Congratulations! You work for a technology company!
Please note that I did not say you work for a “software” company. “Tech” is not synonymous with “software”, even though the terms are often used interchangeably.
Although your company may not be in the business of creating software, your company should still be using modern technology and best practices to stay competitive in a global marketplace. I’m not talking about technology as desktop productivity software from the 90s and early 00’s, when spreadsheets and word processing became the norm. We’re talking about the ability to collect and respond to real-time data about your customers and products. Your company should be making use of extensive data collection, analytics, and machine learning to guide business strategy.
If you’re reading this and do not know how your company is harnessing the power of “big data” then you should start asking questions until you find out how this is happening. You can be assured that your competitors are doing this, even if you are not. Don’t try to compete without data driven decision making.
Every industry has been affected by technology, not just the retail and finance sectors we hear about each week. A very small sample of the affected industries:
Entertainment is affected by direct to consumer video and immediate feedback on which shows are popular and which ones should be canceled. Bringing a new show or movie to market is very expensive, and good data can make or break profit margins for studios.
Governments are being held more accountable to residents as more services and information is available online. One example is the ability to track performance of contractors through defects and maintenance costs for completed work.
Education is being transformed as top educators are able to reach more students outside the traditional classroom.
Textile and apparel companies are collecting data from social media influencers and product sales to determine which items to produce. Millennials are also interested in how goods are produced, not just the final cost at checkout. Personalized product data on the source of raw materials and the artisan who created your jewelry can add a unique narrative to your product.
Restaurants can also track foot traffic and sales to inform their staffing and food ordering decisions. Getting a handle on staffing and cost of goods sold (the two biggest expenses for restaurants) can make a difference between long term success and joining most restaurants that close in the first year.
Healthcare providers are dealing with savvy consumers who compare prices for services and will demand that prices match outcomes, rather than the current fee-for-service model. As out of pocket expenses go up, more consumers will demand price transparency and eventually compare providers.
Insurance companies can better determine risk models and pricing by collecting real data beyond standard factors. Real-time data collection and analysis is enabling them to separate causation and correlation factors in lifestyle diseases and driving accidents.
Your company needs to be thinking about these and other changes, and whether you have the tools and expertise to get take advantage of current technological trends. If you start thinking about your business as being a tech company, you’re moving in the right direction. If this discussion makes you uncomfortable and you’re not sure which way to go, please reach out, and I can help move you in the right direction. Whether I can help you directly or I can get you in touch with someone who can, let’s embrace your tech company identity.