The Number One Thing CEO’s Fear

The Wall Street Journal asked dozens of CEO’s to list the top 3 issues in their business they are most concerned about.

There was one item that was on everyone’s list… Technology!

Every CEO and business owner fears having his or her business model disrupted by technology innovation. Just look at video stores, that is, if you can find one. That business model was upended by digital video streaming. Just 10 years ago BlackBerry was the smartphone market leader!

CEO’s have to see around the curve to prevent their business models from falling victim to being out-innovated.

It’s also a lot simpler… If your competitor is investing in technology which lowers their operating costs and improves productivity, it’s no wonder they can beat you on price and still be more profitable!

Case Study:

TSY Fuel Ltd’s fueling staff had to upload spreadsheets daily, providing the billing office with the days fuel sales. The billing office had to run the numbers against another spreadsheet which contained a list of different rate calculations. They then had to take the data and create invoices for each customer and email it for payment. There were many other manual processes in their work-flow and customer complaints was at an all time high. They realized there was no way they can scale their business this way. Costly manual labor coupled with a heavy customer service load would drain their profits.

TSY Fuel Ltd contracted CodeBlue Ventures, a custom software development company who created an app and web based portal that completely automates the entire fueling to billing to payment process. In payroll reduction alone, the software was able to save the company $200k+ annually.

With their new proprietary software, TSY Fuel was quickly able to grow their business, lower their operating costs, and become one of the highest rated fuel companies in customer service.

Stop thinking of technology as a back-office, cost-of-doing-business and start thinking of it as a front-and-center revenue generator! The digital divide is growing and transforming industries wholesale. If you aren’t harnessing the power of technology, you’re almost certain to end up falling behind.

Happy Tuesday & Happy Selling!

Kevin