In the old days, technology was about buying more. More hard drive space, more speed, more features. These were things you needed and could leverage for a competitive advantage. This is the equivalent of an all-you-can-eat buffet. The food isn’t of the highest quality, but you can have whatever and however much you want.
Today, technology is about crafting a better experience. Everyone has unlimited hard drive space, speed, and features just a click away on the cloud or in an app. Your competitive advantage comes when you improve an event or a service that didn’t use technology before. This is the equivalent of dinner and a show. The food is no longer the sole focus and the overall experience is improved.
To take a real life example, consider this writer’s most recent experience at a legal conference. The conference was the same format as all others for the past 40 years, except in one way: this time they built an app to facilitate human interactions. The app let you build a profile, post updates, rate events, and navigate the conference. In short, it built a temporary Facebook. It created a truly immersive experience, where the conference became a talking point for building new and real connections.
As a bonus, I’m sure that conference was able to collect a lot of data on their most devout attendees. They likely recorded foot traffic, attention (how often was a person on their phone during an event), event ratings, which posts created the most buzz, and how far the attendee traveled, just to name a few items. They’ll take this data to build an even better, more engaging event next year.
Improving experiences, building stronger relationships, is where technology now has the greatest opportunity for competitive advantage. Data Analytics will only continue to grow in the coming years. Those who elect not to participate in designing a better experience for their clients will find it increasingly difficult to compete.