Learn from Nokia. Invest in technology.
Remember Nokia? The rise of the Finnish tyre to telephone company was heralded as a global success story. In those heady days when everyone had a Nokia mobile phone, the Nokia market capitalisation was over 100 billion euros. To put that in context, at the same time Apple had a market cap of less than 10 billion dollars.
Today, Apple is the world’s largest company with a value of more than 700 billion, whereas Nokia is languishing near 20 billion.
Where Nokia went wrong? After 14 years as a market leader, the mobile phone pioneer did not see the smartphone revolution coming and thus, failed to meet the challenge of Apple’s IPhone and Google’s android operating system. It was where Nokia’s dominance began to fade.
To get to the heart of this matter, investment in technology is paramount to building a successful business. It does not matter what services or products your company provides as technology is not just a route to the market and increased sales. Appropriate use of technology boosts productivity performance levels and in the long run, growth can come only from technological progress.
You might not have the research and development budgets of the likes of Google and Microsoft, but these are not necessary to move ahead of the competition. Just by keeping up with technological advances and following technological trends, it allows you to select the new technology products that fit your business. Whether you need to increase capacity, speed up customer response time or improve availability and agility, there will be a product out there that can enhance your customer experience.
Speed and productivity are not the only advantages of embracing new technologies. Social media is an ever changing world and as new platforms emerge, so do opportunities to interact more with your clients.
For instance, Twitter, Facebook and LinkedIn allow businesses to be in contact with customers and potential clients twenty four hours a day. The scope for growing the company brand is limitless as social media allows your business to cost effectively promote and portray exactly the image that you want.
Budgets of course are not limitless. There is no advantage to investing in technology just for the benefit of appearing to have a forward thinking outlook or hoping to appear as a leader in your field. You should adopt new technologies to solve problems, make improvements and challenge the status quo. As Nokia will attest to, do not get left behind technology, but rather keep up on the trends in your industry. Be smart and curious about the technologies affecting your business!