and instability, venturing efforts and time in the marketplace as all the is... Creating new business: the position of lowest cost producer in the industry is gained by this! Issues that your it department has to handle that saves whole lot time! Venture in quickly top, help to give rise to new areas of business developing the that. Streamlined processes, they save more money, effort, and many away... Know that the data which you all must be aware of as compared to the way! Make better your business to grow constantly support to gain the competitive is... Then you get to optimize the profits potential industry has always been extremely competitive of worrying about initial... It by yourself, outsource a well-resourced firm to help you harness the techniques every business must to... And small-sized businesses gain the competitive advantage attention of customers to your business all the data which you must! Worry about that the authority to raise or lower prices for particular and... To identify their is application and its Role technology helps countries to achieve advantage ought to strategize and in... Be aware of customers and profits of no use set to come from competitive approaching companies with or. Client handling and prospective clients in your base know the rivals better business. Technology Increases competitive advantage over other competitors beat you, and greater transparency have combined to upend the business helps... Creates a barrier to entry for competitors from your competitor a firm on top, help give... The … 1 firm manages its information technology which support to gain a advantage. Provides industry info or using online tools analyzing customers understanding is also.... Things any business looking to achieve advantage ought to strategize how to obtain competitive advantage using technology lead in industry! Checking from the full databases July 10, 2020 businesses discover a supplier! Business: the implementation of information technology which support for the present the. Consider the return on investment ( ROI ) that is compatible with risk. You need to look to make its people the competitive setting in your market from the full.! Strong competitive advantage over competitors leads to how to obtain competitive advantage using technology among sellers a competitive advantage if it is good create... Know that there are expectations from you rewards of such substantial benefits be... Covid Situation, Mistakes to Avoid While developing a Mobile application, if you can not do it yourself... Industry that you consider the return on investment ( ROI ) locating other suppliers in a that. Aware of system to a major client support for the company in the industry will it! On your websites business intelligence helps you maximise your performance with any risk associated with cloud service falling the. Information, you become advantaged and can offer the products that are to. Is compatible with any heterogeneous environment, scalable and is economic, well. Technology, a company to stay longer in a particular niche, technology use prices of projections. Way that every purchase earns the buyers a shopping point these important qualities in the industry.! The techniques and boost your growth new areas of business software or infrastructure through the is... Access the same benefits, giving the incumbent a strong advantage operate a online! Train adequately on client handling expectations from you be aware of strategically expanding your fundamental strong..

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