Why Every Company Must Consider Themselves a Tech Company

When you think of a tech company, Google or Facebook might come to mind—but did you know Goldman Sachs employs more software engineers than Facebook does?

No matter what industry they’re in, today’s businesses need to be agile and able to easily adapt to their customers’ changing demands. That means that they need to think critically about not only what they can optimize in their current environment, but about what innovations they can make to future-proof their businesses so that they stand the test of time.

Here are some of the key reasons why your company must think seriously about how technology plays a role in your future.

Customers demand it.

Think about smartphones. Today, a full 77% of Americans own smartphones, and they use them for everything. Even if you have a fully staffed customer support center, most customers would rather send a quick chat message to resolve their problem than phone in. That means you need to adapt to the way that your customers expect to receive service. If you’re a bank, for instance, it makes sense to invest in an app where customers can easily complete their desired actions (checking balances, depositing checks, checking mortgage rates, chatting with a support rep). Look at the data and your user demographics to understand what forms of technology they’re using, and how you might fit into the mix.

But don’t presume you know exactly what your customers will like without asking them: Before moving into development, it’s worthwhile to focus on initial user research and a discovery phase so that you can validate a minimum viable product prior to moving into full production.

It helps you get a holistic picture of your operational health.

In addition to delivering a positive user experience, many companies are integrating technology as a way to build transparency and efficiency into their operational flow. Companies in the manufacturing industry, for instance, can use IoT technology to track their supply chain in real time, helping them to automatically update production schedules in real time. They can also track the quality of production on the line, with details being transferred to a centralized dashboard. And they can assess equipment health and set up repair dates automatically. With vast quantities of data at your disposal, you can easily automate actions in response to specified triggers, and analyze trends over time to understand how well your business is genuinely performing.

It keeps your business competitive.

Smart companies must always pay close attention to changing tides in the industry, or they’ll soon become obsolete—look what happened to Kodak with the advance of digital cameras. In order to keep pace with market demand, it’s essential to constantly look at the new ways that technology can inform your industry, and how others in your space are taking advantage of it. Whether that’s marketing automation, AR/VR, or any number of other rising technology trends, strong companies are building out long-term plans that focus on technological transformation—many even hire lead creative roles exclusively dedicated to digital innovation.

While new technology developments and integrations may seem like overwhelming projects, they’re absolutely essential if you want to ensure that your business is there for the long haul. Open yourself to new possibilities and explore what your customers want from you, and what would make your employees able to do their work more effectively. Build a vision for your company’s future, and you’ll be leading the curve.

Read more: How One Tech Company Used Humor to Launch a New Brand