A Guide to Building Tech-Savvy Business Strategies
Treat tech as a core business
Investing in the right technology is crucial for the core business activity and should be an integral part of the overall business strategy. An integrated strategy will ensure that both tech- and business teams work towards a common goal. To learn how to choose insurtech – check this article>>
Identify your organizations pain points and make a list of priorities
Before investing in new technology it is crucial to acknowledge your “pain points”. Inefficiencies in an organization are often explained through structural factors such as old legacy systems, inflexible IT architecture, poor data quality, and distribution models that rely on manual processes. By going through all internal workflows you will get a better idea of what should be automated to increase efficiency.
As a manager you should ask yourself the following questions:
- What processes can be automated?
- Is the current IT system slowing the organization down?
- Can your competitors deliver more advanced products and services? How can I use insurtech to outperform them?
- Which products and services will be the most crucial for the long-term goals of the company?
By answering these questions, you will be able to identify short- and long-term obstacles to reaching business goals.
Tangible innovation = Return of investment
With an overview of the organization’s pain points, you will have a better idea of what new technologies to implement, and in what order. It is important to bear in mind that all technological investments should generate tangible benefits for the organization.
Explore a service-oriented IT architecture
Customers expect companies to deliver new products and services at a high frequency. This requires an agility that many legacy systems cannot deliver. A service-oriented approach involves acquiring external software systems tailored to improve a specific business function, or, if needed, provide new functionalities. These external software tools are easy to integrate and do not require a complete overhaul of the existing IT architecture. By combining in-house tech stacks with external software you can improve the overall infrastructure at a minimal cost.
Your company’s IT architecture should allow for innovation and agile development.
Step out of your comfort zone
Investing in the right technology requires a deeper understanding of its potential. As a manager, it is your responsibility to keep up with technological developments. By keeping an eye on the tech scene and involving the IT department in business planning you will get a better understanding of how technology can contribute to business development. By approaching the work with an open mindset and a willingness to test new solutions, you will be in a better position to build a sustainable company. This might require that you step out of your comfort zone which admittedly, is no easy task.
In summary
These action points have sought to address some of the main obstacles to the implementation of new technologies. By making a technological investment a priority you will be in a better position to deliver products and services to customers. Changing IT architecture can often be a nerve-wracking process, but it does not necessarily require a systematic overhaul. By adopting a service-oriented perspective through multiple interconnected software solutions you can implement structural changes more conservatively, which in turn will decrease the risks of investing in innovation.
