Avoid being left behind your competitors
Five scenarios that indicate you need to invest in technology
According to Innovation Culture, a recent report produced in partnership between the AFR and KPMG, almost half of Australian executives believe their businesses are likely to be “transformed into significantly different entities within the next three years” and 26% of CEOs said that implementing disruptive technologies is a strategic priority.
With that business outlook, implementing new technologies to increase your organisation’s agility is becoming more important and can be a mechanism to elevate you above your competitors.
But how do you know when to pull the trigger? What are the symptoms that demonstrate your organisation is well overdue for new technology
1. Slow systems
If legacy or other systems are becoming slower and slower, it generally means a significant upgrade or entire refresh should be on the cards. Slow systems create by-products including data inaccuracy, stalled workflows and staff frustration. Implementing a faster, easier and more streamlined solution can address these issues.
2. Rising customer complaints
Customer complaints can stem from data inaccuracies that funnel through systems into statements or misinformation being communicated to customers. While the latter may to some extent be addressed by staff training, a new system that uses logic-based workflows and conditional fields can prevent data input errors and provide staff with more accurate information which may reduce complaints.
3. Increasing admin costs
Are you hiring more staff to get the job done? An increase in admin costs can often signal that a new system is required. If staff are taking longer than is reasonable to process simple tasks or workflows, this may indicate that your systems are slow, reducing productivity and increasing costs
4. Poor staff retention
Similarly, are your staff getting so frustrated that your retention rates are declining? A new system that offers workflow automation on simple tasks can do wonders for staff morale, and allow them to spend more time on value-added activities.
5. Disruption in your industry
Is there a new entrant in your industry? As we’ve seen with the likes of Uber and AirBnB, market disruptors can turn previously stable industry players on their head. The advantages these disruptors have, are their ability to execute quickly (something that large competitors can not necessarily do) and really modern technology supporting them.
In order to remain competitive, it can be (or will be) necessary to introduce new technologies that level the playing field with them and give your organisation a fighting chance of competing
So what are your options?
Rarely the best option! But it may be a valid option in some circumstances (for example, if your organisation is in the process of being acquired by a bigger player).
Build a solution
Building a new solution from scratch is also an option but it should not be an easy decision. There’s many factors involved (for example cost and time) and whether to hire internal developers or external partner agency.
Buy an existing solution
Sourcing an existing solution is likely to be significantly cheaper and faster than building. Existing solutions can be spun up and operational in 24 hours, so when time is a critical factor and you want control of the solution, this is a great option..
To read more about evaluating whether to buy or build, check out this blog.
If your organisation is experiencing any of the symptoms listed above, or is likely to be significantly transformed in the next three years it’s probably time to invest in new technologies. Not only will it address those symptoms, it will help your organisation stay ahead of its competitors.
For more information on buying an existing solution, visit the AlreadyBuilt solutions and see if what you need already exists!