“Convincing company leaders to invest in new technology?” – What kind of a topic is that!
Well, you may not believe it, but that is one of the most common problems that we have encountered while talking to the senior management of several enterprises.
You know, sometimes we think of corporate decision-making as this super serious, data-driven thing! But at the end of the day, it’s us humans who are calling the shots. Our choices, whether we’re flying solo or making decisions as a team, can really shape the course of a business. As a result, the unpredictability of our thoughts influences a range of business decisions. Sometimes we need a catalyst to push us to make a choice when we are faced with a challenging one.
For instance, the Covid-19 pandemic has helped speed up the use of technology in many enterprises! They had to onboard several new technological innovations in order to survive. And that proved to be quite an outstanding move! Isn’t it? Yet, convincing company leaders to invest in new technology can be a daunting task. Leaders often need to be presented with a compelling case to justify these investments. But don’t you worry, at all! This blog will be your ultimate guide through the process of persuading your company leaders to invest in new technology.
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Afterall, technology is not just a tool; it’s the very foundation upon which modern enterprises thrive. So, before diving into the intricacies of making a persuasive case for new technology. So, Let’s take a moment to understand why this is so crucial.
While the benefits of adopting new technology are evident, company leaders may not be on the same page with you! For them, the change can be uncomfortable. Also, some leaders may be resistant to adopting new technology; Because, they might perceive it as a significant departure from the status quo. So, it’s essential to acknowledge the reasons why some company leaders may exhibit reluctance towards this crucial step.
Understanding these concerns can help address them more effectively:
It’s crucial to emphasize that this reluctance toward adopting new technology is not only unwarranted but can also be detrimental. Yes! Especially to a company’s growth and competitiveness. In today’s rapidly evolving business landscape, clinging to outdated processes and tools can lead to consequences like: Missed opportunities, increased inefficiencies, and even loss of market relevance.
Moreover, the notion that adopting new technology is too expensive or risky is a misconception. The true cost lies in the opportunity cost—the benefits that the company foregoes by not embracing technological advancements. While there may be upfront expenses and learning curves, the long-term gains in efficiency, innovation, & competitiveness far outweigh these concerns.
McKinsey says 80% of executives believe that their industry has accelerated its adoption of digital technologies since the pandemic. In today’s world, it’s very apparent that the obstacles in the path to entrepreneurial success can’t be tackled easily without; Technology!
It’s the factor that distinguishes you from your competitors. Eventually, it empowers you to deliver top-notch products & services that your clients & users anticipate. Also, it’s crucial to gain a comprehensive understanding of your company’s current technological landscape; Evaluate it against your competitors’ tech capabilities, and align it with the future of technological advancements.
So, to achieve it, you need to take consideration of two elements:-
It offers a thorough analysis of a technological field to pinpoint and evaluate relevant technologies for the present and future.
Now, If I may ask you, How long has it been since your company stepped back and took a strategy; to look at contemporary technologies that are most relevant to your business? Well, don’t worry even if you haven’t- It requires professional tech-landscaping researchers like us to take a comprehensive look at the technologies that matter to you.
Contact us today! To know more.
As part of the technology management process, information on emerging technologies is transmitted into an organization. However, the focus of technology scouting is on identifying solutions to an unmet technical or business need.
Remember, you shouldn’t invest in technology scouting or technology landscaping separately because they operate hand in hand. When combined, your business will have access to a special set of potentials for finding and evaluating the precise technology; you need!
If you are stuck at this stage already, just book a free consultation call for an easy walk-through.
So, Let it begin!
Founded in 2003 by former PayPal employees, Palantir Technologies initially focused on providing data analytics solutions for government agencies. They were particularly focused in the fields of national security and intelligence. The company’s founders recognized the need for advanced technology to analyze vast amounts of data efficiently and make data-driven decisions.
When Tim Berners Lee was asked for his opinion on data security, he said “Data is a precious thing and will last longer than the systems themselves.”
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Their approach to researching and selecting the right technology, coupled with their convincing business cases, has been highly successful. They have become a billion-dollar company, serving clients in various sectors, including finance, healthcare, and logistics.
Founded in 1997 by Reed Hastings and Marc Randolph, Netflix began as a DVD-by-mail rental service but later evolved into a global streaming entertainment platform. Today, it’s one of the world’s leading subscription-based streaming services, with millions of subscribers worldwide.
They are a prime example of how aligning technology investments with company goals can lead to tremendous success. Over the years, Netflix has continuously demonstrated the strategic importance of investing in technology to achieve its business objectives. Here’s how they convinced company leaders to invest in new technology:
Netflix’s ability to align technology investment with company goals was instrumental in its rise to become a global entertainment leader. By consistently demonstrating how technology advancements could directly contribute to achieving strategic objectives; Netflix convinced company leaders to invest in new technology, ultimately leading to their remarkable success.
Here we have a bundle of things in hand for you to be convinced!
Amazon, founded by Jeff Bezos in 1994 as an online bookstore, evolved into one of the world’s largest e-commerce & tech-company. It has a history of leveraging innovative technology to disrupt various industries. So, let’s have a look at how testing out pilot programs convinced them to invest more on technology across industries:-
The success of AWS in providing reliable and scalable cloud infrastructure convinced Amazon leaders to invest heavily in AWS. Today, AWS is a major revenue driver and a leader in the cloud computing industry.
The positive reception and rapid adoption of Echo and Alexa convinced Amazon leaders to invest in expanding the ecosystem. It includes developing new devices and integrating Alexa into various products and services.
The success of Amazon Go pilot stores convinced Amazon leaders to invest in expanding the concept to multiple locations. It demonstrates their commitment to transforming retail technology.
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In each of these cases, Amazon strategically used pilot programs and proof of concept initiatives; to demonstrate the viability and benefits of new technology. These successful initiatives not only convinced company leaders to invest in further development but also positioned Amazon as a leader- In e-commerce, cloud computing, voice-activated technology, and retail innovation.
Probably the first software you installed as an employee when you joined an organization; Or the one that your employees will use in order to communicate within your organization! Honestly, it was utterly shocking to know that even the founders of slack had to mitigate investment challenges.
Yes! Afterall success in the entrepreneurial world comes with certain adversaries that you have to tackle! Well, what in life doesn’t?
Founded in 2013 by Stewart Butterfield, Eric Costello, Cal Henderson, and Serguei Mourachov, Slack started as a side project within a larger gaming company. It later pivoted into a standalone company that offers a collaboration platform for teams, which has become widely used in various industries.
Solution: To address budget constraints, Slack started lean by focusing on essential features and avoiding unnecessary overhead. They leveraged open-source technologies and cloud infrastructure to minimize upfront costs.
Solution: By bootstrapping, Slack aimed to prove the concept’s value with limited resources before seeking substantial investments. This approach allowed them to build a functional product without the need for significant external capital.
Solution: While Slack initially focused on user growth, they concurrently developed a monetization strategy. By offering a free version with paid premium features, they ensured a steady revenue stream while maintaining a competitive edge.
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Today, Slack is a prominent player in the workplace collaboration and communication software market. It successfully convinced company leaders, investors, and organizations of all sizes to invest in its innovative technology. They demonstrated how addressing budget constraints through resource-efficient strategies can lead to significant growth and industry disruption.
Before any revolutionary aspect; there will always be certain resistance and fear. But that’s understandable because not all ideas are revolutionary but overcoming such barriers opens up a horizon of newer possibilities.
Overcoming resistance to change is a critical challenge for organizations when implementing new technology, processes, or strategies. Resistance can come from various sources, including employees, management, or even external stakeholders. Effectively managing and mitigating resistance to change is crucial for successful technology adoption.
Here are some key strategies and considerations:
Also, Having expert assistance greatly increases the probability of a startup to succeed. And, that is exactly what TheCodeWork offers!
Remember, Overcoming resistance to change is an ongoing process that requires patience, empathy, and a well-thought-out approach. Successful technology adoption relies on the ability to address concerns, engage employees, and create an environment; where change is viewed as a positive opportunity.
So, the decision to invest in new technology is not merely a technical one; it’s a strategic imperative for any organization aiming to thrive in the dynamic landscape of today’s business world. You have to transform the skepticism of company executives into a compelling urge to embrace the corporate digital transformation.
Throughout this blog, we’ve explored a comprehensive roadmap for tackling this challenge. Also, I emphasized the importance of understanding your current technology landscape, conducting thorough research, building compelling business cases, & aligning technology investments. Furthermore, we’ve delved into the critical aspect of overcoming resistance to change, recognizing that technology adoption often faces a pushback. So, as you embark on this journey to convince your company leaders to invest in new technology! Remember that it’s not just an investment in tools and systems; it’s an investment in the future success and sustainability of your company.
To know more, Contact TheCodeWork Today!
