From the healthcare industry to finance, education, and software development, everyone seems to be becoming exponential. Leveraging the heaps of data available at the world’s disposal and developing services/products that cater to a need, ExOs are truly exponential in every sense.
While you may think that giants such as Facebook, Google, and Twitter are the only exponential organizations, the reality is different. In fact, scaling exponentially is a startup approach that many of the Fortune 500 recently seem to be adopting.
The question is, are you ready to become an exponential organization with Vates IoT solutions?
Before answering, understand exponential organization with this case study below.
A Case Study
Both Nokia’s Navteq and Waze commenced mapping services in 2007. While Nokia spent $8.1 billion and many years to scale its operations and enhance services. Waze relied on the GPS sensors in smartphones and leveraged data to enhance its mapping. End result: Wazes was 10x bigger than Navteq in a span of four years, acquired by Google, and is now an unmatched force.
Nokia and Navteq on the other hand lost their market share, devalued, and currently struggle to make a mark in the mapping industry.
So what made Waze a success? The answer is an exponential strategy to grow and become an ExO. Here are some things exponential organizations do differently from linear companies.
Agility in Operations
One thing that exponential organizations instill in their employees is agility. Agility in operations, responses, solutions, and customer service makes ExOs stand out in their respective market. A business that has stringent protocols and red tape hindering its growth cannot be an exponentially growing company. ExOs such as Vates thrive on the back of agile software development.
Innovative Product Development
An exponential organization is one that offers an innovative product or service to the market. Now here’s the thing: If you look at Uber or Airbnb, you will see that the service they offered wasn’t innovative (accommodation and ride-hailing). However, it’s their innovation in the development process made these two apps a hit among the masses. Exponential organizations upgrade the usual offerings to something phenomenal.
Unlike traditional linear organizations that invest to build assets and resources, exponential organizations thrive on virtual strength. From big data to turning the masses into indirect employees, exponential organizations don’t have their own assets to maintain or build. A case in point is again Uber that runs its operations on drivers’ own cars and Airbnb that runs an accommodation business without owning a single hotel.
Owing to their next-gen practices and futuristic approach, exponential organizations don’t limit themselves. Taking the potential growth into account and unexpected bumps, ExOs work with scalable resources. For example, Netflix is an exponential organization that has a scalable infrastructure to cater to its users’ increased or decreased demands.
Whether you are an IT consulting service such as Vates or a food delivery application, you are already using technology. But exponential organizations don’t just use technology, they leverage it. ExOs find ways to maximize their potential by using technology in the most efficient manner.
You don’t have to offer an overnight cloning service or a space ride to catch the market’s attention. Exponential organizations offer in-demand products and services in such a way that they disrupt the market and make room for themselves. ExOs know the need, they just amp up the delivery method.
A futuristic approach and compassionate management make an organization exponential. Linear organizations continue to operate between the income and cash flow models whereas Exponential organizations seek a boom and growth. Looking at tomorrow is the way exponential organizations operate.
Incorporate Big Data
If there’s one thing that’s helping ExOs grow unimaginably, it’s the big data. Exponential organizations rely on big data consulting firms such as Vates to bring innovation in their product development, servicing, and augmenting operations. ExOs know that big data is one of the most important factors that will differentiate between linear and exponential companies.
Exponential organizations ditch stringent protocols and bring in robustness. ExOs know that while the red tape is unnecessary and a growth obstacle, operational integrity, and uniformity is an essential tool. Therefore ExOs seek ways to upgrade their products, undergo rigorous software testing practices, and once again use data to ensure that their practices are relevant to the industry standards.
Remember earlier in this blog we discussed the mapping service that cost Nokia $8.1 billion. The same service, owing to virtual assets, cost Waze a fraction of the same amount. Exponential organizations don’t cut costs to become efficient. They consider solutions and practices that naturally save their costs.
Tapping Borderless Markets
Exponential organizations develop in-demand products and innovate too, however, they don’t think of niche-specific services. If you look at the 100 most exponential organizations here, you will realize that none of them has services that only cater to a specific segment in society.
Exponential organizations are always on the lookout to tap markets beyond limits. Facebook, Google, Uber, and Netflix are some of the ExOs that have entered into global markets, expanded their customer base, and leveraged technology to grow further.
Profitability with Quality
Exponential organizations are looking for growth and profitability and there is no two ways about it. However, unlike linear organizations that only see profitability as a success parameter, exponential organizations know that quality is another parameter.
If you look at Vates software development services, you’ll notice that we ensure quality for our clients that promises profitability alongside.
Ready to Grow Exponentially?
Are you ready to make the switch and become an exponential organization? Are you looking for custom software development, data analytics, and system integration services? Then reach out to us at Vates.
We are a South American software development company based out of Argentina. We have already adopted exponential practices and now have a model to facilitate our clients. Talk to us and learn about our software development, software testing, and ExO launchpad.