Innovation is the key to success in business. It’s so important that some countries provide tax breaks to firms if they invest in research and development. The competition for technological advantage between nations might not be as cutthroat as it used to be, but the battle is still going strong on the global marketplace today.
How do you gain a competitive advantage using innovative technology? Prior to the Industrial Revolution, the world was barely industrialized. Today, many nations (including China and the United States) have become highly industrialized. These countries’ economies are largely based on innovation, which in turn is based on technology.
Capitalism requires entrepreneurs to be smart about their investments. It’s not enough for an entrepreneur to know what needs to be done; they must also know how to get their idea(s) successfully off the ground and into production. Innovation is key: it’s what allows any product developed by an entrepreneur to get into production, and therefore sold at a profit.
One entrepreneur who understood the value of technology in business was James Watt. He came up with a great idea for an improvement to a water mill. The new design allowed water wheels to turn at a much faster rate, and it enabled the manufacturing of much more powerful machines even though they were still made using mechanical techniques (the Industrial Revolution had not yet taken place).
Watt’s invention set off a wave of technological innovation that led directly to the Industrial Revolution, which began in England. At the time, water mills were largely used as sources of energy in the production of industrial goods like textiles and beer. Watt’s invention changed all that. Before his innovation, water mills were used to grind or pound materials, like grains and potatoes, to prepare them for further processing. Now they were also used to run machinery.
Watt’s invention was an improvement on mechanical gearing: it allowed water-wheels at new power levels. These power levels were much more powerful than current needs, and allowed Watt to continue making improvements that allowed him to sell his machines at higher prices (which in turn helped him produce more profit). Why? Because the mills he developed are the foundation of everything produced by factories today – no matter what type of industry it is (agricultural production being another example).
What was the result of Watt’s inventions? He basically invented the technology that all mechanical equipment is based on today. They were affordably priced, reliable, and powerful. They put small manufacturers out of business and led to the creation of factories and mills that could produce more products for less cost than ever before in history.
But businessmen always have their eyes on the future. What about all those new factory owners who wanted to buy Watt’s machines? Would they be able to afford them? What if a rival tried to come up with a better technology that would be cheaper than Watt’s invention? (They did: it was steam power. In the end, Watt’s technology was unable to compete with the cheaper power of water, and gave way to steam-powered factories).
It can seem daunting for a business that isn’t as established as Amazon, Wal-Mart, or Google to compete against these giants of the business world but it doesn’t need to be. Innovative Technology can provide an advantage for those who know where and how to implement it. Like I mentioned before, a lot of innovative technology is already in existence, with the best part being that it is relatively easy to implement. It’s our job as entrepreneurs to know how we can use this new technology to our advantage.
Innovation encourages competition and leads to prosperity. Competition is a good thing, as it gives us a better chance at getting what we need. It also stimulates progress, giving us an advantage. If we don’t compete, not only are we not benefiting from these changes, but those that do benefit will probably be the ones who have already made use of the new technology so they will be more successful than those who were left behind.
Though there are many different ways in which businesses can use new technology there are certain things that make them competitive with larger companies. First of all, they should make use of internet based advertising tools to help attract more customers or clients (this may include free listings or paying for advertisement costs. A great example of this is Google AdWords, which lets you purchase ads on a search engine and determine the cost per click. Another great tool is social media thanks to the increase in 5G connectivity enabled devices. Businesses can use Facebook or Twitter to create a presence for their product or service as well as establish contact with potential customers and clients.
Another way to make your business more competitive is by making use of Collaboration software tools. These are tools that help small businesses collaborate and communicate with one another in a professional way..
Whether or not a business already has an established website is irrelevant, there is always room for improvement. The fact of the matter is that websites are still the most common form of online advertising. Whether you have a big company website or a simple personal website, it’s important to update your site as often as possible with new information. Ongoing maintenance should include keeping content fresh and relevant to your audience and adding some new features such as videos or downloads. Not only does this help with customer loyalty, but also it helps increase search engine optimization (SEO) for your site which can lead to more targeted traffic.
If you need to send data to a customer or even your doctor via Fax, You used to have to rely on a fax machine and a phone line. Now, you can securely use an online cloud server and software from mFax to send it instantly but more importantly, securely via end-to-end encryption and built-in security measures that protect this data.
The innovation of fax software and cloud computing means no more need for a bulky fax machine and more, your data is protected the whole time from thieves or anyone trying to read it.
Innovative Technology can help us to get ahead of the game and make a company more competitive than we might have imagined. We have to be creative, make use of our resources and use technology intelligently. We all have to work as a team because it’s not possible for each one of us to do every job alone. We are a single, united team with an entrepreneurial spirit that seeks opportunities in a changing world.