The broad-based availability of technology has shattered the barriers that prevented small companies from competing head-to-head with the giants in their industries. Add to the democratization of technology the fact that entrepreneurial companies are typically fast and flexible, and the right technology provides them a decided advantage.

“Technology has become the equalizer that allows competition to exist in a realm which heretofore did not exist, and therefore opens up new fields of potential conquest,” says Jared Freedman, CEO of Code4Software. “And new fields typically go to the quickest, not the biggest.”

That said, smaller companies need to exercise disciplined decision-making when it comes to investing in new technology. The velocity of change in technology can quickly make it obsolete before you realize the return on investment required.  

Consider:

• staying away from “bleeding edge” technologies until they are more proven with time;
• consulting with other users of the technology you may be considering; and
• making sure you’re focused on the right goals and objectives for implementing technology

Once you’ve made the decision to implement technology it’s important to communicate why the technology is being implemented, its value for the company in improving performance, and the need for company-wide use to maximize your ROI.

Learn more about Technology as a Competitive Edge.