In the tight existing market world, all business success depends on how much protection gets offered to prevent customer drifts. Competitive Advantage is all about how your organization is being different from your competitor. After surveying a wide range of industries, we find that information technology is changing the rules of competition in three ways. It lowers the number of IT issues that your IT department has to handle that saves whole lot of time and money. Like all assets, intangible assets are those that are expected to generate economic returns for the company in the future. 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. This article emphasizes the techniques every business must undertake to achieve competition. How Technology Increases Competitive Advantage by Alexandrea Roman on October 13, 2015 and last update on July 10, 2020. (b) Offer excellent services The other way to be different in a market niche is by focusing on service. 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. 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. … A brand can create a competitive advantage if it is clear about these three determinants: 1. For example, checking from the B2B service series in the market assists any businesses discover a new supplier. With cloud services, you can even eliminate the issue of the internal data breach which is quite common in a conventional in-house system. November 18, 2020 | No Comments. How to obtain competitive advantage using technology. Overall Cost Leadership: The position of lowest cost producer in the industry is gained by adopting this strategy of overall cost leadership. The measure helps to create obstacles especially in an easy to access marketplace. Some of the practical things any business can do to increase traction include online promotions like gifts and coupons. All employees will access the same information with cloud service. How to obtain a competitive advantage Save my name, email, and website in this browser for the next time I comment. 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. And this technology is none other than cloud computing, which you all must be aware of. Also, the main aim should be attracting the attention of customers to your products or services. This site uses Akismet to reduce spam. With the data services offered by Revalsys Technologies, you can convert each data into insightful information that is beneficial for your business. As a long-term asset, this expectation extends beyond one year. If you’re thinking that switching over to cloud computing to be an expensive affair, you are not the only one. This information also improves the ability to retain existing and prospective clients in your base. In this manner, it is good to create value for the consumers regarding what your competitors lack. In today’s digital economy, investing in technology can help medium and small-sized businesses gain the competitive advantage which they need seriously. For instance, Cortera researches and examines the competitive setting in your market from the full databases. • Offers flexibility The process that helps businesses to access software or infrastructure through the internet is referred to as cloud computing. Sources of competitive advantage 2.1 Technology and innovation for competitive advantage The term innovation has a commercial aspect different from scientific research. Competitive Advantages using Technology and Its Role Technology helps countries to achieve competitive advantages through upgrading their information and communication systems. • Network Installation and Management A competitor would have to build a matching system from scratch to provide the same benefits, giving the incumbent a strong advantage. For instance, obtaining energy-efficient appliances to minimize the working costs. CLIENT AREA | SUPPORT | NEWS | WHOIS | CONTACT US | +27 10 500 8831. For example, offer products with attributes like maintenance-free, well-design, or durable products. Second, information technology is an increasingly important lever that companies can use to create competitive advantage. 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. With the services of Revalsys Technologies, you can host application in a secure, flexible and scalable environment. Strategic planning is a tool which support for the organizing part for the present on the basis of the projections of the desired future. That’s why keeping up with the latest trends in technology is essential for hospitality management teams. You need to consider investing in technology to increase your revenues. 5 tips for gaining a competitive advantage with your enterprise mobile app strategy How effective is your enterprise mobile app strategy? The host of cloud infrastructure services has a full-fledged team to ensure security. }, 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. With the accuracy, greater rewards of such substantial benefits will be with your firm over your straight competitors. Technology provides a strong competitive advantage when it creates a barrier to entry for competitors. Using your sustainable competitive advantage in your sales and marketing makes it easier for your customers to understand why they should part … (c) Enrich services and product quality Some clients choose the quality over quantity, and it is another area any business can successfully compete. Think of it as an online billboard where many people will get to know your product or service. 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. 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. 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. There is a need to look to what the other companies do to satisfy their clients and the deficient areas. Therefore, every firm looking to attain a competitive advantage must implement adequate techniques. Also, the employees should be industrious and not waste available resources. • Consistency First, advances in information technology are changing the industry structure. If you cannot do it by yourself, outsource a well-resourced firm to help you harness the techniques and boost your growth. Information and its use has become the competitive advantage of today's world. A unique geographic location 4. By … 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 -- … By going paperless and adopting streamlined processes, they save more money, effort, and time. 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. Ltd. All rights reserved. Here are some benefits of using cloud infrastructure services with which you can gain a competitive advantage: • Reduces cost How much does it cost to create and operate a successful online store? Your email address will not be published. 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. © 2007 - 2020 Revalsys Technologies Pvt. 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. 5. Your competitors in the industry will find it hard to beat you, and many shy away. Each & every organization is using technology in some or the other form so as to increase the efficiency of the enterprise. Competitive advantage is a favourable position a business holds in the market which results in more customers and profits. How Online Shopping is helping Retailers in this Covid Situation, Mistakes To Avoid While Developing A Mobile Application. 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. Small business owners can as well apply technology operations to rank higher and keep off threats. 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. We live in an era of risk and instability. ×  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. Competitive advantages can only be achieved if the customer finds the improvement made important. solutions firm. How Important is the Unique Selling Point (USP) in E-Commerce? The following applications can assist businesses in obtaining a competitive advantage: CRM applications assists businesses in understanding and managing their customers. Therefore, every business owner needs to study the extent of rivalry, get driven and understand the best ways of technology use. Required fields are marked *. 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… 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. For instance, if you significantly offer unsurpassed product quality, focus on improving it and quickly deliver at discounted prices. American Airlines using technology to make its people the competitive advantage. You can remain ensured of getting the best network installation and management with the cloud infrastructure services offered by Revalsys. We provide you with an economical but strategic plan that helps you maximise your performance with any risk associated with it. You can set up the prizes in a way that every purchase earns the buyers a shopping point. 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. Every client will repeatedly come to your business when attended to well. .hide-if-no-js { 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. using the best technology, and help your business to grow constantly. For an exceptional product, you ought to determine the client’s needs and bring on the benefits. As all the data is stored in a single place, maintaining consistency in data is possible with cloud services. Moreover, you don’t have to worry about paying for the features you don’t use. 1. With the changing business environment, it has become necessary for employees to get access to information anywhere and anytime. 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. 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. You don’t have to worry about that the data which you think are of no use. It is what makes the brand, product, or service to be perceived as superior to the other competitors. 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. To beat you, and marketing strategies industrious and not waste available resources strategy keeps the prices of the things! Clients and the deficient areas focus also works when researching your customer ’ s digital economy, in! Great way your business can do to satisfy their clients and the deficient.... To increase your revenues in data is possible with cloud services even, when developing the products that restricted... Business with the services of Revalsys technologies hotel industry has always been extremely competitive what competitors! Barrier, whenever your clients come for a company to stay longer in a conventional in-house system to make harder. 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