Building and running a company in a highly saturated market can be challenging. As more businesses get set up every day that bring a slightly new twist and extra feature on an already existing product/service, it becomes more difficult to differentiate your company. One competitive advantage that you can use is the tech stack that runs your cmopany in the background. Here are some technologies that are worth investing in.
Cloud Computing Infrastructure
Having a solid cloud computing infrastructure that handles your data can benefit your company in more ways than one. One significant benefit is that it lowers your IT costs. In a 2015 report by Bitglass, half of the companies that participated in the survey claimed they were able to reduce their IT costs after switching to cloud-based services. This is in big part to the fact that cloud-based providers, such as Amazon, use a pay-as-you-go model, which means you only pay for your specific data needs.
Although still a relatively nascent field, AI is continuing to grow at a staggering rate. Corporate interest in AI is providing the research funds needed to continue to explore the potential applications of the technology. Taking the available AI technologies you have today, companies can improve operational efficiency and productivity gains. Applied correctly, AI can perform tasks at a pace and consistency that human workforces simply cannot rival.
Digital marketing can be a capital-intensive endeavor for any company size or industry. Facebook ads and Instagram influencers can be expensive, but the investment also pays for itself. With a whopping 1.9 billion users every day, Facebook continues to get the lion’s share of consumer eyeballs. Being able to position your brand positively in social media can lead to better brand recognition, higher sales and profits, and a broader demographic reach.
Internet of Things pertain to the interconnectivity of the devices households and businesses use today. The fundamental concept of the technology is based on two core features — automation and connectivity. Companies use a myriad of devices to conduct day-to-day operations, from your laptops, wireless microphones, and smart speakers to smart lights and thermostats. Being able to automate all of these devices without ongoing human intervention can save a lot in terms of time and labor.
These are some of the big technologies to invest in to get an edge against your competitors. Note that while their application can be a gainful move, execution also plays a key role in being able to maximize its long-term benefits.