These companies are dominating in their category, thanks to properly using technology and obtaining the upper hand in business.
SDL is a prime example of a company embracing technology to delight customers and vex competitors. Founded by Mark Lancaster in 1992, SDL started out as a language translation company, but has since grown to $500M in sales, with 3,000 employees worldwide, through an aggressive expansion of the use of technology. Today, 72 of the top 100 companies in the world use SDL products and services, which are all rooted firmly in technology. For example, SDL helps its customers sell more of their offerings by making it easy to gather and use social intelligence and predictive analytics to place the right advertisement on the right mobile device at the right time and location—thus enhancing the customer experience and increasing conversion rates at each step of the sales cycle. According to Lancaster, “Mobile devices are changing the ways in which people interact with the world. We are all connected all of the time now, and SDL allows our customers to take advantage of that connectivity.” Can you find new ways of helping your customers’ customers have a better buying experience through technology?
Merchant Cash and Capital (MCC) specializes in small business loans to companies that are unable to get traditional loans from banks and credit unions. MCC has changed the entire experience of borrowing money by eliminating the need for a personal guarantee, reducing the amount of paperwork for underwriting, and by funding in three days instead of weeks or months. “If a business has a 90-day track record of at least $10,000 per month in credit card revenue, we want to help them with their funding needs,” reports Stephen Sheinbaum, CEO. “The average loan size is $45,000, but we can go up to $500,000 for companies with higher sales volumes.” MCC takes a percentage of future dollars that run through a borrower’s merchant account until the loan is paid back. Clearly, there is a market for this type of financing. MCC funds 800 loans (over $25M) every month. A main contributor to MCC’s growth is technology. Their Instant Cash Advance Calculator is a good example of how they can screen and pre-approve borrowers without the need for brick-and-mortar locations and hundreds of loan officers. How could you employ technology to speed up your company’s cycle times, reduce red tape, and fill a pressing need for your customers?