Look at the specific ways in which you compete in the marketplace as well as what makes you unique. Then decide how technology can redefine the way you compete. For example, when was the last time you bought something from the Polaroid Company? At one time, they were the king of instant photography. But then technology and digital photography changed their industry, and the way they competed (instant photography) changed…but Polaroid didn’t change with it. Instead, they made the mistake many businesses do: they used technology to get more efficient and lower their costs.
Similarly, the Kodak Company was failing for over a decade. Finally, they looked at how they competed in the past as well as what it would take to compete in the future. That’s when they embraced digital photography. And while they still have some traditional film labs across the country, it’s their digital products division that’s profitable today. The moral: The longer you wait to redefine how you compete, the harder it is to survive. However, when you pinpoint a way to use technology to create new products and services, you add new revenue streams and new jobs.
So when it comes to competing in a technology-driven age, ask yourself the following questions:
- Is there a way you can use technology to redefine how you compete?
- Is there a way you can use technology to change your product or how you service people?
- Is there a way you can use technology to redefine your customer’s experience?