The lockdown, interruption of supply chains, and a distributed workforce are accentuating the need for innovation and entrepreneurship with countless technology opportunities emanating from these unusual times.
The COVID-19 pandemic is highlighting the need for bold, innovative solutions at all levels of society. We believe that because entrepreneurs are problem-solvers at heart, bringing new products or services to the market to meet a need or a gap, this is their chance to seize the moment. Tarsus On Demand, a division of Tarsus Technology Group, explains what needs to change to ensure success.
We have witnessed the shift from an industrial to a digital economy, accelerated by rapid changes in technology on the one hand, and the expectations of customers on the other. Innovation has been incremental rather than disruptive; disruption is rare because our economy has been focused on scalable efficiencies that essentially make a business run a little better every year. Now, technology entrepreneurs have a target market that is increasingly realising the importance of digitisation to compete and stay relevant in this new business environment.
We are noticing that many sectors such as manufacturing, pharmaceutical companies, and restaurants, are redefining and re-organising for COVID-19 related products and services at an unprecedented rate. Against this backdrop, innovative start-ups are re-aligning their services given the constraints brought about by the pandemic.
The age of connected devices, mobility, internet of things (IoT), and automation makes it possible for independent software vendors (ISVs) to focus on technology that offers customers measurable business value, previously not available. However, to leverage this opportunity, ISVs must hone in on the specific pain points and problems that prospective customers are experiencing. Many in our industry have grown too accustomed to developing solutions and then setting out to find customers.
Change in tactics needed
Our current context requires ISVs to change tactics. It’s time to start thinking about how to position your company or product as a solution to your prospects’ problems, and what is needed to keep them happy. To put it plainly, solving customer problems is more important than the vision you have for your business.
Customer-focused businesses are built around customers’ needs. Having a customer focus is the key contributor to the overall success of a business and involves ensuring that all aspects of the company put its customers’ satisfaction first. This requires obsessive knowledge of your customer and how to deliver, and it’s now more important than ever before.
Technology entrepreneurs have a target market that is increasingly realising the importance of digitisation to compete and stay relevant in this new business environment.
This first appeared in Business Media Mags: https://businessmediamags.co.za/bd-insights/technology-solutions-innovations/how-iot-and-automation-are-influencing-entrepreneurship/
[Photo by Daniel Falcao on Unsplash]