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4 Factors That Allow Leading Businesses To Make Tech Breakthroughs

Every company would love to make world-beating tech breakthroughs that allow it to dominate the market. But only a few ever succeed in this challenge. When you look at the sum total of firms in the market, less than 1% are making meaningful contributions to make an industry forward. 

Worse still, many of these companies are giants. They have the funding to invest in projects and ideas and bring them to fruition. Many smaller brands don’t. 

Fortunately, there are things you can do even as a tiny firm to innovate. You can take advantage of the fact that many corporations are stagnant and risk-averse, unwilling to take the next step into the unknown. 

But what ingredients do you require to make this happen? Let’s take a look: 

Visionary Leadership

As always, the best companies that make the biggest breakthroughs start with visionary leadership from the top. These individuals are masters of driving tech, understanding how to utilize the latest automation tools like an ABB robot controller to further their cutting-edge projects in less time. They also excel at setting ambitious timetables, energizing their teams, and generally getting things done. 

For example, Elon Musk at SpaceX proves what’s possible on a small budget. He proved that if you could get the right people in a room together, then it could make all the difference in the world. 

Deep Focus On R&D

A deep focus on research and development is also helpful. Getting people interested in doing it and making it one of your business’s priorities is an excellent place to start. 

Many companies, like Apple and Amazon, do this all the time. Yes, they are big now, but they were much smaller when they started. 

This deep focus on R&D must come from significant investment. Companies need to plow money into research efforts if they want to see meaningful impacts. Unfortunately, many do half-hearted efforts that land them in trouble and prevent them from ever moving forward in the ways they would like. 

Strategic Partnerships

You also see a lot of these leading companies forming partnerships with supporting firms, like Geniescientific. The idea is to work with the best in the industry to find solutions to specific research problems, allowing scientists and engineers to be more productive. 

Strategic partnerships can take several forms. The most important is with the people who provide the equipment. You need a working relationship with these supplies to ensure you’re using their devices correctly.

The next most important is partnerships with businesses or organizations that provide knowledge. These can help you save time and prevent researching things for which the knowledge is already known. 

Microsoft is a good example of this in action because of its collaboration with Open AI. Instead of trying to develop its own bots, it worked with a third party to integrate new systems into its services. 

Data-Driven Decision Making

Finally, many of the top businesses believe in data-driven decision-making to inform what they do next. They look for objective measures that will help them navigate the challenges of the marketplace and make the right compromises. 

AI and ML are making this process significantly easier for firms. 

Rania

rania@transpremium.com

I AM RANIA MERCHAK ANDRAOS, A CAREER MOM WITH A PASSION FOR WORDS, FITNESS & HEALTH, AND FOOD! STICK AROUND AND ENJOY THE RIDE AS YOU GET A GLIMPSE OF MY WORLD!

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