Technology is the decisive component which determines the speed at which a business can commoditize the competition’s advantage and simultaneously develop and protect its own.
I love that statement. I run around quoting it as much as possible. BTW, I'm talking business here, not healthcare, education, and all of the other humanistic things technology gets us -- just it's use in business (and war I suppose)
It comes down to this. If your competition has a really cool idea, then copy it. Use technology to make your competition's really slick idea boring and common. Make it a commodity. Make it nothing special. That, to me, is the first use of technology -- By commoditizing it, you take away your competition's advantage. The second use of technology is to try and innovate a new advantage. To do that, you'll have to spend time thinking up ideas, applying creativity, research, experimentation, etc. It's far easier to just copy someone else's great idea.
I know this sounds kind of crappy. So many companies, small ones usually, refuse to do that. They'd rather seek to the nobler path by trying to innovate a better way without seeming like they are copying their competition. That's very commendable. I respect it. It's also the hardest path and arguably the least profitable.
If your competition has a great idea and they are using it to make money, and you don't have it, then you are leaving money on the table. As fast as you can, you need to be doing the same thing or better. If you have the time and the resources, maybe you should try to innovate a little, but becareful! The competition will copy that innovation in short order. But don't lose too much sleep over it. It's inevitable and impractical to guard against. The best you can do is
Good Luck!