With the Canadian business landscape becoming more competitive than ever, the hardest part is to gain a winning advantage.
You may have a great product backed by excellent services, but success hinges on being better than the others. It is hard to win only with product and pricing differentiation because gaps are closing on these fronts.
Customers are spoilt for choice, and they will quickly switch brands if they find a better offering elsewhere. The only way businesses can grow and stay ahead is by being different from the others.
Innovation is the key to gaining an edge in the industry, so everything boils down to embracing new technologies before your rivals do it.
These technologies can help you deliver better customer experiences and boost employee productivity and morale. Both matter a lot as success is about retaining customers and employees for the long haul.
Here are some ideas you can adopt to leverage technology for securing a competitive advantage for your business.
1. Adopt data and analytics for better CX
Customers are the cornerstones of business success because they keep the cash flowing for the company. You have to invest in a lot of hard work to get them on board and retain them for the long run.
Everything boils down to delivering excellent customer experiences every time you have them around. At this point, customer experience goes beyond having a great product offering for them because every brand does it. You need to focus on overall experience throughout their buying journey with the brand.
Personalization is the key because buyers expect brands to value them and know them better. You can embrace data and analytics technology to keep track of customer expectations, preferences, and behavior.
These applications track the consumer’s journey across all touchpoints, right from start to end. Once you know what the target buyers expect, it becomes easy to personalize their experiences and keep them hooked on. It is a definite advantage for your brand!
2. Smarter decisions with actionable insights
Data and analytics technology is perhaps the smartest tech investment you can make to get ahead of the competitors. Investing in it is like killing two birds with a stone- you impress your customers and smarten up your business.
The technology serves actionable insights for the business, which enable smarter decisions that deliver value and seldom go wrong. A wrong decision can be a killer for any organization in the modern landscape, where even a single mistake can have dire consequences.
With a powerful data and analytics application in place, you can understand your customers, competitors, and the market better than ever before.
Business strategies are based on data rather than intuitions, so they always deliver to your expectations. You have better chances to thrive in the challenging space when decisions are driven by real data and insights. The technology also builds the foundation of a modern, future-ready business that always wins.
3. Improve processes with custom software
Gaining a competitive advantage is as much about improving your processes as it is about making your customers happy and coming up with wiser decisions.
At the end of the day, employees matter, and easing things for them can benefit the business in more than one way. It enables you to secure the best talent in the industry, which is another significant challenge in the competitive landscape. Further, simplified processes drive efficiency and productivity and encourage employee retention and loyalty.
Investing in custom software development is a good idea, and most Canadian companies do it. If you operate in the Toronto area, connect with a Major Software Development company in Toronto to get a solution tailored to your needs.
For instance, a custom CRM solution can enhance your sales and customer service process if you run a sales-focused company. A specialized development company can understand your needs and create a solution with the right features to cover them.
4. Automate tasks with AI-based applications
While simplifying back-office processes works well for employees, you can do more by automating the repetitive ones. There are plenty of such tasks that waste the time and energy of people.
Imagine the value you can derive by saving them time and effort going into entering daily invoices in financial records or scanning resumes of the candidates during the hiring process manually. AI-based automation can take you a long way in reducing the workload for such tasks.
AI-powered chatbots make another viable investment to get a competitive advantage with customer experience. You can rely on these virtual assistants to take over the role of customer support agents for generic queries.
The high-tech ones can even offer a conversational interface as they understand human language and follow personal preferences. It means they can interact with customers just like humans and deliver the best experiences. Further, chatbots offer the benefits of cost savings and round-the-clock availability.
5. Get a step ahead with enterprise mobility
Mobility is a crucial factor for organizations that want to stay a step ahead in the market. Flexibility and remote work were already vital before the pandemic, but they are a necessity in the new normal.
Leveraging enterprise mobility solutions does not remain a choice for businesses today. Unless you let employees work remotely, you cannot expect to survive and sustain in the current landscape.
Even as things get back to usual, remote work is here to stay. Employees want to work with companies that offer flexibility and mobility, so you need to have the technology to attract the best talent.
Moreover, your team can serve customers better if they need not be tethered to work devices. Mobility lets your team operate seamlessly from the field. These applications enable them to access corporate data and applications from anywhere. Your employees are available and accessible to customers at all times, which takes the CX a notch higher.
6. Invest in top-notch security
Cyber risks such as data breaches, ransomware, and malware attacks are rampant these days. Using cloud solutions and enterprise mobility applications opens up the risk even more for businesses.
The biggest concern is that you have confidential corporate data and customer information at risk. If a hacker gets access to them, your business can land in deep trouble and even lose its reputation in the market. It is the last thing you will want to happen.
Fortunately, you can rely on top-notch information and network security solutions to address these risks and threats. These solutions fortify sensitive corporate and client data, which is definitely a winning point.
Customers see it as a trust factor and prefer to stay with your brand rather than pick another one. You also end up saving time on time in distractions and downtime as employees can focus on work instead of worrying about security.
Technology gives your business a head start with a competitive advantage in the industry, so you must not think twice about investing in the right ones. It may take some investment to have the apt technologies in place, but you get immense value throughout the lifespan of your business.
Everything boils down to choosing a reliable technology partner that can help you create a roadmap and navigate it successfully. You will definitely get a step ahead of the competitors sooner than you expect.
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I am Adeyemi Adetilewa, a media consultant, entrepreneur, husband, and father. Founder and Editor-In-Chief of Ideas Plus Business Magazine, online business resources for entrepreneurs. I help brands share unique and impactful stories through the use of public relations, advertising, and online marketing. My work has been featured on the Huffington Post, Thrive Global, Addicted2Success, Hackernoon, The Good Men Project, and other publications.