In today's business world, technology should take a high priority in the overall strategy. It's rare that a business can function without some sort of tech platform. In fact, with the growing number of cloud-based services, businesses are completely controlled by technology in some ways. Any business should take the time and effort to make a solid technology plan with both short-term and long-term goals. This includes everything from communication platforms, email providers, software solutions and hardware solutions.
Cloud services are great, but could also leave your organization dead in the water if there is an internet outage. Businesses must find the right balance in order to maximize efficiency and productivity based on their specific needs.
Everything in business strategy is a technology conversation. No business functions in isolation and the efficient and effective use of technology are one of the major ways companies create those efficiencies. This happens in several areas:
Communication strategy - both internal and external - how will the strategy be communicated to teams, how will the company and leadership manage process and progress, how will marketing tell customers about the strategy, how will investors understand the direction. Technology platforms form the support structure for all of this to function.
Implementation - the right tools for the right purpose - most of today's tools are technology based. Integration needs, access to data, managing complex calculations. Decisions are more complex than ever before and rely on a company's ability to manage large amounts of data so that different groups can pull the information they need when they need it.
Reporting, Security, and Compliance - how does everyone know what they know when they need to know it? And how does a company protect its privacy and the privacy of its customers so the company can continue to grow? Yet again, technology helps to make this happen.
Financial management - banking, electronic funds transfers, currency management, financial data tracking, payroll and more all rely on technology solutions which must meet rigorous standards.
Technology has always had an impact on business, but that trend is increasing at an exponential rate based on some large successes of technology disruption.
The ubiquitous mobile phone is perfect for fulfilling the need for on-demand services. And technology helps the Gig workers and those who use the services. Uber, Lyft and OpenTable are great examples of on-demand, real-time services that have helped technology transformation dominate business strategies and models. Other areas where on-demand, real-time capability is finally becoming available is for salon and spa services. Two examples that are available now are Snailz (East Coast) and GoSpa (West Coast).
These productivity tools facilitate finding a manicurist, waxing salon, hair stylist or masseuse who is available now. It allows users to see availability (through the App) for services that are available NOW. So even this traditional business model that has not changed in decades is being impacted by technology change. Those that adapt to the technology change will thrive and the traditional business model followers will fade.
Sources: Jacy Smith (Director of Business Development ), Erica McCurdy (MCC McCurdy Solutions Group), Jacqueline Hugo (Hugomatica.com).
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