As we emerge from a chapter where business was as far from usual as it gets, organizations large and small are transforming themselves and turning to technology not only to remain competitive in existing markets, but also to drive innovation and create new opportunities. Managing working capital is more critical than ever though, so knowing how, when and what technology to invest in is crucial.
Lead with people and process
When you begin contemplating a digital strategy, it’s important not to get caught up in chasing “shiny new objects” of technology. “Digital transformation is about people and process change, not just about technology,” says David Reilly, Global Banking & Markets Technology and Enterprise Risk and Finance Technology Executive, Bank of America. “Technology should follow what you need to do to better serve your clients and your communities.”
At the heart of building a sustainable and effective digital program is cultural change. Unless your organization embraces it, even the most transformational technology solution won’t deliver long-term value. To that end, the adoption of a new digital strategy needs to be driven by a cross-section of your team members, along with input from your technology partners — be they external consultants or internal resources. For example, you might want to have your more tech-savvy employees become “digital innovation ambassadors” to work closely with the front office or product managers. These ambassadors can help with digital adoption, breaking down silos and further integrating any new technology solutions throughout your business. Having everyone working from the same digital playbook will also make it easier for the entire organization to speak the same language when it comes to technology and workflow. This is especially beneficial in attracting talent that is motivated to work with technology-minded employers rather than with companies that are resistant to change and innovation.