There is a constant race going on in the tech industry to invent new technologies and leverage them to hack growth. Companies are massively investing in adopting and inventing new technologies for the digital transformation of their organizations. A Statista report shows that with time, these investments in digital technologies are just growing constantly.
In 2017, the global investment in digital transformation was $0.96 trillion which by 2022 have increased to approximately $1.85 trillion. But there is no stopping this massive market as it is projected that by 2026, the investment in digital transformation might cross a whopping global value of $3.4 trillion.
Now, it is crucial to have a clear roadmap that helps your business thrive in the evolving competitive landscape irrespective of the genre of business you are involved in. Furthermore, there are a few useful tactics that we are listing down that can be helpful for you in securing the growth of your business. Let’s have a look!
1. Shortlist your goals – To have an effective strategy, you must have a clear set of expectations first. You need to find out some achievable goals that you would like your business to secure. To plan goals, you can take references from competitors or explore trends in technology that are popular in the current market.
2. Collaborate with the right people – Collaborations push businesses toward new heights. People are collaborating for various reasons. For example –
- Collaborations with social media influencers to increase the visibility of a brand
- With app developers to build modern apps following the best app development trends
- With external marketing agencies to sell products
- With research companies to gather useful data, etc.
3. Learn continuously – Continuous learning is another way to prepare yourself and your business to tackle any hurdle coming towards you. Find resources that can help you keep up with rapidly evolving tech trends so you can apply them to your business. Depending on the nature of your business, you can follow top resources such as Data Science Central, MobileAppDaily, IBM Blogs, Forbes, and more and bookmark them to stay in the loop with tech trends.
4. Prioritize user experience – The first rule that the modern tech world follows is prioritizing the user experience. Does not matter if you are including 10 or 20 features in your app, but if your app is not comfortable to use and offers amazing performance, users will probably give up on it. To ensure that does not happen, prioritize the user experience. Here’s how you can do it –
- Do not sacrifice the performance of your digital product
- Ensure your digital product is self-explanatory and super easy to use. Include a tutorial as well for first-time users
- If possible, find ways to monetize your digital product indirectly or after giving a sample of your product’s features to grab the potential customer
- Follow best visual practices to keep your digital product friendly and comfortable to the eyes
- Consider multiple user groups while designing your digital product
5. Keep a contingency strategy ready – The tech industry is very predictable but also can be unpredictable at times. Take the Covid-19 era for an example when many tech companies suffered losses and faced a downward spiral. So, having contingency plans for such uncertain situations is something that can help you keep your business alive during tough times.
6. Use data as much as possible – Data is one of the most crucial if not the most important factors that influence the growth and survival of an organization. So, while making decisions whether for the sales part, designing a product, or marketing something, use factual data as much as possible.
You can even use AI-based analytical tools to project the success of your strategies based on the data you gather. Data-based decision-making can save you from economical losses and avoid you investing your time and other resources into unnecessary business actions.
7. Focus on cybersecurity standards – One of the biggest threats that the modern tech industry is facing is cyber threats. With time, as tech evolves, cyber threats evolve as well. To steal user data, financial information, digital robberies, and more, cyber threats are attempted on almost every organization across the globe by local or foreign-based cyber attackers.
So, it is crucial to adopt only the best cybersecurity practices and collaborate with or hire cybersecurity experts. Many organizations are also using AIs to keep a continuous eye on hardware and software vulnerabilities to predict possible cyber threats and fix them before they can occur.
According to a Statista report, between May 2020 and March 2022 the healthcare industry had to suffer the most expensive data breaches making the average data breach cost $7.13 million.
8. Find mentors and role models – It is always great to have guidance that can help you navigate through challenging situations which are super new to you. And let’s be honest here, nobody can learn everything but it is possible to have resources or guidance that can help you solve any problems.
Mentors and role models can also help you in learning new tactics that are proven practices and have rewarded them with actual results. Not just helping your business survive, but these mentors can help with products, growth, new markets, and more.
Navigating through the tech ecosystem is challenging but also quite rewarding if done right. If you know how to keep up with the evolving tech world, then it is possible to keep your business running and thriving no matter how competitive the industry gets in the future. For now, hopefully, our guide was one of the useful resources that will help you plan your next business activities better. Keep exploring Data Science Central for many of such other informative writeups.