Increased Competition

This year for Christmas, I gifted myself a Peloton bike. Though it arrived weeks prior to the holidays, I began using it right away. I freestyled my first few sessions and shortly thereafter took a few classes with a dynamic trainer. My results greatly improved. Soon, my performance shot up to the top 15% of riders during a given session; I pursued a goal of cracking the top 10%. On my next ride, I could immediately feel increased strength. None of my analytic metrics went down; most improved tremendously. However, there was one catch. Instead of climbing up in the leaderboard percentage-wise, I went down. As I stood in an elevated position waiting to demount the bike, I looked at the screen stunned. The answer: Increased Competition.

Being the great-grandson of a World War veteran, I have long wondered what it would be like living through the dynamics of a World War. Given our recent events, it is safe to say, many of us know how downtrodden this cycle is on humanity. As we continue to stay vigilant, the entire world has collectively fought a hidden enemy for well over a year now. Where once the use of medevacs was common, the casualties now lie in ER and Special Care units, hoping to see the light at the end of the tunnel soon. One of the parallel byproducts of war-like downturns is that it ushers in a period of innovation that is, unfortunately, not often replicated during seasons of peace. This proliferation of invention also comes with an increased level of competition.

Fortune 500 companies, small-business enterprises, local shops within our communities, sole proprietors, or anyone driving commerce in the marketplace can expect an increased level of contest going forward. Technology continues to open new avenues of play, resulting in more players entering the square. Here are three advantages that can greatly help one navigate and build additional competitive advantages.

Artificial Intelligence

Powerhouse investment firms use AI to find arbitrages in the market. Superior retail chains identify hotspots in which some consumers are willing to pay $5 for a cup of coffee versus $2.50. Sales divisions use AI to magnify virtual perimeters in real time to identify customers or tap into a potential blue ocean. Enterprises and individuals with keen team members skilled at harnessing big data to their advantage…