Many successful businesses have already discovered that digital technologies build better products and services. It’s part of a ever-growing trend that comes with the economy of tech. Finding its way into all industries and eventually all businesses, there really is no turning back. Of course, there are lots of ways that technology can help your business. But one of the best ways to gain long-term ROI is to build better products or improve existing products and services. Digital technologies allow companies to do this faster and cheaper. They bring your business up-to-speed and prepared to compete. And whether in the form of hardware or custom software, the new technologies help move the needle forward with optimal results.
Building a better mouse trap
With technology, you can build safe and reliable products designed to prevent systematic errors. And the benefits are worth the investment including more products sold, and less product returned. You’ll gain repeat customers, credibility, and increased sales. And if you go further and invest in EAS software, you’ll also reduce administrative errors, shrinkage, pricing issues, and prevent errors in just about every department.
And it’s not only tech businesses that realize the importance of adapting to today’s innovative climate to solve issues. Otis Elevator, a 165-year old company who moves 2 billion people daily, recently built an advanced data collection platform to instantly track elevator problems. Through sensor data, Otis can keep elevators running smoothly through preventative maintenance.
Product innovation is big business
According to Most Innovative Companies 2018 report, these progressive businesses list new products among the “most pursued type of innovation.” And it’s all related to digital technologies. Companies like Apple and Google prioritize mobile products and capabilities, digital design, big data analytics, and fast adoption of technologies. In fact, according to the 50 most innovative companies, these factors are the only types of innovation that have grown in importance over the last four years. So apparently, big business clearly understands that digital technologies build better products.
Bringing products to market faster
Small businesses, too, have found ways to compete by creating and bringing product to market faster. And a great example is the “fidget revolution.” The craze became popular in early 2017. Made in China, the finger fidgets were first introduced by kids themselves on social media. But big retailers couldn’t keep them in the stores fast enough. And because no entity had a patent on this finger spinner, small shops made their own versions using 3D printers. These tech-savvy shops kept the novel toy stocked on their shelves and capitalized on the toy’s popularity.
Customers are fickle. They hop from one business to the next looking for the best products and best deals. But businesses who use innovation to analyze data and adjust their products and services are better equipped to predict changes before they happen and find solutions. For Google, keeping the customer front and center when building products has always been a priority and one of their “Nine Principles of Innovation.”
The research and advisory group, Forrester, warned businesses in 2017 that they are embarking on a “fast-moving customer-led and digital-centric market.” They cautioned businesses that as more customers search for better products and services, there is an increased risk of losing revenue to competitors. Cliff Condon, chief research and product officer of Forrester, said that “empowered customers are forcing the hand of virtually every industry.” And inactivity on the part of businesses could be disastrous. So, the question for most business leaders is “not if they will respond to these market dynamics, but when and how.” He suggests that not doing anything presents “immediate revenue risk – or much worse – a threat to a company’s existence.”
Digital Technologies Build Better Products and a Better Future
So, there should be no doubt that developing better products is simply good business. So, if you understand that digital technologies build better products, you’re ready to explore your options. Establishing a long-term relationship with your customers will require flexibility. And with product changes happening at record speeds, your business can’t afford to lag behind