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 Embracing Digital Technology to Remain Competitive

The digital capability of a business is fundamental to remaining competitive in today's market. Digital technologies are rapidly changing and evolving, which in turn increases competition and the need for companies to innovate quickly. It has never been more dangerous for companies to neglect the importance of digital technologies.

In this series of blogs, we will examine the impact that the introduction of  a new technology has and the changes that are occurring with the arrival of blockchain and other disruptive technologies.

"It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change" - Charles Darwin (1809 - 1882)

#1. Cost savings

Investing in digital technologies can, on the face of it, appear expensive, but in many cases it can be a highly cost-effective decision. Digital technology can help streamline processes, increase efficiency, improve productivity and save business money. It can be difficult to adopt new technology, especially when the company is currently performing well. Why fix something that isn't broken? However, investing in digital in the short term can lead to long term growth for the business and a competitive advantage. A short-term investment for long-term financial stability makes business sense.

#2. Dominance of a market

When a company which is well established in an industry embraces digital transformation, it often becomes the dominant player in the market, leaving the other firms to play catch-up or fail. A good example is Apple which it has an approach whereby it works on products at least two years in advance, resulting in it continually putting out products ahead of the curve.

By doing this Apple avoids wasting time and money trying to out-do others as they are generally seen as the most up-to-date and desirable which, along with quality and design of its products has led to its dominant position in the market.

#3. Improved efficiency & increased productivity

To achieve business success, efficiency and productivity are vital. Digital technology can help improve communication, collaboration, content management, access to analytics data and social networking as well as staff and customer experience.

Successful enterprises are embracing technology to create digital workplaces that improve business cohesion. Make sure your business doesn't get left behind by talking to our experts Here:

#4. Maintain a competitive advantage or lose it

If your company fails to embrace digital technology, then it will fall behind competitors who do choose to embrace it. This an lead to decreased sales, a reduction in profit and a downwards trend that can be difficult to revert, especially if your company is left playing catch  up to companies who did embrace digital technology and are seeing the benefits of it at your expense.

#5. Risk and reward

Digital should be at the heart of a business strategy going forward. When making any changes to a business strategy there will be risks, but the rewards from getting it right can drive business growth beyond that of competitors who fail to embrace digital innovations.

The truth is that if you want your company to continue being successful then it doesn't have a choice. It needs to embrace digital technology and do so quickly.

Speak to our team to find out how a digital workplace platform could benefit your business.

Don't forget to share your thoughts on the comments section


Written by: Antony Moturi


DJ | Social Media Specialist | Online Marketer | Content Creator | Sound Engineer




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