Technology & Competition – More Money, Better Deal for Consumers & Companies – How competition always means good for both customers and organizations & translates to more money, better quality & efficient systems.

Definition:

Identifying your competitors & evaluating their strategies to determine their strengths & weaknesses relative to those of your own product or service. A competitive analysis is a critical part of your company marketing plan.

What is in it for us?

Competitive Analysis in layman’s terms eventually means ensuring the benefits of competition are reaped properly. All competition is not good. A cut-throat competition is not good for anyone because it undercuts margins and does not allow fair innovation. A classic example is the situation of a 92% profit share of Apple among entire smartphone industry.

A healthy competition ensures better product development, feature improvements, keeps companies on their toes, customer is valued more, R&D is invested in, the prices remain reasonable, the customer service improves, the productivity efficiency keeps on improving since the competitive analysis always shows areas of improvement and overall the company and the customer both win in the long run.

Technology and competition How can we be investing in R&D, Creating IP, improving long term technology enhancements and continuous upgradation look towards eliminating the competitive benefits that will always pay off for any company? Technology should offset either cost or customer service. New investment should have clear ROI. Competitive analysis should be impartial and repetitive in nature so that new learnings can always be implemented.

Current market perspective on technology trend analysis:

Let’s talk about 8 keys aspects of technology trends and what we should watch out for & transform in an existing company or industry for improving and staying ahead of the competition.

•  Technology and IT should be at the right speed: CXOs should demand highly bespoke IT
• Use the advancements of AR/VR: Rethink existing products from VR/AR perspective
• Leverage Internet of Things: From merely sensing to actual doing; Get IoT to deliver cheap
• Reimagining core IT systems: Revamp legacy application systems still looming around
• Autonomous RPA platforms: Scale up production, automate extensively, eliminate errors
• Blockchain: Democratized trust, digital, transparent, decentralized, accessible
• Industrialized analytics: Platformism, assembly line repeatable results, commoditize
• Social impact of exponential technologies: User generated content, word of mouth centric