ICT Clinic (Punch Newspaper)

Using technology in business to gain competitive advantage [ICT Clinic]

In elementary biology, I learnt that, there is a struggle for survival, in the animal kingdom. It is a process that, leads to competition within the rank. It is only those, with certain structural adaptive features that survive the intense competition, or, as some school of thought posit, that, only those that have evolved with time, will survive.

Making a transition into the world of humans, going about one’s venture, or, business, is an average means of survival, therefore, it is pertinent that, all efforts are directed, towards making a financial breakthrough out of it, for one to keep “body and soul together.”

We are presently in the fourth industrial revolution and the modus operandi of doing business, has tremendously changed. Ever since the invention of the Internet, traditional methods of carrying out businesses, though still very much around with us, has seen a migration, into the digital space, as more people continue to join the fray of building their online presence. As the years passed by, we have witnessed the rise of a significant number of disruptive inventions and innovation.

This illustration will drive home the point. A traditional media outlet that has failed to go digital by embracing modern technology, would only continue to serve its local audience with its content, no matter how large its audience appears to be, on a global level.

On the other hand, an online media agency that has fully embraced the digital space, with all the technology applications, would definitely have competitive advantage, larger clientele, spread all over the world, a wider reach and measurable metrics, etc. Either in the small, or, large scale ventures, staying relevant in today’s competitive economy, is a matter of adopting new technologies and ‘unusual’ ways of doing things. Technology presents you a number of possibilities but top of the list for any business owner is to increase his or her revenue, while also exploring the opportunity of reducing overhead running costs.

A few questions that require answers include; what drives a business and how can technology be used to enhance the process?

Integrating analytics: Knowledge is power, and it comes from having the right information. Having access to the right information, is a function of data. The data at your disposal can be a veritable asset, in the present world and the amount of data churned out on a daily basis, and what makes the difference is how you try to make sense of the data.

The right kind of tool will help you obtain a comprehension of marketing trends, preferences of your customers and how well your business is performing. It can also give you increased access reports on analytics and performance metrics, through their business application dashboard. Results obtained from these insights, are valuable for use, in approaching new business marketing strategy. Having data analytic tools, gives you a competitive advantage. You could try out an analytic tool, like Tableau.

Deepening Team Collaboration: Quite a number of tools out there will help your team more efficient and effective if used correctly. Collaboration has the high tendency of enhancing your team’s efficiency, while getting the job done, with reduced cost and minimized effort.

With these tools, you have the option of holding meetings with both your team members, (a benefit for some of them who work remotely) and clients scattered over different locations. Skype and Zoom are very common teleconferencing tools that your business could use, while Slack is great for collaboration/communication and Asana for project management. You would get to save a significant amount of funds that, — Finish Reading on the Punch