The performance pressure on business in the evolving market conditions is enormous. The suffering profit margins, rising workforce costs, poor productivity and cut-throat competition have added extra layers of challenges. Such suffocating scenarios compel businesses to invest in technology.
Worldwide IT spending is projected to $3.9 trillion in 2020 and $4 trillion in 2021. - Gartner
Undoubtedly, investing in technology has several benefits. Businesses want to embrace the evolving capabilities of IoT, AI, ML, Blockchain, RPA, Product Engineering and many more. These evolving technologies automate business operations, achieve seamless communication, deliver greater transparency, reduce costs, increase profit and stand ahead in the competition. But the struggle to deploy and integrate innovation plagues businesses and the decisions they make.
Technology is revolutionary but can be profoundly damaging when businesses fail to make the correct use of it.
No tech strategy = bad investment
Remember how easily iPhone conquered the market where Blackberry ruled once? The reason was simply the lack of strategy, vision and plan in the evolving scenario.
Business today, readily purchase CRM, ERP, Automation, analytics, and other innovations that they think will deliver value. But they fail to understand that the lack of step-by step-strategy to analyze the business gap, realize goals & objectives, & choose the right technology, can be damaging for the business.
Tech adoption affects customer relationship
A recent report claims that more than 80% of customers willingly pay more for great customer experience.
It means that your technology adoption strategy must focus on how to transform the customer's experience from "good" to "amazing." The only way to achieve this is to understand the impact of technology on your clients and customers. However, many businesses fail to understand it.
Also, encourage in-depth customer feedback to reflect your business' strength and weakness. It will help in paying attention to those technologies that can bring value to not only your customer but your business.
"Everyone thinks of changing the world, but no one thinks of changing himself."- Leo Tolstoy
This quote fits perfectly when the workforce does not push themselves to implement a new tech strategy in the company. There can be many reasons such as lack of urgency, poor communication, instinctive resistance to change, and others. These issues cause severe delays and the company continues to suffer major losses.
Convincing the skeptical workforce gets difficult. To bring them out of the labyrinth of confusion and misconceptions, it is important to teach them how embracing technology can build a bright future for the company.
Inadequate Training of employees
Businesses often ignore training workforce during tech adoption. They feel it will be a costly affair and a waste of time.
What they fail to understand is planning technology training sessions ensure the best utilization of the adopted tools and practices. Personal guidance and hands-on experience will encourage employees to gain confidence and not get stuck, confused, or overwhelmed. Consequently, the trained professionals help businesses to accelerate and excel the tech adoption.
Lack of introspection
Whether it is technology, or a product idea, enterprises today are too excited to copy strategies of their competitors. They jump into unknown territory and suffer consequences that are costly and time-consuming. They fail to understand what works for others does not necessarily work for some else.
Similar is the case with technology adoption. It is important for businesses to introspect and understand before kick-starting their transformation journey.
- Why does the business need a particular technology in the first place?
- Will it bring value to the customers?
- How will it affect our products and services?
..are some of the questions that the businesses must ask themselves. Bringing the workforce together and brainstorming about the quality improvements, profits, risk mitigation, etc., that the tech adoption promises is the only way forward.
How IT consultants can help your business
In all such cases, roping in the expert IT consultants can be of great help.
The Tech advisors help the stakeholders and businesses understand the need of investing in the right technology. Expert consultancy services help to-
- Develop a personalized development strategy
- Solve Intricate Business Problems
- Migrate legacy systems with Risk Mitigation
- Digital Transformation with Minimal Disruption
- Exceed Performance Benchmarks
Is your business planning to revamp your IT infrastructure or bring a new technology onboard? Connect with the IT consulting experts of Cygnet to reinvent your business workflow with the emerging technology.
Article first appeared on Cygnet Infotech.