Change can be intimidating. When you are used to doing something the same way over a long period of time, it’s easy to become comfortable, and changing your process or routine can seem counterproductive. Many leaders will ask, “Why change something that isn’t broken?”
There might be some validity to that, but the ability to adapt to new technology is, in fact, necessary if you want to prevent your business from suffering operationally. Also, it’s no secret that many types of technology can help improve efficiency.
The good thing about technology is that it helps you do all sorts of things more simply, quickly and, often, professionally. Consider how companies used to keep track of their vendors. A paper request was generated, bids were emailed and spreadsheets were updated manually. Today’s software has made this process much more efficient, allowing you to conduct multiple bidder rounds to obtain the best products at the lowest prices.
Now, imagine for a moment two competitive companies vying for the same customer’s business. The first company is still set in its old, traditional ways of doing things while the second business is using newer technology to accomplish the same tasks. Clearly, the second company has the advantage because the technology it uses is helping it simplify its operational processes.
During my time in the finance and banking industry, I’ve seen firsthand how new technology can help companies ramp up their operational efficiency. Advances in technology, from automated tellers and online banking to fintech and blockchain, are now making financial transactions faster and easier, and in the future, technology such as artificial learning and machine learning will have a profound impact on many industries. New innovations continue to make a considerable amount of positive impact, helping businesses run more efficiently and creating new opportunities for growth.
Often, the costs associated with implementing new technology — which can be substantial — will give some companies pause. That said, when you examine the numbers closely, costs associated with the initial purchase, employee training and other related items can be justified when you project future savings associated with operational costs. In other words, technology will pay for itself in the long term. There’s no question about that. You just need to be willing to accept it and adapt to it.
In short, technology helps companies develop, generate revenue and continue to grow. This new technology paradigm is now a fact of business life; it’s not going to go away, nor should it, and business leaders must recognize that investing in technology to improve operations is as critical as the efforts they are making in enhancing the customer experience.