What Is the most important factor in competing in today’s competitive landscape? People or Technology?

Factor in Competing in Today’s Competitive Landscape? People or Technology?

Sustaining in a competitive landscape is quite challenging for organizations. Since the beginning, each organization is trying to come up with solutions that can give them an edge over other contenders. Latest technologies, new business models, building a team of the best talents, etc. are considered key drivers for any organization to keep growing in the marketplace. However, it is hard to conclude which among these is more beneficial for businesses when it comes to competing with their counterparts.

Having the right technologies in place helps organizations combat business challenges and come up with solution-oriented approaches.

Here is how technology can help businesses compete in today’s competitive landscape.

Effective Communication :

Establishing effective communication between team members and the clientele is a pillar of a successful business. With the help of technology, communication channels can be fine-tuned and move beyond physical barriers.

Meeting and task management applications can help smoothen the communication process within the organization. On the other hand, newsletters and emails can strengthen communication with end customers and business connections. Having a centralized Learning Management System (LMS) can do wonders in terms of sharing knowledge across the organization and keeping a check on team member’s skills. Without technology, establishing communication with important bodies of the business can be challenging.

Improved Security : 

As cyber crimes are at an all-time high, businesses must tighten their security and protect their stakes. Moreover, cyber vulnerabilities can spread crucial data in domains where it shouldn’t be or it may reveal business strategies to rival organizations.

A single weak link in the organization can hamper the entire organization’s growth. Hence, it becomes crucial that team members are made well aware of the cyber security threats and how to combat them. Here, technologies such as Cloud Encryption, Blockchain, and Defensive artificial intelligence in combination with cyber security awareness can provide businesses with measures to protect their crucial data and avoid vulnerabilities.

Resource Optimization :

Correct optimization of resources is essential for businesses to achieve set goals. Using the right technologies for competitive analysis, streamlining operations, maintaining records, analyzing data, tracking performance, and managing records can increase the efficiency of businesses. Resource optimization using technologies is not only time and cost-savvy, but it also enables rapid growth of the business.

It is quite evident that technology drives businesses forward and contributes to their long-term success.

Also, it cannot be denied that when it comes to growing and sustaining a business in a competitive space, people in an organization are as important as technology.

Here is how people can help businesses to succeed in a competitive landscape.

Achieve Customer Satisfaction :

Leveraging self-learning Artificial Intelligence powered applications is a good option when it comes to achieving customer satisfaction, however, to elevate the same to a greater extent human participation is a prerequisite. A well-trained and motivated workforce will stay true to the organization’s core values and work toward customer satisfaction and retention. This is no secret that companies that are good at attaining positive customer engagement are more successful.

Positive Word of Mouth : 

Having positive word of mouth about the brand is essential for businesses to create a good impact in the market. Without this, it is difficult for businesses to outshine competitors. To ensure a positive word of mouth and a great retention rate, organizations must ensure that their team members, customers, and stakeholders are treated well.

The competitive landscape is prone to rapid changes, however people and technology are going to remain constant. Companies must invest in new technologies but at the same time also focus on building a workforce that understands organizational goals and contribute to its interests. An organization equipped with effective technologies and a workforce that knows how to deliver can easily beat market competition and bring a remarkable difference.

At Etech Global Services, we understand the importance of people, processes, and technology in a business, and our action reflects the same. Contact us to know more about how people and technology help us provide remarkable solutions to our customers.

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