Ubiquitous
Something that is widely adopted and can be found nearly everywhere
What is Ubiquitous?
In business, something that is ubiquitous is widely adopted and can be found nearly everywhere. Many types of technology and best practices are ubiquitous in business, meaning that all companies use them and they are not a source of competitive advantage.
Examples of ubiquitous in business
Examples of ubiquitous technologies include:
- Accounting software
- MS Excel
- MS PowerPoint
- Voice over Internet Protocol (VoIP)
- Data management systems
- Skype
Examples of business practices that are very widespread include:
- Performance reviews
- Corporate objectives
- Risk management strategies
- Performance-tied compensation incentives
- SWOT analysis
Implications
Since many technologies and best practices in business are ubiquitous, their use doesn’t create a competitive advantage. In fact, to not adopt them would likely be a serious disadvantage. Since companies strive to create competitive advantages, what they do must be unique, hard to copy, and thus not ubiquitous in nature.
Competitive advantage
How can a business gain a competitive advantage? What sets a business apart from its competitors? In a highly competitive industry, these are questions that owners need to answer on a regular basis, as it’s crucial to be always on the lookout for ways to increase one’s advantage and benefit from it.
Here are some points to consider:
1. Study the competition
It doesn’t mean copying every move of competitors. If that is the case, a business will always fall one step behind. It is important to analyze their strategy and see how and why they do things. Use social media to find out what customers say about the competition. By knowing what other industry players do, a business will not miss out on opportunities for new products and/or services.
2. Consistently deliver and exceed expectations
When a business always goes the extra mile, it makes it easier for customers to talk about its products and services. Amid today’s rapidly changing marketing trends, a company needs followers and advocates/influencers who will take the time to promote the business and its products.
3. Position yourself as an expert in the industry
It’s difficult to look for prospects and clients. However, when people see a business as the leading authority in the field, it doesn’t need to chase customers. Instead, they will start looking for its products and services.
4. Focus on true differentiation
Try to develop technologies, processes, or intellectual property that are truly unique, and by definition not ubiquitous. To achieve this many companies invest heavily in research and development (R&D) and foster a culture of innovation.
Synonyms for ubiquitous
One of the easiest ways to understand the meaning of the word is to know its synonyms.
Synonyms include:
- Everywhere at once
- Omnipresent
- Constantly encountered
- Widespread
- Very prevalent
Additional resources
CFI is the leading provider of Financial Modeling & Valuation Analyst (FMVA)™ certification program for those looking to take their careers to the next level. To keep learning and advancing your career, the following resources will be helpful:
