Business + IT Insights

Why New Technology Should Be Top Of Mind For CEOs

Posted by Dave Lazor on Thu, Jun 26, 2014


describe the imageIf you are among one of the two million Mad Men viewers out there, you recently witnessed the introduction of the IBM System/360 computer to the show’s SCDP office. And, even if you aren’t following the changing times depicted on Mad Men, you probably have some sense of what the development of the computer has meant for businesses in the last half century. Since then, new technology has changed the world.

From those early computing systems to the super computer we now carry in our pockets, new technology continues to develop, increasing productivity and enhancing communication. The technological advancements that have emerged in the last 50 years are beyond, in many cases, anything our predecessors might have imagined.

As technology advances even further, we should expect greater innovation and more game-changing developments. According to PwC’s 17th Annual Global CEO Survey, 81% of CEOs have identified technological advances as a top global trend that will transform business over the next five years.

The Primary Factors That Drive Innovative IT

Operational Effectiveness

Often, the reason companies decide to implement new technology is to deliver their products and services as profitably as possible. CEOs are constantly asking themselves: How can I leverage technology to accomplish this?

Sales And Service Effectiveness

Along with the back-end aspect of operational effectiveness, CEOs are also concerned with how they can leverage technology to grow sales. They want to know: How can we better serve customers and provide a superior experience through technology?

The Problem With Playing Catch-Up

As game-changing technologies infiltrate the corporate world, companies seem to be playing a constant game of catch-up: As soon as they’ve released their latest application, another one emerges onto the market, and customers are gone as quickly as they came.

Much to your frustration, this pattern is pretty common, but the crux of it goes far beyond the rollercoaster of market trends. The cause isn’t new technology itself – it’s companies being unaware of new technology and taking a reactive approach to learning new technology.

Companies feeling defeated by the swiftness of market shifts need to analyze their current strategy. You obviously want to do everything in your power to keep existing customers happy, but you also have to keep a close eye on the future – because as we’ve seen, it’s unfolding at a rapid pace.

The Obstacles Unraveled

Of course, tracking the future of technology while simultaneously satisfying current customers is easier said than done. Budget issues are of constant concern, and the costs quickly add up. According to PwC’s survey, 86% of respondents plan to alter their research and development functions, but only 27% have started or completed the changes they are planning.

Many companies know that if they don’t stay up to date with software and technology, it’s only a matter of time before they fall behind. It’s this concern that drives them to implement new technology – but it’s an unknowing that keeps them from successful implementation. Too often, they end up spending money they don’t have to innovate software they don’t need.

The Key Factors In Solutions Strategy

To achieve success in future tech innovations and implementations, all companies must think about upgrading or innovating their services with a carefully structured strategy. Doing this successfully requires the consideration of several factors:

People

63% of CEOs are concerned about the availability of key skills – and rightfully so. Any successful software innovation or implementation requires a number of various skills and a diverse range of expertise. If companies are lacking in a specific skill set necessary to fulfill an implementation, the project is likely to fail – if not immediately, then further down the road. This results in wasted time and money.

Processes

Think about whether or not your processes are as organized and efficient as possible. New technologies benefit from being streamlined: In order to leverage new technologies, you need to have tight processes in place to begin with. You should become aware of which of your process areas might need some work, as well as the tools that are available to accomplish this.

Technology

It’s important to be knowledgeable about new technological trends and innovations. Working with tech-savvy employees to find the options that support your business is necessary to drive your company successfully into the digital future.

Back To The Basics

There are three areas CEOs should be honing in on for technology awareness, advancement and innovation:

  • Growth (sales and service): As the head of a company or business, you are obviously concerned with growth. It is the driving factor behind everything you do. 
  • Increased Profitability: Business is about the bottom line. Without profitability, a business isn’t going to survive. 
  • Talent: Without skilled and knowledgeable talent, as well as the tools to support them, a business cannot operate at an optimal level.

Technological trends are moving at a rapid pace. So, looking ahead and being prepared for the future of technology is vital to your company.

Ready to quit the game of technological catch-up and streamline your company’s success? Click below to contact a Lazorpoint representative and take a more proactive approach your company’s IT needs.

 

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Tags: business technology, business growth

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