As the global tech industry continues to grow and evolve, Latin America has emerged as a major player in the scene, with a growing number of successful startups achieving unicorn status. Even with the global economic crisis, Latin America’s private sector and entrepreneurs have shown an uncanny ability to rise above it all and succeed. According to World Finance, by 2021, venture capital investment in Latin American tech had been growing steadily and doubling annually since 2016, and in 2021 alone, $14.8 billion was invested in the region.
In this blog, we will explore the most successful and innovative startups from across the region, illuminating their unique stories, the challenges they’ve overcome, and their impact on the tech industry. From Brazil to Mexico and beyond, we will showcase the most exciting and transformative Latin American tech unicorns, inspiring those looking to follow in their footsteps. So come along on this exciting journey as we delve into the fascinating world of Latin American tech unicorns!
Why technology investors and recruiters are targeting Latin America?
Latin America is a treasure trove for shrewd tech investors and recruiters seeking exceptional talent at reasonable rates. The region is home to numerous fast-expanding tech companies and a highly-skilled, youthful workforce.
Sources: LatamList and Hireline
Furthermore, countries such as Mexico, Colombia, and Chile have implemented policies that foster entrepreneurship, streamlining bureaucratic procedures and creating favorable conditions for startups to thrive. Alongside this, Latin America boasts an ever-increasing pool of IT professionals.
Also, the region has a large pool of highly skilled and educated IT professionals who are proficient in various programming languages and technologies. Latin America is producing big amounts of young engineering talent day by day, making it full of attractive candidates to choose from when companies are looking to set up world-class development tech talent networks or to hire individual remote engineering talent.
Additionally, time zone and cultural similarities with the United States make it easier to collaborate and communicate with Latin American teams. Plus, Latin American countries have a favorable business climate, with government support for entrepreneurship and innovation. Finally, labor and operational costs are generally lower in Latin America than in the United States, allowing companies to save money without compromising on quality.
Top Startup Destinations
In recent years, Latin America has emerged as a thriving hub for startups and entrepreneurship. With a growing talent pool, favorable business climate, and increasing government support, the region is home to numerous emerging companies that are disrupting industries and making a significant impact.
Here are some of the top startup destinations in Latin America to look at:
São Paulo, Brazil: With a population of over 12 million, São Paulo is the largest city in Brazil and a hub for innovation and entrepreneurship. The city is home to numerous co-working spaces, accelerators, and startup incubators, making it an ideal destination for entrepreneurs looking to connect with like-minded individuals and grow their businesses.
Mexico City, Mexico: As the capital city of Mexico, Mexico City is a bustling metropolis with a thriving startup scene. The city is home to several startup incubators and accelerators, as well as a growing community of tech enthusiasts and entrepreneurs. Several successful startups in Mexico City, such as Rappi, Kavak, and Clip, have achieved unicorn status with over $1 billion valuations.
Bogotá, Colombia: With a population of over 7 million, Bogotá is the capital city of Colombia and a hub for innovation and entrepreneurship. The city has a growing tech sector, with several notable startups, including Rappi and Liftit, emerging in recent years.
Santiago, Chile: Santiago is the capital city of Chile and home to a vibrant startup ecosystem and one of the top hubs for technology unicorns in Latin America. The city has several incubators, accelerators, and co-working spaces, and the government has implemented several policies to support entrepreneurship and innovation. Also, Santiago has become a preferred destination for startups looking to expand their operations in the region, with its strategic location providing easy access to major markets in South America.
Buenos Aires, Argentina: Buenos Aires is the capital city of Argentina and a hub for entrepreneurship and innovation. The city boasts a thriving startup ecosystem with a growing number of successful technology companies, including MercadoLibre and Globant, emerging in recent years. Buenos Aires offers a range of advantages to startups, including a talented pool of software developers, a supportive business environment, and access to funding.
Latin America is a hotbed of entrepreneurial activity, and these five cities represent some of the most promising startup destinations in the region. From São Paulo to Buenos Aires, the region is full of exciting opportunities for entrepreneurs looking to make their mark and disrupt industries. With a supportive ecosystem and a wealth of talented professionals, Latin America is an ideal destination for startups looking to thrive and grow.
5 Latin American Unicorns to keep an eye on
1. Betterfly
Valuation:$1.00B (February 2022)
Country: Chile
Started in: 2018
Industries: FinTech, Fitness, Health Care, InsurTech, Wellness
Number of employees:100-250
Funding Amount: $202.50M
Number of investors:17
The company, certified as a B Company for its impact on social and environmental well-being, is also the first Latin American “social unicorn.” The company was founded as “Burn To Give” in 2018, a platform that allowed it to convert into food rations the calories burned by its members doing sports, jogging, and cycling, through an app that measured the activity by GPS. In 2020 Burn To Give became Betterfly, a name alluding to the term “butterfly” as the company promotes a “positive butterfly effect that transforms your healthy habits into social impact and financial protection.”
Betterfly offers a digital platform of benefits to employees of companies of any size, including financial and wellness education, virtual fitness, telemedicine, and mental health, and rewards its members’ healthy habits with life insurance coverage that grows at no cost.
2. Kavak
Valuation:$8.70B (October 2020)
Country: Mexico
Started in:2016
Industries: Automotive, E-Commerce, E-Commerce Platforms, Online Portals
Number of employees:1,000-5,000
Funding Amount:$1,188.00M
Number of investors: 24
Kavak is a Mexican startup that is transforming the used car industry by providing a platform for buying and selling high-quality, reliable vehicles. The company has quickly become one of Latin America’s most successful unicorns, with a valuation of over $8 billion.
Kavak’s success can be attributed to its innovative platform and rigorous inspection process. The company’s platform allows buyers and sellers to connect in a seamless and efficient way, while Kavak’s inspection process ensures that all vehicles are of the highest quality and reliability.
3. Rappi
Valuation:$5.25B (August 2018)
Country: Colombia
Started in: 2015
Industries: Consumer Goods, E-Commerce, Food Delivery
Number of employees: 5,000-10,000
Funding Amount: $2,248.01M
Number of investors: 44
Rappi is a Colombian startup that is revolutionizing the on-demand delivery industry in Latin America. With a valuation of over $5 billion, Rappi has quickly become one of the region’s most successful unicorns.
Rappi’s success can be attributed to its innovative platform and commitment to customer satisfaction. The company’s platform allows users to order a wide range of products, from groceries and meals to pharmacy items and electronics, with fast and reliable delivery. In addition to its on-demand delivery services, Rappi has also expanded into other areas, such as financial services and travel. This has helped the company to diversify its revenue streams and expand its reach throughout Latin America.
4. Ualá
Valuation: $2.45B (August 2021)
Country: Argentina
Started in: 2017
Industries: Apps, Banking, Financial Services, FinTech, Personal Finance
Number of employees:1,000-5,000
Funding Amount: $608.00M
Number of investors: 22
Ualá is an Argentine startup specializing in financial services in Latin America, with a valuation of over $2 billion. Ualá’s comes from its innovative platform and commitment to financial inclusion. The company’s platform allows users to access a wide range of financial services, from online payments and savings accounts to investment opportunities and insurance products.
One of the key benefits of Ualá is the ease and convenience of its platform. By using the app, users can manage their finances easily and efficiently, without the need for a physical bank branch. The company also offers a range of services designed to help underserved populations, such as low-income individuals and those without traditional bank accounts, to access financial services. This has helped Ualá to become a leader in financial inclusion throughout Latin America.
In addition to its financial services, Ualá has also expanded into other areas, such as mobile phone services and e-commerce. This has helped the company to diversify its revenue streams and expand its reach throughout the region.
5. Bitso
Valuation: $2.20B (May 2021)
Country: Mexico
Started in: 2014
Industries: Bitcoin, Cryptocurrency, Financial Exchanges, FinTech
Number of employees: 250-500
Funding Amount: $314.66M
Number of investors: 20
Bitso is a Mexican cryptocurrency trading platform that facilitates the purchase and sale of bitcoin and other cryptocurrencies. This startup is leading the way in cryptocurrency exchange in Latin America. Its innovative platform, commitment to security and transparency, and diversification into other areas have helped the company to become one of the region’s most successful startups.
Bitso’s success can be attributed to its innovative platform and commitment to security and transparency. The company’s platform allows users to buy and sell a wide range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, with fast and reliable transactions.
Latin America is home to a growing number of unicorns, which are driving innovation and growth throughout the region. These startups are leveraging cutting-edge technology, innovative business models, and a commitment to customer satisfaction to transform a wide range of industries, from financial services and transportation to e-commerce and on-demand delivery. With a favorable business climate, a growing talent pool, and increasing access to capital, the future looks bright for Latin American unicorns, and we can expect to see even more exciting developments in the years to come.
Finally, the success of Latin American unicorns can be directly related to the existence of highly-skilled software developers in the region. These developers are a critical component in the success of many of these startups, providing the technical expertise needed to build and maintain innovative platforms and products. With a growing number of highly-skilled software developers in Latin America, startups have access to the talent they need to compete on a global scale. This talent pool is a key factor in the region’s ability to attract investment and foster innovation. It is likely to continue to fuel the growth of Latin American unicorns in the years to come.
Therefore, looking towards Latin America is a great choice for American companies looking for highly-skilled software developers. Find your local partner to access the best talent in the region and set yourself up for rapid international expansion without most of the typical struggles associated with it.
The Internet of Things (IoT) is a revolutionary technology changing how businesses operate. IoT refers to the network of billions of physical devices – “things” around the globe connected to the internet and, therefore, constantly sharing data. Let’s think about it like a giant network of smart devices that can work together to make your life easier and more efficient. Thanks to fast technological development, now it’s possible to connect almost anything to the web, from a small watch to a plane, and turn it into a part of the IoT.
The IoT market is ever-increasing as more devices are connected than people, making IoT devices a fundamental part of our daily lives. Now, you must be wondering yourself, how big is the IoT market? Well, pretty big! For starters, sources such as Statista forecast that the number of Internet of Things (IoT) devices worldwide will almost triple from 9.7 billion in 2020 to more than 29 billion in 2030. Also, consumer IoT spending was expected to hit $108 billion, making it the second-largest industry segment: smart homes, personal wellness, and connected vehicle infotainment will see much of the spending. Plus, the overall enterprise Internet of Things (IoT) spending grew 12.1% in 2020 to $128.9 billion, indicating that IoT remains a high-growth market with opportunities across the entire technology stack.
But what does IoT means for business? Here are some of the ways IoT can benefit your business:
Improved Efficiency
IoT can improve the efficiency of your business by automating repetitive tasks and reducing the need for human intervention. For example, sensors can monitor server performance and detect potential issues before they become major problems, allowing the software business to address them proactively. Similarly, smart devices can monitor equipment and machinery, allowing for predictive maintenance and reducing downtime. This can help businesses avoid costly repairs and keep their operations running smoothly.
Increased Productivity
IoT can also increase the productivity of your business by providing real-time data and insights that can be used to make informed decisions. For example, it can monitor employee performance and productivity, providing managers with insights into how their teams perform and identifying improvement areas. This can help businesses optimize their processes and improve their bottom line.
Also, IoT tools increase internal and external office communication, resulting in better productivity. In fact, 58% of companies are seeing increased collaboration through IoT devices, according to a survey conducted by Harvard Business Review. Finally, IoT devices can be used to optimize workflows, reducing manual intervention and improving efficiency. For example, a warehouse can use IoT sensors to track inventory and automatically generate orders when stock levels fall below a certain threshold, reducing the need for manual inventory checks.
Improved Customer Experience
IoT can also help businesses improve their customer experience by providing real-time data and insights into customer behavior. This can be done simply by tracking user activity within a software application, allowing the business to identify areas where the user experience can be improved.
IoT devices can collect data on customer behavior, preferences, and habits. This data can be used to personalize the customer experience by providing tailored recommendations, alerts, or services. IoT devices can also be used to collect real-time feedback from customers, allowing businesses to address any issues or concerns quickly. Finally, keep always in mind that the most important thing to remember when integrating IoT technology into your product is to keep it simple and easy to use; therefore, try to find and hire only the best IT people for your IoT project.
Increased Security
IoT can also increase the security of your business by detecting potential security threats, such as unauthorized access or suspicious activity. IoT devices can also monitor physical and digital security systems in real-time, allowing businesses to respond quickly to security incidents.
Finally, IoT devices can control access to physical and digital assets, reducing the risk of unauthorized access and facilitating incident response by collecting and transmitting data on security incidents in real time. Overall, IoT can provide businesses with the tools to detect and respond to potential security threats in real time, reducing the risk of data breaches, theft, or other security incidents. By leveraging the power of IoT, businesses can improve their security posture and protect their assets from harm.
Reduced Costs
IoT can provide businesses with the necessary data and tools to optimize their operations, reduce waste, and cut costs. By leveraging the power of IoT, businesses can improve their bottom line and achieve greater profitability. Here are some specific examples of how IoT can reduce costs for a business:
Energy Management: IoT devices can monitor and control energy consumption, reducing energy waste and lowering utility bills. For example, a smart thermostat can adjust temperature settings based on occupancy, reducing heating and cooling costs.
Predictive Maintenance: IoT devices can predict when equipment will require maintenance; this allows businesses to schedule maintenance during periods of low usage and avoid unexpected downtime, reducing maintenance costs and increasing equipment lifespan.
Asset Management: IoT devices can track the location and status of assets, reducing the risk of loss or theft. This can lower replacement costs and insurance premiums.
Supply Chain Optimization: IoT devices can be used to optimize supply chain operations, reducing costs associated with inventory management and transportation. For example, a retailer can use IoT sensors to track inventory levels in real time and automatically reorder products when stock levels fall below a certain threshold, reducing the need for manual inventory checks.
IoT is no longer the future but the present for business. As outlined in this blog, its benefits for businesses include improved efficiency, increased productivity, and reduced costs. By connecting everyday devices to the internet and allowing them to communicate with each other, businesses can optimize their operations and gain insights that can help them make informed decisions. If you’re not already using IoT in your business, now is the time to explore its many benefits with a reliable partner.
True, businesses have faced huge challenges over the past few years, and apparently, this won’t change in 2023. The tragic combo of post-pandemic economies, Russia’s invasion of Ukraine, off-the-charts inflation and fuel price hikes, and supply chain disruptions foresee a complicated year for businesses of all sizes.
Although 2023 brings a unique set of challenges to companies, business leaders should not panic. Instead, let’s focus on how this new year brings plenty of opportunities to sort the obstacles and steer businesses into success. On that note, understanding what is coming and adapting to it has become one of the best business skills. Development team leaders need to identify the new technology trends this year is bringing; hence, their business becomes more adaptable to change and, therefore, more efficient despite the global setup and the unique challenges we might encounter.
With that in mind, here are five top tech trends for 2023:
Increased AI
In the past few years, Artificial Intelligence (AI) stopped being a sci-fi concept to become a reality of our everyday life. From chatbots to face recognition technology, AI has become a fundamental part of any modern business. According to IDC research, worldwide, spending by governments and businesses on AI technology will top $500 billion in 2023.
In our ever-increasing technological world, we can no longer separate AI from product development. Having AI and machine learning knowledge allows real-time analysis and better interaction between people and machines for smarter task executions. As the level of communication between devices and humans through intelligent technology, the convergence of both through AI helps applications and solutions make predictions based on identifying data patterns to ease the interaction.
In 2023, AI will be even more present. One of the main benefits of AI is that it reduces the probability of human error. In the upcoming years, AI and machine learning will automate routine tasks in almost every industry. Therefore, adopting AI into their business process is essential for any enterprise aiming to boost efficiency, reduce wasted material, and increase profits. More so, with the precision of AI forecasting capabilities, companies can make more informed decisions that will boost growth and give them a competitive advantage over the competition.
Sustainability
Society is more aware than ever of the fact that climate change and environmental disasters are one of the more considerable challenges we face as humankind. It is clear now that if we continue with our old production and consumption methods, there won’t be much planet Earth left in the near future.
Therefore, conscious consumers and investors nowadays prefer companies with good environmental and social credentials, prioritizing ecological impact and sustainability over raw profit. As consumers’ perspectives shift toward sustainable living, brands must guide their mindset.
In 2023, companies must ensure that their environmental, social, and governance (ESG) processes are moved to the center of their business strategy. It will be important for companies to adopt technology that helps them reduce as many ecological negative impacts as possible. For example, digital technology powered by AI and cloud computing will continue growing as they help businesses to achieve their objective efficiently and sustainably. Forecasts show that cloud spending will reach $600 billion in 2023.
Also, hybrid and remote working models will keep rising, encouraging companies to reduce their carbon footprint by lowering the number of big office spaces to maintain.
The Internet of Things
The Internet of Things, or IoT, describes the network of billions of physical devices – “things” around the world that are connected to the internet and sharing data. Thanks to rapid technological development, now it’s possible to connect almost anything to the internet, from a small lightbulb to an airplane, and turn it into a part of the IoT.
Over the past few years, IoT has become one of the most critical technologies of the century; today, more devices are already connected than people in the world. According to ZdNet, tech statistics predict that there will be 41.6 billion connected IoT devices by 2025, or “things.” Connecting all these different objects to the web adds a level of digital intelligence to devices that would otherwise be “dumb,” enabling them to communicate real-time data without the need for human beings. In other words, in this hyperconnected world where we can connect everyday objects to the internet, we can achieve seamless communication between people, processes, and things.
The IoT is making the world around us smarter and more responsive, merging the digital and physical universes and making them cooperate.
Immersive customer experience
After the unexpected COVID-19 lockdown, consumers are craving experience above anything else. In 2023, besides the price-quality relation, customers are focusing on how they experience selecting, purchasing, and enjoying goods and services.
From recommendation engines to help us choose what to buy to customer support portals, technology has played a crucial role in shaping streamlined processes and easing the buying journey for consumers throughout the years. But the game is changing, and the start of the new year has brought the keywords “immersion” and “interactivity” to everybody’s lips.
And we can’t talk about immersion without one of the hottest words of the moment. The metaverse is a concept that translates into an online, 3D universe that combines multiple virtual spaces focused on social connection. It basically allows users to work, meet, and socialize together in these 3D spaces.
For example, think of online shops where we can browse and “try on” virtual representations of clothes, jewelry, and accessories. This new “extended reality” has been predicted to be the next evolution of technology and represents a white canvas for companies to intervene and adapt their products. At the same time, this universe blurs the line between physical and digital life.
On that note, businesses should continue developing products and keep innovating, experimenting, and growing their audience while getting ready to take on this new universe.
Cybersecurity
Cybersecurity development is in a permanent state of evolution and expansion. However, since remote became the new normal, digital business and hybrid work models are changing how cybersecurity is understood.
As technology and software development expands, so does the complexity of risk and threats; therefore, cybersecurity will be at the forefront of digital transformation. As both hackers and security experts are in an endless battle to outsmart each other, it is crucial to rethink security and prepare for new threats.
According to some figures, within the next five years, there will be 64 billion IoT devices installed around the world. This means we will be more dependent on technology than ever before, from online banking to downloading private information. Some experts, such as Gartner, have reported that the cybersecurity mesh practices will lead the information security sector. On that note, safety and privacy will be at the forefront of anything we do online, and every new app developed will need to incorporate cybersecurity.
As we start 2023 and navigate the complex business scenario in front of us, it is crucial that CEOs and business leaders be aware of the emerging technology trends and be ready to identify which will shape the way business is done.
Now more than ever, it’s crucial for companies to stay on top of the latest tech trends that will help them develop better solutions for their clients so they don’t fall behind in the tech game.
In all team sports, each team has its clear goal, to beat the other team, right? Now, try to picture a football team where each player has a different goal in mind and a different strategy to achieve it; do you see them winning?
In business, like in sports, nothing guarantees failure more than a lack of alignment. Nothing guarantees mission failure more than a lack of alignment in a senior leadership team. When alignment does not exist, the entire company reflects it, from the high-ups not having a clear path to achieve the mission to employees who won’t feel connected to a shared sense of purpose.
Nevertheless, as important as company collaboration and leadership alignment are, it’s common for teams to be misaligned, which damages the success of any organization. We know that sometimes seeing eye to eye and agreeing on things is not an easy task, so in this article, we want to share a few tips that strategy and tech leaders can implement to achieve better collaboration outcomes.
What is Leadership Alignment?
Ok, first things first. What exactly is leadership alignment?
We can say that there is leadership alignment when a group of decision-making people agree on a set of shared objectives and identify a common roadmap to reach them. Simply put, aligned teams agree on a business strategy and how to execute it in order to move their team, business unit, department or company forward.
The exact “how” of leadership alignment is different, depending on each company and its culture. Still, normally an aligned leadership will debate, support each other, and consider each area of the company to lead the team in what is most important.
A strong leadership alignment is crucial for a company’s success; it is a great competitive differentiator to drive faster and more effective innovation within the team. Companies with a solid leadership alignment report higher growth, performance, and profitability, plus they strengthen the ability of their organization to take on masterfully any unexpected challenge.
5 Tips to Improve Leadership Alignment
Now that it is clear how alignment is key across all teams, and even more when it comes to the leadership teams, it is time to know how to implement it within our teams. Here are a few tips on how leaders can collaborate to achieve a solid leadership alignment.
1. The Why
Most organization leaders spend a lot of resources to identify what their company does and how to do it, but almost no time on the why of the company. This is much more than a rookie mistake; without identifying the “why,” it is difficult to build a solid organizational culture and a roadmap to success.
Therefore, the first step to achieving a leadership alignment should be to agree on what you do as an organization and why you do it. For this, your leadership team needs time to agree on sharing common definitions and facts about the company to be all on the same page regarding the organization´s vision, mission, and values. Once agreed upon, it’s important to check in regularly to ensure everyone stays on course.
Once the “why” has been identified and agreed upon, the leadership team must use it as the cornerstone for all decisions related to building the organizational culture and paving the way to achieve specific results. It is crucial that every decision and communication must align with the culture and values.
2. Shared vision
Although leadership alignment is crucial for success, it’s not all that matters for real collaboration within the team. Once you have fully aligned leaders, it is important to always keep the company’s vision as a guiding compass for all transcendental decisions.
It is important for leaders to communicate the vision regularly and to make sure the team understands it and aligns with it. This will enable the entire organization to have something to get behind and will make employees feel that their work matters and is more connected to something bigger than the daily chores.
A strong shared vision also creates a sense of identity within the company and drives a work culture that allows employees to feel more united and thrive.
3. Constant Communication
As in any type of relationship, having healthy communication with your employees is key for a successful work dynamic. As important as your external communications might be (with agencies, clients, stakeholders, etc.), focusing on having a clear understanding within your organization might be even more important for success.
Good and constant communication will help your leadership team to agree on common strategies and to identify areas of improvement. But, communication should permeate a company from top to bottom (especially if you’re leading a remote or hybrid remote workforce) for everyone to understand the right actions to take and the desired goal to achieve.
Remember, to implement this step, it is important to establish proper communication channels and keep improving them.
4. Clear Goal
What do great athletes and politicians have in common? They have a strong goal in mind and a clear vision of what a win looks like. If you don’t know what you want, how can you achieve it? And, more important, how can you align a team around it? That is why it is crucial always to identify what winning looks like to achieve success.
Forbes recommends in an article that once a team has defined their shared vision and goals, they first individually picture what winning looks like and then share those ideas with the team. Going through this exercise is will help the team to shape a common goal and to share with each other how everyone understands a win.
5. Accountability
Another vital aspect of leadership alignment is as strange as it sounds, division. However, this must be understood not as free for all situations but as a scenario where each team member “owns” a specific part of the project and is accountable for its development and outcomes.
Divisions work well because it allows a team to focus on a single outcome with a leadership structure that supports its major strategic objectives. In this structure, aligned leaders pave the way to achieve the desired outcome while others assist in driving the outcome. Finally, all those “supporting” team members can be regularly informed and share information on the progress with one another.
In business, change is constant, so companies must intentionally work to stay aligned from leadership to the bottom line. Having an established strong culture of alignment will help any team to stay objective and solutions-oriented through internal and external challenges that might arise. Using these five steps will help you and your team to stay aligned, which will create a great foundation for a winning team.
Recent years have demonstrated the growing awareness of the importance of incorporating technological aspects into the strategic decision-making of companies. Even though nowadays, business and technology are inextricably inseparable, many companies are not prioritizing a tech strategy for their business, as many believe that other aspects are more important to focus on to get them to success.
Eventually, they realize that technology is a key element for any company to achieve its goals; however, trying to incorporate technology in a hurry and without proper strategic planning, will lead to a complicated execution and unexpected results.
Without a technology strategy plan, your business can easily fall behind the competition, so it only makes sense to implement technology as a core part of a successful business strategy. This is why it’s crucial to start thinking about a tech-enabled strategy for the upcoming business year.
What is Technology Strategy?
Technology Strategy simply refers to implementing technology and IT solutions at all levels of your business planning. This is, rather than considering technology on its own and delegating it only to the direction of a CTO, it is considered a core piece of all aspects of business operations.
Now, what does a technology strategy look like? A solid technology strategy consists of a business plan with clear principles, objectives, and tactics for using technology to achieve organizational objectives. It may define specific IT solutions, identify staff members’ responsibilities for managing these technologies, scalability possibilities, and, most important, how these technologies will align with your business’s objectives.
There are many types of technology strategies, depending on the company’s nature, technological capability, and overall business strategy and goals. Still, they can usually be split into three core categories:
- Protection. As cyber hacks have become a common threat against companies, implementing tech strategy allows teams to develop security strategies at all levels and across every department.
- Enhancement. With a largely remote workforce and the rapid expansion of e-commerce, technology is more important than ever. A technology strategy lets the company plan for key rollouts that improve the experience for both employees and customers.
- Innovation. Carrying out tech strategies to carve out innovation periodically allows tech professionals to both fiddle with existing tools and examine new options to provide the most-comprehensive solutions for the company.
Why is Tech Strategy Development Important?
As already mentioned, technology plays a crucial role in the day-to-day operations of today’s businesses. Today, more and more organizations realize the importance of incorporating a tech strategy into their internal process to keep their business working. But why?
Defining a technology strategy enables a company to be fully prepared for the future and in line with its business goals in general. Still, the importance of having and adopting a technology strategy also impacts the organization’s present.
A solid tech strategy can help in enhancing customer service and customer experience, supporting interactions with vendors and other business partners, increasing sales and even enabling workers, and improving productivity. No matter the nature of your business, implementing a technology strategy correctly and maintaining it at the core of your planning will help you build on what you’re already doing to streamline operations, add flexibility, and allow your team to adapt to changing circumstances.
Now that is clear how a technology strategy can pay off for your company significantly. Here are some big benefits of incorporating technology into your business strategy.
Benefits of Technology Strategy
1. You can focus on the right technology
The rapid growth of technology has led to countless products and IT solutions. When a company implements technology as a business strategy, the team knows what they are trying to do; they have the right data to drive their decisions and look for the right solutions to meet their needs. In other words, having a technology strategy can help you make informed technology choices easier and focus on the right tools to advance your business.
2. You can boost your productivity
Technology strategies can indeed help drive productivity by providing companies with accurate data on sales numbers, ROI, and other vital information for the business to grow. Still, it can also help increase productivity at the individual level. From bots that automatically send reminders about deadlines to apps that offer visual data on a project’s progress, implementing a technology strategy at all levels of your company can help boost everyone’s productivity.
3. You can enhance collaboration
With so many people working remotely nowadays, technology strategies are a great way to enhance collaboration between team members. Tech solutions such as Slack and Zoom can help everyone to organize and stay connected at all times.
But, technology strategies are not limited to internal processes; they can also help with customer collaboration. From heatmaps that track UX in your webpage to bots that serve as shopping assistants, implementing a technology strategy with your business strategy can help your client’s experience while interacting with your services or product.
4. You can scale up and down
Scalability encompasses all solutions that can be easily modified and scaled up whenever needed. Still, it also refers to the possibility of modifying and updating a company’s existing solutions to help them meet new business challenges. Therefore, scaling upwards or downwards depending on the demand can help companies sort out any obstacle by adding strategic resources where they are needed. Adding technology strategies lets you scale your technology along with your business, anticipating needs and implementing strategies ahead of time.
5. You can improve security
As technology and software development expands, so does the complexity of risk and threats; therefore, cybersecurity development is in a permanent state of evolution and expansion. Making technology a core part of your business strategy adds cybersecurity tools and training throughout your organization.
The benefits of implementing tech-enabled business strategy services are plenty. From having technology tools that make teams’ life easier to having the ability to scale up and down your team as needed, it is a great strategy for companies to succeed in their projects and don’t fall behind.
Are you ready to explore what a tech strategy looks like? Talk to us, and let us help you build or extend your development team easily. Let’s ride the tech wave and make great things happen – together.
Picture this, one day you wake up and decide that the wait is over, today is the day, to go buy that new Smart TV with HD from your favorite brand you have been waiting for. As you scroll down on social media while brushing your teeth before leaving, you find out that another brand has just launched a new TV with all the features that the one you want, plus it has voice recognition and a motion sensor. What would you do? Would you stay with your first choice? That other device with the newest technology sounds more appealing now no?
Since the development of computers and the internet, the rate of technological change worldwide has been accelerating as the days go past. From, domestic robots to NFTs the world is constantly changing and adapting. If we learn something from the past 2 years is that people change their habits and the way they live their lives; therefore companies need to understand how these behaviors change and how technology impacts this.
In this blog, we will walk you through some of the key tech trends that you need to be aware of to stay in top of your business game and keep delivering the best product and solutions to your customers taking advantage of the latest technology available out there.
#1 Metaverse
Metaverse is one of the hottest words of the moment, surely you have heard it more and more. Nowadays, it’s common to read in the news things like “Company X designed its own metaverse for employees” or “Are you ready to conduct business in the metaverse?”. But what exactly is this famous concept?
The metaverse is a concept that translates into an online, 3D universe that combines multiple virtual spaces focused on social connection. While it doesn’t technically exist yet, the metaverse will allow users to work, meet, and socialize together in these 3D spaces. In other words, as its name suggests, it is basically a virtual world.
Now, this new “extended reality” has been predicted to be the next evolution of technology and represents a white canvas for companies to intervene and adapt their products while this universe blurs the line between physical and digital life. Therefore, businesses should continue developing products and keep innovating, experimenting, and growing their audience while getting ready to take on this new universe.
#2 3D Printing
Simply put, 3D printing is the process of manufacturing three-dimensional solid objects from a digital file. This process can be done by depositing, joining, or solidifying material under computer control, usually using a 3D printer. The material is typically added together layer by layer.
Although the 3D printing process can be traced back to the 70s, this technology has been growing exponentially to become today a game-changer solution. For example, modern 3D softwares allow users to access the library of millions of shapes and lets them find the ones that suit them to further manipulate them, enabling them to have more flexible Design, a faster prototyping process, and to print on demand while minimizing waste.
Finally, 3D printing techniques are allowing companies and governments to explore creative solutions to some pressing issues. For example, using materials like concrete and plastics in 3D printers can help to print homes relatively easier and cheaper in remote and emerging regions, in need of cheap and affordable housing.
#3 Cryptocurrencies
Have you heard about Bitcoin? So do we (and apparently so does the rest of the world). According to Investopedia, a cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. In other words, is a new form of digital money.
Although for the moment it is most common for people only to transfer and withdraw their traditional, non-crypto currency money like the U.S. dollar digitally, rather than paying for stuff electronically, different cryptocurrencies are becoming more mainstream and soon it is predicted for cryptocurrency to become a common form of payment.
Some of the advantages of cryptocurrencies include cheaper and faster money transfers and decentralized systems that do not collapse at a single point of failure. That is why some governments like Sweden, Canada, and the European Union are playing with the idea of regulating digital currency and making it legal tender.
#4 Artificial Intelligence
Yes, it sounds like a sci-fi movie, but Artificial Intelligence (AI) is no longer fiction, in fact, is part of our everyday life. From chatbots to face recognition technology, AI has become a part of our everyday lives.
In our ever-increasing technological world, we cannot separate Artificial Intelligence (AI) from product development any longer. Having AI and machine learning knowledge allows real-time analysis and better interaction between people and machines for smarter task executions. As the level of communication between devices and humans through intelligent technology, the convergence of both through AI helps applications and solutions to make predictions based on the identification of data patterns to ease the interaction.
One of the main benefits of AI is that it reduces the probability of human error. This is essential for any enterprise that aims at boosting efficiency, reducing the amount of wasted material, and increasing profits. More so, with the precision of AI forecasting capabilities, you can make more informed decisions that would boost your business and give you the edge over the competitors.
#5 Internet of Things
The Internet of Things, or IoT, describes the network of billions of physical devices – “things” around the world that are connected to the internet and sharing data. Thanks to the rapid technological development, now it’s possible to connect almost anything to the internet, from a small lightbulb to an airplane, and turn it into a part of the IoT. But, how big is the IoT these days? Well, it’s big and getting bigger as there are already more devices connected than people in the world. According to ZdNet, tech statistics predict that in total, there will be 41.6 billion connected IoT devices by 2025, or “things.”
Over the past few years, IoT has become one of the most critical technologies of the century. Connecting all these different objects to the web adds a level of digital intelligence to devices that would be otherwise “dumb,” enabling them to communicate real-time data without the need of human beings. In other words, in this hyperconnected world where we can connect everyday objects to the internet, we can achieve seamless communication between people, processes, and things.
The Internet of Things is making the world around us smarter and more responsive, merging the digital and physical universes and making them cooperate.
Closing
As we navigate the remains of the Pandemic and move into 2022, CEOs and business leaders should be aware of emerging technologies and be ready to identify which will shape the way business is done. Now more than ever, it’s crucial for companies to stay on top of the latest tech trends that will help them develop better solutions for their clients so they don’t fall behind in the tech game.
The presence of new technologies is increasing at an impressive speed and we can deny that technological evolution has become an integral part of our lives. Therefore, there is no better time to seize the opportunity and get all the necessary insights on what is new and how to adapt your products to not fall behind in the market.