Startups

How Startups & SMEs Can Leverage Existing Technology to Gain Competitive Edge

startups

This guest column is by Mahesh Nair, Co-Founder PicsDream

In the fast paced startup ecosystem, technology has become one of the main driving forces that differentiates one business from another. Technology innovations have helped improve operations in businesses and turn small companies into global giants. In fact, successful businesses like Apple, Google, Samsung, and Unilever all have one thing in common; they invest in technology.

A PwC survey found that nearly 80% of CEOs believe that technology innovation helps in driving up efficiencies and leads to a competitive advantage. The most recent success stories are those of startups that disrupted the industry by leveraging technology to gain an edge over competitors.

Startups that adapt to the latest technology can revolutionise the industry and create an efficient business model that is poised for success. Businesses can benefit tremendously by integrating technology in their daily operations, be its finance, operations, human resources, customer or supply chain management. One of the biggest examples is of Uber, which leveraged technology and disrupted the entire cab sharing industry.

Here are some key benefits that you can immediately reap with the available technology solutions:

Better efficiency and efficacy

Trying to find the latest reports, or need to communicate quickly internally as well as externally? Technology plays a vital role when you are trying to get access to the latest market forecasts or trying to track your stock across multiple warehouses. It gives you a better control over processes in your organization; with every little detail just a click away. By providing employees with the latest business software, businesses can improve their efficiency considerably.

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Improved speed and accuracy

Adopting the latest technology enables firms to better manage their resources. It offers ease in tracking and monitoring expenses as well as in measuring other operational metrics. Technology makes it easy to get the latest numbers and figures right on your fingertips. By using the right technology software companies can automate processes, thus improving the speed of operations as well as minimizing the chances of any costly errors.

Better decision making

With all the data available right at your fingertips, you are in a position to make more informed decisions. And an informed decision is usually less risky.

Working in a more systematic manner

Startups can function in a more systematic manner and streamline their processes by using the latest technology. Businesses can monitor their processes with ease by using a mobile strategy and investing in cloud based technology. By adopting apps for business and productivity tools, businesses can enable employees to access data from anywhere. By leveraging mobile and cloud technology, companies can quickly respond to any queries and the use of productivity tools reduces the chance of human error considerably.

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Improved customer experience

Technology can help startups to offer a better customer experience. Calling a cab using an app or tracking a package easily are some of the tools that help can help in providing convenience to the customer and enhance the experience. Moreover, emails, Internet and many other such business applications have made it all possible to stay in touch in real time. Advances in communication have helped connect businesses with their customers as well as help them in improving internal communications.

Conclusion

Long-term business success is often dependent on being able to leverage new technologies, since it takes little time for a new technology to make the old ones obsolete in today’s highly competitive environment. By adopting the right technology at the right time, you can propel yourself into the leadership position with ease.


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