The recent Future 50 ranking of companies with the best long-term growth opportunities identified that 29 out of 50 top businesses belong to the information technology, communications, and e-commerce spheres. However, you can find companies in other sectors in the ranking with restaurants and education companies among them.
An #industry where a #business operates does not always predetermine its destiny. Innovative business models matter, not the business area.
In our today’s article, we’ll try to identify 5 traits successful tech businesses have in common.
1. Focus on customers and end users
Usually, businesses make a lot of efforts to find and retain customers. We believe that a customer-centered approach is about helping clients find what they want. Research shows that 88% of users will not return to a website after a poor experience. Besides, customer-centric businesses are 60% more profitable than companies that do not put their clients first.
Recently, Elinext software company has been assigned to create a sales order and offer system for a Swiss manufacturer of copy and printing devices. The manufacturer had to regulate its workflow for its staff, distributors, and sales reps. At the output, users can create, edit, approve or reject offers, use relevant templates, calculate profit and performance depending on their role in this customized platform. The web application fosters the user experience across different stages they go through, from finding a device to KPI calculation.
2. Adapting to innovations
It’s extremely important for a conventional business to ensure organizational capacity for innovations that keep up with the technology. Perhaps, healthcare providers fall under this concept like no one else. Medical workflows automation, scalability, costs optimization, refining diagnostics and treatment, and improving patient engagement and loyalty are advantages brought by the adoption of technologies for medical professionals.
Technology innovations also ensure business sustainability in times of disruption. According to Mr. Martynas Sarapinas, CIO at Girteka logistics company, becoming an intelligent business assumes an end-to-end digital solution. Amid the crisis, his company leverages the digital foundation to “meet any customer needs”.
3. Making a platform
Making a platform in order to ensure business sustainability means connectivity and communication with users. If you think of Amazon, you perceive it as a multi-functional platform with advanced search, chat integration, user-friendly navigation, reliable data storage, etc., not just goods that are sold on it.
This approach may help businesses to succeed in other business domains. Web or mobile platforms act as connected communities and increase the value of your company in the eyes of customers whether you work in e-commerce or any other area.
Recently, Elinext developers were assigned to develop a web platform to connect insurance providers and their potential clients. In a single space, a client comes into personal contact with a service provider and selects the best offer among the ones submitted for auction by insurance agents.
4. Problem-solving ability
Tech businesses are able to sharply articulate both their goals and problems. This trait allows them to better understand the impact of a particular problem and elaborate on a respective decision. For example, a company operates in three completely different domains like international sales of technology products, national immigration support services, and sales of software and digital services to national food-and-beverage companies.
They are aware of the need to manage sales and customer relationships in order to tackle the complexity of each domain’s business nature and operational cycle.
A web and mobile CRM application took on this challenge and became a standout asset for the company in its attempt to streamline its business management processes.
5. Leaving place for maneuver
Since business growth opportunities are a variable, not a constant, a tech business is always exceptional in the dimension of scalability.
“The ability to scale applications and ensure that they are always running and available to clients is a top priority – whether it’s Black Friday, a busy travel season, or in the midst of a category five Hurricane”, says Jason McGee, VP, and IBM Fellow.
In other words, if the number of customers increases, tech-savvy companies continue to operate with comparable capacity. Scalability of solutions allows you to stand apart from peers due to an optimal costs-benefits ratio and the ability to adapt to the ever-changing business needs.
The ability to process millions of requests at a time definitely positions your business for vitality and growth. Vice versa, there’s often no need to have all possible functions in place when there’s no business demand for this.
Finally, there’s no unique formula for success. However, business leaders have much in common. By technically rebuilding a company and improving its capacity for innovations, businesses in all sectors can ensure sustainability and vitality.