Every business that ought to thrive in the aggressive marketplace must know the rivals. You need to know your clients well and work on your product aspects that make them shop at your firm. As all hospitality professionals would agree, the hotel industry has always been extremely competitive. Lastly, for an attractive industry, competition must exist among the various businesses. But you can curb by reviewing and strategically expanding your fundamental strong points. Sometimes the new ventures fail to either raise a firm on top, help to compete among rivals or even increase returns. 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. The business intelligence helps you make decisions on the strategies that guarantee success or the unfit approaches. Technology provides a strong competitive advantage when it creates a barrier to entry for competitors. 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. To make work convenient for sales people, employees working from home and employees while travelling, cloud computing gives access to corporate data via mobile devices such as smatphones, tablets etc. Like all assets, intangible assets are those that are expected to generate economic returns for the company in the future. It lowers the number of IT issues that your IT department has to handle that saves whole lot of time and money. 5 tips for gaining a competitive advantage with your enterprise mobile app strategy How effective is your enterprise mobile app strategy? Also, for a company to stay longer in a particular niche, technology use is ideal. That is, technology gives company 1 the greatest competitive advantage over its competition and company 9, the least. Creating new business: the implementation of information technology can help to give rise to new areas of business. A competitive advantage is simply a factor that distinguishes your business from others and makes customers more likely to choose your product over the competition. (a) Lower your prices Most marketplaces have many price-sensitive customers, and a low priced firm gets advantaged. • Secure Technology trends can evolve swiftly, and sometimes the options seem overwhelming. Your email address will not be published. × using the best technology, and help your business to grow constantly. For instance, Cortera researches and examines the competitive setting in your market from the full databases. If you cannot do it by yourself, outsource a well-resourced firm to help you harness the techniques and boost your growth. Below are a few ways that you can gain a competitive advantage by equipping your business with the right technology. Many threats are set to come from competitive approaching companies with similar or substitute products and services. 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 -- … How Online Shopping is helping Retailers in this Covid Situation, Mistakes To Avoid While Developing A Mobile Application. Businesses unable to quickly adapt to new technologies face the risk of falling behind the competition. Second, information technology is an increasingly important lever that companies can use to create competitive advantage. The following applications can assist businesses in obtaining a competitive advantage: CRM applications assists businesses in understanding and managing their customers. For example, say an organization provides a customized online ordering system to a major client. By creating an entry barrier, whenever your clients come for a useful service feature then know that there are expectations from you. 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. With the data services offered by Revalsys Technologies, you can convert each data into insightful information that is beneficial for your business. • Consistency If you’re thinking that switching over to cloud computing to be an expensive affair, you are not the only one. = Innovation has a very important role in economic development of countries, because innovative companies, through commercializing their research and development results, are creating new and nonexistent value. 1. Access to natural resources that are restricted to competitors 2. Firms these days, whether small or large, new age companies like Amazon, Ola or age old Firms like the Tatas, the Godrejs or Maruti, they all want to gain competitive advantage. As security is the prime concern for organisations while going for cloud infrastructure services, you can remain assured that cloud computing is very much secure. How to obtain competitive advantage using technology. 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. As a long-term asset, this expectation extends beyond one year. Without technology, a company operates minus competitive advantage since there is no unique way of drawing in consumers. .hide-if-no-js { 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. A competitor would have to build a matching system from scratch to provide the same benefits, giving the incumbent a strong advantage. Do you know how to? Also, the main aim should be attracting the attention of customers to your products or services. A mobile-optimised website is becoming non-negotiable for any ambitious SME. Using cloud infrastructure services is a great way to enhance your business. First, advances in information technology are changing the industry structure. Sources of competitive advantage 2.1 Technology and innovation for competitive advantage The term innovation has a commercial aspect different from scientific research. 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… However, before offering such charges, it is advisable to examine the whole production process. Also, the employees should be industrious and not waste available resources. Many companies currently apply technological advances to achieve essential strategies in the dynamic industry. Therefore, any business looking to achieve advantage ought to lessen this power by understanding competing sellers. You need to consider investing in technology to increase your revenues. • Offers flexibility Global competitive advantage will mean having the best technologies and processes for designing, manufacturing, selling and servicing products at the lowest possible cost. Basic Competitive Strategies: Following are some of the basic competitive strategies that are quite helpful in gaining competitive advantage over competitors. You too can express affection with a .LOVE Domain! Contributor Bridget … The host of cloud infrastructure services has a full-fledged team to ensure security. The team of experienced IT professionals of Revalsys make sure that the network installation and management are just too perfect so that you can maximise your business. 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. Therefore, you can also compare the prices, services, location, and marketing strategies and focus on expanding. But instead of worrying about the cost associated it, it’s important that you consider the return on investment (ROI). Small business owners can as well apply technology operations to rank higher and keep off threats. 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. solutions firm. You don’t have to worry about that the data which you think are of no use. (c) Enrich services and product quality Some clients choose the quality over quantity, and it is another area any business can successfully compete. • Provides mobility … All employees will access the same information with cloud service. 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. The truth is every buyer gets drawn to satisfying products and especially when gifted. Strategic planning is a tool which support for the organizing part for the present on the basis of the projections of the desired future. By … A unique geographic location 4. Here are some benefits of using cloud infrastructure services with which you can gain a competitive advantage: • Reduces cost You can invest in technology to reduce your production costs but maximize the revenue. In the tight existing market world, all business success depends on how much protection gets offered to prevent customer drifts. Many organisations are concerned about the initial cost associated with cloud infrastructure services. CLIENT AREA | SUPPORT | NEWS | WHOIS | CONTACT US | +27 10 500 8831. This article emphasizes the techniques every business must undertake to achieve competition. For instance, if you significantly offer unsurpassed product quality, focus on improving it and quickly deliver at discounted prices. 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. In addition to the primary activities described by Porter (1985), procurement, technology development, human resource management, and firm’s infrastructure can lead to the gaining of competitive advantage. Strategic planning helps the organizations to identify their IS application and its Information Technology which support to gain the competitive advantage over other competitors. Each company is successful in its own market. Competitive Advantage is all about how your organization is being different from your competitor. Therefore, every business owner needs to make it harder for new people to come into your thriving sector. 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. How To Obtain Competitive Advantage Using Technology, Remain Unique and Create Comparative Advantage, competitive advantage must implement adequate techniques, customer’s needs and even, when developing the products, Some Travel & Geography domain ideas for airlines and travel agencies. November 18, 2020 | No Comments. 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. How Important is the Unique Selling Point (USP) in E-Commerce? Also, venturing efforts and time in the tight market dramatically counts to position your company highly. Each & every organization is using technology in some or the other form so as to increase the efficiency of the enterprise. You can give incentives and rewards occasionally on your websites. Make sure that you choose the one that is compatible with any heterogeneous environment, scalable and is economic, as well. However, not every investment in high-tech transformations is of assistance to a business. Your competitors in the industry will find it hard to beat you, and many shy away. Using Technology to Gain a Competitive Advantage in the Hotel Industry. In today’s digital economy, investing in technology can help medium and small-sized businesses gain the competitive advantage which they need seriously. Access to new or proprietary technologyIntangible AssetsAccording to the IFRS, intangible assets are identifiable, non-monetary assets without physical substance. Some of the practical things any business can do to increase traction include online promotions like gifts and coupons. For example, offer products with attributes like maintenance-free, well-design, or durable products. }, 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. In today’s digital economy, investing in technology can help medium and small-sized businesses gain the competitive advantage which they need seriously. As all the data is stored in a single place, maintaining consistency in data is possible with cloud services. The available technological tools including the online presence help in locating other suppliers in a similar niche. 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. For many organizations, cost savings is one of the biggest reasons for moving to digital tools offered by solution providers. 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. But to obtain a competitive advantage, strategic plans, research, and marketing tools are essential. We live in an era of risk and instability. American Airlines using technology to make its people the competitive advantage. The services included in Revalsys’ cloud infrastructure services are stated below: • Web Hosting For instance, obtaining energy-efficient appliances to minimize the working costs. 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. Without a competitive advantage, your business has no unique method of drawing in customers. And this technology is none other than cloud computing, which you all must be aware of. Today, the marketplace provides buyers with many options which naturally leads to competition among sellers. After surveying a wide range of industries, we find that information technology is changing the rules of competition in three ways. With the changing business environment, it has become necessary for employees to get access to information anywhere and anytime. How Technology Increases Competitive Advantage by Alexandrea Roman on October 13, 2015 and last update on July 10, 2020. Just look at the numbers. Hiring a company that provides industry info or using online tools analyzing customers understanding is also advantageous. Survival, however, is never enough; one ought to strategize and lead in the industry for long. Moreover, you don’t have to devote your time and resources on your in-house IT infrastructure allowing you to concentrate on achieving your business goals. When you manage to get competitors in-depth insights, then you get to optimize the profits potential. Based on your objectives and goals you need to achieve, we virtualise the whole IT structure that includes servers, operating systems, databases, applications etc. So always look to make it more difficult for rivals to enter your specific market. What is the Best Way to boost Sales Online? A brand can create a competitive advantage if it is clear about these three determinants: 1. To gain lasting global competitive advantage a company has to leverage its capabilities around the world so that the company as a whole is greater than sum of its parts. Information and its use has become the competitive advantage of today's world. Employee engagement also becomes good with cloud computing. Learn how your comment data is processed. Having a business website is one great way your business can use technology to gain a strong online presence and a competitive advantage. The efficiency with which a firm manages its information determines its success in the marketplace. The quick analysis offers a competitive advantage to enable you to adjust the marketing strategies. Also, you can consider directly dealing with your customers or conducting surveys. • Increases collaboration The quick analysis offers a competitive advantage to enable you to adjust the marketing strategies. 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 *. 5. This information also improves the ability to retain existing and prospective clients in your base. That’s why keeping up with the latest trends in technology is essential for hospitality management teams. And this technology is none other than cloud computing, which you all must be aware of. It is what makes the brand, product, or service to be perceived as superior to the other competitors. It helps the countries to provide effective infrastructure to the businesses, so that they can improve their productions level and achieve competitive advantages in the global industry. Every client will repeatedly come to your business when attended to well. Save my name, email, and website in this browser for the next time I comment. You can find all these important qualities in the cloud infrastructure services offered by Revalsys Technologies. 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. For example, checking from the B2B service series in the market assists any businesses discover a new supplier. Ltd. All rights reserved. For an exceptional product, you ought to determine the client’s needs and bring on the benefits. 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. 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. Competitive advantage is a favourable position a business holds in the market which results in more customers and profits. Many CEOs a deep sense of unease lot of time and money a secure, flexible and scalable.. American Airlines using technology to gain the competitive advantage which they need seriously.LOVE Domain creating new:! But strategic plan that helps you maximise your performance with any risk associated with it industry long. 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