How Technology Helps You Stay Competitive

Technology is a key component of both everyday life and business, and it's essential that organizations leverage the increasingly diverse number of tools at their disposal to reach more customers, enhance their service, and remain competitive.

AnnaMaria Turano, Actsoft's chief marketing officer, offered some valuable insight on why technology is so important for companies to take advantage of today, as well as how it helps enhance their relevancy in the marketplace.

What new technologies are being developed that help companies stay competitive?

TURANO: The latest innovation is designed to help companies understand what has occurred, what is happening, and predict what will happen in the future, along with the drivers of these situations and results.  Looking back (reviewing historical data) is as important as looking forward (projecting future impact) in order to position companies for growth and ensure they remain relevant in today's and tomorrow's marketplace. AI technology, for example, will be critical to help executives solve problems, learn, and plan for the future.

How do these contribute positively to the customer experience, and what does good CX do for businesses?

TURANO: More data is not the end goal. More insight, especially into what customers' need now and will demand in the future, will help businesses redesign how they support their customers. Customer experience balances rational and emotional activities. Business will need to know how much can be machine-led versus human-driven in order to being seen as customer-centric.

How do streamlined processes and more detailed business insights empower organizations to succeed?

TURANO: Speed to service means more customers are delighted with your service, more often.  Streamlining processes boosts efficiency and automates many routine tasks, which typically devour too much time and money, from a human capital perspective.  By using technology to digitally transform these types of tasks, organizations can better analyze the trends and reasons why they are succeeding or stalling.

Is this concept of using technology to remain competitive specific to one industry, or is it applicable to many different ones?

TURANO: Regardless of industry, competition ensures that a company continues to be non-complacent in striving to earn and retain a leadership position in its market.  Technology helps a growing company also attract talent who are forward-thinking in their mindset, regardless of their role.

What do you think the future may look like, in terms of companies leveraging technology to give themselves advantages?

TURANO: Companies need to understand that technology actually opens the floodgates to more entrants. It means that new competitors can emerge from anywhere – within their industry, in adjacent industries, and any place in the world. To prepare for the future, companies must understand and bolster their value props vis-à-vis today's current and tomorrow's potential competitors.