May 19, 2024

Software that makes a competitive difference

Last week I claimed that 8 Penny Labs was the help you were missing in your digital transformation. You can get caught up here. I believe that we provide a valuable service for companies that aspire to be highly competitive in their market. To be clear, if you don’t get the help from us, you […]

#8PL #CustomSoftware #Digital #Help #MidMarket

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Last week I claimed that 8 Penny Labs was the help you were missing in your digital transformation. You can get caught up here. I believe that we provide a valuable service for companies that aspire to be highly competitive in their market. To be clear, if you don’t get the help from us, you still need the help we offer. One of the reasons that I write this blog is to help every business owner and executive to think differently about their situation - because for many of them, the situation they are in is not the one they think - they are at risk.

There is plenty of marketing that supports the need for businesses to adopt enterprise software solutions. These software offerings are great - some are better than others to be sure. Yet, as great as they may be, they aren’t sufficient if you want to be truly competitive in today’s rapidly changing digital marketplace. They are required, but not sufficient.

Why is that?

Let’s start with my claim that even small companies have big company challenges. All companies are competing for the same consumer or business dollars. There isn’t an endless supply of money in the marketplace. It all gets allocated somewhere. If not with you, then with one of your competitors regardless of their size or location. We are all competing for the same dollars.

We are living in a global economy that is driven by data. Data about what consumers are doing or not doing, where they are doing it, who they are buying from and in what quantities. If you only install the enterprise software that covers your basic business operations, you are like everyone else in the marketplace - except, that is, for the highly competitive businesses that set the standards for everyone else. These are often, but not always, large companies with seemingly endless budgets.

In fact, I just watched an interview of a friend of mine. She runs the digital media group at a big box retailer. The interview centered around how this global company was organizing their data about their customers in a way that their competitors aren’t. They were eliminating the digital dead-ends that I discussed (here) and produced insights that gave them a competitive advantage. They didn’t produce this competitive advantage using off-the-shelf enterprise software - you can be sure of that. If they did, it wouldn’t be a competitive advantage for them - it would be commonplace.

At 8 Penny Labs, our customers are all engaged in projects to build the tools that enable the kind of competitive capabilities that I referenced above. Are they operating at the same scale and budget as the big box retailer above? No, but they realize that their customers are still expecting the same type of service from them as they enjoy when working with that big box retailer - so they got to work building it.

Next week we will take a look at the types of businesses that typically win in marketplace competitions and how we help them remain competitive.

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