For example, Amazon competes with all other e-commerce companies for faster delivery of the product. To stay ahead in the competition, Amazon has even implemented the use of delivery drones and same-day deliveries.
Technology is crucial for an organization in this first paced market. Companies are going global, and to keep up with the competition everywhere, they are adopting the latest cutting-edge technology.
Therefore technology is an asset in the organization, and a lot of the load is borne by technology.
The companies have to maintain competence in technologies.
To maintain the required competence, the lawyer should be kept in the loop about the changes in law and its practice. This includes the risks and the advantages which are associated with the relevant technology.
Every company is expected to adopt or modify the rules.
Features of Technology Competence
Technology is responsible for changing the face of organizations entirely. They add different competencies and features to the companies.
Following are a few features of Technology Competence
1. New Features
Technological competence helps the companies to introduce new features in the product. Customers these days want new features every time they purchase a new product. In fact, if you are not going to provide them with new features, then the customers will turn towards competition. Getting new features in the product means innovating and expanding the R&D division.
This can be achieved with the help of technological competence. Many innovative companies like Apple invest a lot of money in the research department. This is why they can come up with new features in their iPhones every year.
The better technological competence the company has come on, the better features it will be able to introduce. While it is crucial to have new features for tech products and electronics, it is equally essential for other products to possess it.
For example, you wouldn’t want to eat the Mississippi mud flavor of Ben & Jerry’s every year or the same flavor of Gelato ice creams. Gelato ice creams bring a new flavor almost every week.
Technological competence is the way towards superiority for the organization. Not only the products become unbeatable in the market, but the organization and its employees also gain enormous respect.
3. Reduced Time
When the Industrial Revolution started in the 1920s, everyone thought it was the pinnacle of technological competence. However, today in 2020, a century later, organizations are using such technology that nobody would have imagined back in the 1920s.
The incorporation of technology in everyday activities of the organization has led to a reduction in times. For example, organizations depended on postal services for official communication and document sharing.
Postal networks were efficient but took a lot of time. Today in 2020, the documents can be shared with someone else sitting on the opposite end of the globe in seconds.
This increases the productivity of the organizations and enables them to focus on other vital issues.
4. Demand Supply Equilibrium
There has been a massive increase in population in the last three decades. While the population is increased, the production capacities have also proliferated accordingly. Organizations must keep up with the increasing demand for products from customers.
Companies Like Amazon have kept their ordering portal open 24×7 so that customers can order any product at any time. Automated receipts are generated, and delivery details are shared with customers even if the order is placed at midnight.
Companies are keeping up with the demand by incorporating technology so that the supply is on time. Even large orders can be produced in a short time as compared to earlier times.
If the customers do not get the product, then they will go to the competition, which would mean the loss of a customer for the company.
This is why organizations must incorporate technological competence.
5. Faster Production
Production delay was one of the prime reasons why many companies feared in the 1960s and 70s. No matter the amount of workforce they incorporate, the deadlines get extended.
Only when the computer took the place of the workforce in companies, the production multiplied. Of course, there is always the role of a person, which is more important than a machine. Having a machine with a person is like having a catalyst.
It enhances efficiency and increases the production rate. For example, having manual production assembly will produce probably 500 – 1000 strips of medicine per day, but having an automated assembly line with one person to control the settings, will produce about 10,000 to 15,000 strips of medicine per day.
6. Global Connectivity
Organizations have expanded globally and are present in many countries. For example, Nike is present in more than 50 countries. Operating in so many diverse places and managing so many employees is a big challenge without technology.
Having a technological competence will help the organizations to connect with their counterparts easily.
For example, it has become convenient for Nike USA to connect with Nike Italy to understand its needs and serve the customers accordingly.
7. Better Customer Service
Because of technological superiority, companies are now able to provide improved customer service. The topic of customer service is a debatable one. Earlier, the customers had to write to companies and send a letter about their concerns and complaints.
But now a customer can post his unsatisfactory message on any social media like Twitter or Facebook. Within minutes, a service representative sitting miles across the world is assigned for your complaint.
The executive follows up with you and does not rest until he has provided a satisfactory solution to your problem. Companies like Dell are known for their customer service.
Improved customer service directly translates to a happy customer, which means better business. A loyal customer is what an organization ideally aims for, and better customer service assists them in achieving that.
8. Global Leadership
It is easier for organizations to have better relations with customers because of technological competence. The better connection an organization has with its customers, the easier it is for the company to become a global reader.
Apple customer care is one of the best service providers, which connects very fast with the customer for his issue. There are multiple modes of contact by which a customer can call the company regarding his problem.
Apple provides a speedy and professional response to the customer to solve his query. Even this is one of the factors which has led the organization to become a $3 trillion company.
Technological competence is essential for organizations to increase their market share and beat the competition. Technology must be used and be upgraded from time to time to maintain a competitive advantage.