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Are the tools you use holding your business back?
How investing in the right software and systems can transform your business.
There’s a quote widely attributed to Abraham Lincoln that says: “Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” It highlights the importance of both preparation and of course, having the right tool for the job.
Increasingly, no matter what market you operate in, implementing these tools – the right software and systems – can make the difference between success and failure. In an era when disrupters are affecting all industries, investing in the right tools, at the right time, is vital.
Not convinced? Just ask Blockbuster…
- Founded in 1985, Blockbuster, grew to become the dominant brand within the US and UK for home movie and video game rentals. Eventually branching out into streaming and video on demand, Blockbuster peaked in 2004, with nearly 60,000 employees and more than 8,000 stores. It filed for bankruptcy in 2010 and sold for $320 million in 2011.
- Netflix was founded in 1997, offering DVD-by-mail. In 1999, it introduced a subscription-based online service. The company closed the 2016 fiscal year with 93.8 million subscribers worldwide, up nearly 20 million from the previous year. Total revenue for 2017 is expected to be $8.83bn.
- Despite its dominance in the space, Netflix is investing close to $1bn this year in technology and development – an increase of 109% on its technology and development spend in 2014.
Now, the chances are you’re not operating a multi-billion dollar business, but the need to invest in the right tools in order to remain relevant and competitive, is no less vital; and of course, investing in the wrong tools, can be just as detrimental as not investing at all.
Ultimately it was recognising the importance of, and investing in, the right software and systems that made the difference in the battle between Blockbuster and Netflix.
When former Blockbuster CEO Jim W. Keyes joined the company, he famously said: “The Internet is worthless… and we’re getting out of it.”
Meanwhile, soon-to-be Netflix CEO Reed Hastings, was so annoyed at being charged a $40 late fee by Blockbuster for a rented copy of Apollo 13, that it inspired him to create superior systems and technology and lead to the founding of Netflix.
Since then of course, we’ve seen the meteoric rise of companies such as Amazon, Uber, and Deliveroo, which are essentially software companies at heart – they just happen to sell stuff; book taxis; and deliver food.
Arguably, almost every successful, contemporary business, is a software company at heart… so the question isn't, are you a software company or not – it's more, are you a software company yet?
At Everest Media, we pride ourselves in providing our clients with exactly the right tools they need for their businesses to adapt and succeed in a rapidly changing tech-landscape. From implementing off-the-peg solutions, to creating fully bespoke software, systems, content and more.
Get in touch today and see what we can do for your business.