11 Ways To Stay Competitive As Technology Evolves - Forbes

In a global economy characterized by instant communication, an abundance of information and cutting-edge technology, staying competitive is both imperative and incredibly difficult. And with disruption happening all around us, technology is perhaps the most competitive industry of all. So, how do you keep up when things are constantly changing? We asked 11 members of the Forbes Technology Council to share their strategies. Here’s what they had to say.

1. Find Something Competitors Can't Replicate

Whether it's your location, domain name, platform, patented product or some other competitive advantage, you must invest in permanent differentiation. Nearly all technology can be duplicated with the right resources and time. You must think about this deeply when taking your product to market and defending it when it succeeds. - Michael Gargiulo, VPN.com

2. Know Your Customers

Know what your customers need, what problems they have and what future avenues they're pursuing. Know how your solutions solve those problems, fill their needs and expand their opportunities. Know how to differentiate yourself. Where are you stronger? Where are you weaker? Position your product to take advantage of competitive strengths. Figure out how to mitigate and then improve weaknesses. - Jesse Bird, TCN, Inc

3. Prioritize Creativity

One individual can’t drive an organization to its competitive peak. Staying competitive is a product of continually developing innovative ideas, which is driven by an inspired creative team. Prioritizing creativity as a core value and ensuring that employees are working together to drive new ideas is key. This will only be achieved by fostering a positive team dynamic. - Benjamin Nguyen, Sidebench

4. Keep Your Finger On The Pulse

Stay well-read using a variety of sources, such as publications, online newsletters, research organizations and analyst reports. Target your industry niche, but also research adjacent areas where you can spot new trends that may be applied to your space. Keep an eye on consumer sentiment and macrotrends to anticipate how your products and services may need to adapt to stay relevant. - Kerry Bianchi, Visto

5. Create A Customer-First Strategy

Focus on customer value. It is easy to get so sucked into the latest technology crazes, such as blockchain, machine learning, artificial intelligence and internet of things sensors, that you forget the essential focus for longevity: solving customer problems. Enabling ease of use, reliability and flexibility while solving a true customer need is what allows the business to stay competitive and thrive. - Danny Allan, Veeam Software

6. Continuously Invest In Education

Remaining relevant with leading-edge solutions requires continuous investment in education. Combining a deep understanding of customer goals with a vision of the competitive landscape leads to innovative and creative thinking. Innovation often comes from executing on the gap between customer challenges and existing competitive solutions. Know your customers and know your competition. - Dan Sonneborn, Aerie Consulting

7. Have A Futuristic Roadmap

Your mind has to live in the future to remain competitive. You can’t think now, because now is now over. Stay competitive by ensuring that you have a futuristic roadmap that is well thought out and relevant to what is seemingly the right path culturally, politically, technologically and in business. Don’t be afraid to take a few risks along the way — otherwise, you won’t know what could have been. - Richard Van Staten, Quantam Solutions

8. Don't Stop Being A User

Staying innovative in technology means being a fan of your space. Most innovations come when someone figures out a better approach to a problem that attracts users. Too often, the day-to-day operations of running the company built around that solution mean disconnecting from that inspirational fandom. Remain a user of the competitor's product to make sure your approach is everything it could be. - Q Manning, Rocksauce Studios

9. Know Your Data

Leading technology companies succeed because they understand how to leverage the data that is collected. Today, more data is being generated than ever before, whether it’s on a website or in a mobile app, e-commerce store or customer services portal. To stay ahead of the competition, companies need to transform data into information, and information into intelligence. - Laurent Simoneau, Coveo

10. Remain Relevant

To remain competitive is to remain relevant. Being able to solve important issues in your space allows for that. Uncover a problem in the industry and work through it strategically. Don't jump into anything head first. Understand what steps need to be taken for success by defining the issue, focusing in on it and fixing it. Relevancy and competitiveness will follow. - Sujai Hajela, Mist

11. Stay True To The Vision

We obsessively pursue a mission that is much bigger than ourselves, and one we won't attain anytime soon. It forces us to tackle difficult challenges with innovative solutions that are in demand. For every project, we ask ourselves "will this contribute to a fix, or make our industry more broken?" This builds trust and keeps us relevant. - Evan Francen, FRSecure LLC

https://ift.tt/2yPMlDP