Ubiquitous

 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 advantageCompetitive AdvantageA competitive advantage is an attribute that allows a company to outperform its competitors. Competitive advantages allow a company to achieve.

Examples of ubiquitous in business

Examples of ubiquitous technologies include:

• Email
• Accounting software
• MS ExcelExcel for FinanceThis Excel for Finance guide will teach the top 10 formulas and functions you must know to be a great financial analyst in Excel. This guide has examples, screenshots and step by step instructions. In the end, download the free Excel template that includes all the finance functions covered in the tutorial
• MS PowerPoint
• Voice over Internet Protocol (VoIP)
• Data management systems
• Skype

Examples of business practices that are very widespread include:

• Performance reviews
• Corporate objectivesCorporate StrategyCorporate Strategy focuses on how to manage resources, risk and return across a firm, as opposed to looking at competitive advantages in business strategy
• Risk management strategies
• Performance-tied compensation incentives
• SWOT analysisSWOT AnalysisA SWOT analysis is used to study the internal and external environments of a company and is part of a company’s strategic planning process. In addition, a

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 advantageCompetitive AdvantageA competitive advantage is an attribute that allows a company to outperform its competitors. Competitive advantages allow a company to achieve? 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)Capitalizing R&D ExpensesGuide to R&D capitalization vs R&D expense. Under the GAAP, firms are required to expense research and development (R&D) in the year they are spent. For many firms, this leads to extensive volatility in profit and return calculations, and to an inadequate measure of assets or invested capital. The practice impacts 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

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• Absolute AdvantageAbsolute AdvantageIn economics, absolute advantage refers to the capacity of any economic agent, either an individual or a group, to produce a larger quantity of a product than its competitors. Introduced by Scottish economist, Adam Smith, in his 1776 work, “An Inquiry into the Nature and Causes of the Wealth of Nations,”
• Economies of ScopeEconomies of ScopeEconomies of scope is an economic concept that refers to the decrease in the total cost of production when a range of products are produced together rather than separately.
• Opportunity CostOpportunity CostOpportunity cost is one of the key concepts in the study of economics and is prevalent throughout various decision-making processes. The opportunity cost is the value of the next best alternative foregone.
• Network EffectNetwork EffectThe Network Effect is a phenomenon where present users of a product or service benefit in some way when the product or service is adopted by additional users. This effect is created by many users when value is added to their use of the product. The largest and best-known example of a network effect is the Internet.