How to get the best return on your tech investment-2024

What are we talking about today in 

terms of sub-headings?

The challenges of choosing and implementing new technology

Technology is essential for any business that wants to stay ahead of the competition, but it also comes with a high cost and a high risk of failure. According to Harvard Business Review, while 89% of large companies globally have a digital transformation underway, they have only captured 31% of the expected revenue lift and 25% of expected cost. A study by ProSci found that nearly one in two digital transformation failures were attributed to employee resistance and a lack of change management.

So how can you make sure you're buying the right tech and using it to your optimum advantage? In this episode of Insight Story, Tech Trends Unpacked for Business Leaders, we talk to two experts who share their insights and experiences on how to make the right tech decisions and then make those decisions work.

The importance of aligning tech decisions with business outcomes and strategy

Olivier Blanchard, Research Director for the Futurum Group, a US-based consultancy that specializes in helping business leaders anticipate and understand shifts in their industries and build strategies 

that make the most of innovation, including tech, says that one of the major mistakes companies make is picking tools because they're popular or other companies are using them, as opposed to looking at the outcomes first and then reverse engineering to the solution.

He says that companies need to start with a clear vision and strategy of what they want to achieve and how technology can help them get there. He also advises companies to involve the end users and customers in the tech adoption process, as they are the ones who will ultimately benefit from or suffer from the tech decisions.

The benefits of involving end users and customers in the tech adoption process

Arun Narayanan, currently Chief Digital Officer for Renewable Energy Systems or REZ, the world's largest independent renewable energy company, agrees that involving the end users and customers is crucial for successful tech implementation. He says that he always tries to understand the pain points and needs of the people who will use the technology, and then co-create solutions with them.

He also says that he uses data and analytics to measure and improve the performance of the technology, and to demonstrate the value and impact of the tech decisions to the stakeholders. He says that data is the key to making informed and evidence-based decisions, and to ensuring that the tech investment is delivering the expected outcomes.

The need for continuous learning and innovation
in a fast-changing tech landscape

Both Blanchard and Narayanan emphasize that tech decisions are not one-off events, but rather ongoing processes that require constant learning and innovation. They say that companies need to be agile and adaptable to the changing needs and expectations of their customers and markets, and to the emerging opportunities and challenges of the tech landscape.

They also say that companies need to invest in upskilling and reskilling their workforce, and to foster a culture of curiosity and experimentation. They say that technology is only as good as the people who use it, and that the human factor is the most important element of any tech decision.

To listen to the full podcast episode and learn more about how to get the best return on your tech investment, visit [Insight Story], the podcast that gives you the insight you need to make the right decisions about how to use tech to benefit your organisation. This podcast is brought to you by Kaspersky, the cybersecurity specialists.