Technology is the backbone of the global economy and is used in all business sectors. The tech industry is a huge and multifaceted entity that continuously evolves. Keeping up with it can be daunting even for seasoned entrepreneurs. But, it’s always a good idea to follow the tech innovations as they solve many business problems that you may encounter.
I. Frontier Technology Clients
Frontier works with various businesses in the tech industry, specifically: software developers, IT asset management companies, hardware developers/manufacturers, and value-added resellers. We offer data-driven strategies to boost tech business growth and year-on-year expansion.
What is the technology industry?
The tech industry is responsible for the development of hardware, software, asset and network management, and the web. It’s a huge driving force behind shifts in business and the reason why businesses can run more efficiently. It includes computer technology, networking technology, video games, cybersecurity, hardware, gaming consoles, computers, mobile phones, and more.
Most, if not all, businesses rely on technology and digital platforms to function. The tech sector showcased incredible growth with product innovations that became the main drivers of the continued development of a business.
Revolutionary technology that at one point seemed hard to imagine existing was made possible by the top talents in the field. Concepts and products like: the internet, artificial intelligence, machine learning, virtual reality, or even medical 3D printing are some of the tech innovations that disrupted the market and are now a common product that people use worldwide.
Today, the workforce is dominated by tech-savvy talents who are well equipped with technology and can easily be trained to adapt to new tech releases. This is highly beneficial to businesses that rely on technology to be efficient.
In this century, technology has proven its importance throughout digital ecosystems in both personal and professional fields.
There is no question about the value technology has brought globally, however, it poses some risks for all its users as well. Data privacy and protection, cyberhacking, phishing, surveillance, the rampant fake news are some of the main concerns that surround the industry. Now more than ever, businesses need to consider creating plans and strategies to ensure that sensitive information, data, and trade secrets are kept safe.
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II. Types of Business Ventures for Technology Industry
The tech industry has grown from a handful of large companies to hundreds of startups that cater to smaller niches.
The technology industry aims to create and innovate new inventions in the market that removes the barrier between something you thought was impossible to achieve. It creates many opportunities and that changes how people work. Something that you couldn’t do twenty years ago can be done in ten minutes with the use of the right tools. Luckily, the right tools are easily accessible because of the tech advances in the recent decade.
This industry is notorious for product development and innovation. With the highly competitive and fast market, your business needs to be on top of the tech trends and be one of the first to introduce new products to the market. Speed to market and establishing the appropriate brand to promote the services and products your organization has invented is essential to long-term success and relevance. Not to mention that consumer demands in the tech industry are extremely high compared to other industries.
Moreover, mergers and acquisitions in this sector continue to turnover quickly. Large companies continually buy-up smaller niche concepts in order to offer their consumers the best, cutting-edge technology out there. Phone companies, telecoms, hardware, and other massive companies have dominated the market by combining their efforts and merging into a single entity.
The reason for these mergers is constantly changing but it is almost always to increase revenue, decrease costs, or create a bigger market share. Some of the most notable mergers in the last few years are Amazon and Whole Foods Market and Facebook and WhatsApp. Preparation and due diligence prior to these deals is key. Interestingly, even the M&A of colossal companies such as Nokia and Microsoft can end in disaster.
Frontier can support the goals of your company to ensure that your business ventures in the field are calculated up to the smallest factor. For example, if you’re looking to expand your business in another region, we’ll look into a lot of the possible pitfalls you can encounter and produce smart strategies to avoid them. We can also tell you what type of competitors you can expect to face, and how you can position yourself successfully to engage in that new market.
III. Common Questions in Tech Industry
Frontier has worked with technology clients to help them address questions like:
- How do we keep up with the changes happening at the speed of light in the tech industry?
- How would the technology industry use business intelligence?
- How can the use of new technology in the industry benefit our workers and manufacturers?
- How do we gauge our business’ readiness for mergers?
- What tech trends should we keep an eye on?
- Who can we partner with to ensure our product gets to market?
- Do consumers prefer our product compared to others?
- Will this product concept work with today’s consumers?
- How much are customers willing to pay for this product?
- Are there industry standards or certifications we need to prove in order to bring our products to a foreign market?
IV. Technology Industry Standards
Businesses in the tech industry are focused on recognizing standards to effectively operate and produce products that fit society. Applying these best practices to your business will set you up for a sustainable and predictable return on investment.
- Ethical usage
- Data privacy and data loss
- Network security
- Standardization of pricing
- Intellectual property rights
- Quality control
V. Tech Industry: Frontier Case Study
Frontier worked with a leader in consumer electronics to test a product concept in 13 different markets. Based on thorough voice of customer (VOC) research, our research found that one particular industry was willing to pay handsomely for a novel product to enhance the ability for their employees to communicate more effectively with the use of this product.
Frontier developed a five year Strategic Plan in addition to an “Operations and Governance Manual” for an IT team in the public sector to ensure that industry standards such as data protection, privacy, network security, and crisis management planning were prioritized. Our team also laid out nine different initiatives to allow this team to connect with the end-user more effectively and deliver solutions more aligned to the mission of the organization itself.