In the first part of this series, I urged entrepreneurs not to go overboard building technology or solution by overestimating the problem. It is in place of the fact that there is insufficient data to support either the viability or inviability of the idea. At this stage of technology maturity, there is sufficient data for the company to invest in resources to find insights and make meaningful solutions to improve services and find new avenues of revenue generation.
Although I am a great believer in technology and entertain a degree of skepticism about the usefulness of technology in it, technology is only a catalyst for a business activity but not a business in itself. The companies need to realize and accept what business they are in and make investments such that core business is always flourishing and becomes the bedrock for related developments.
It will be an ideal time to monetize your data, mining data for better insights and newer avenues, exploring the options of selling individual services that make up your technology, stand-alone value generators.
It is vital for the company enjoying the monopoly to continue to deliver value to the customer if the market can easily switch to some new upstart and gain the same if a not better value for the money they spend. It involves continued effort in streamlining the internal processes and cutting on any unnecessary costs.
Market leadership presents a unique opportunity to consolidate and capture the market, although not ideal for a customer. It is crucial for the company enjoying the monopoly to continue to deliver value to the customer if the market can easily switch to some new upstart and gain the same. It involves continued effort in streamlining the internal processes and cutting on any unnecessary costs.
While improving the internal processes, there may be opportunities within these individual processes to sell as services. For instance, Google maps started as a dedicated service for finding directions now, also used by service providers for their mapping needs.
