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  • Innovation & Transformation
    • Digital Adoption
    • Improve Efficiency

Top tips to maximise your tech investment

  • 5 Min. Read
  • Article

The world we live in is changing rapidly and more of our activity is being done online. Embracing technology is essential to being future-ready, but knowing where to start and how to get the most out of your investment can be tough. Our panel of experts explore what technology can mean for your business.

A clear road map about how you’re going to roll technology out can help everyone understand your aims and how the technology will work in the business

Ruth Brown | Director of Business Development at Home Instead

Where to start and how to maximise your tech investment

  1. Don’t be put off by transformation – looking at how you could reimagine your business’ existing processes through using digital tools to simplify and/or speed up those processes is a great starting point. “Small changes can make a big difference and be truly transformative.” Dan Sharp, Mirus IT Solutions
  2. Understand what’s out there – technology is developing all the time, so keep an eye on what’s available and whether the software you already have might be rolling out new, often free, functionality.
  3. Review your business – we’ve all been busy reacting to recent events, so taking a step back to think more strategically can be worthwhile. “Look at your digital footprint, which is often your website. Whether it’s designed to allow ecommerce or as a shop window – does it match what your business is offering today? Is it relevant and representative?” Roland Emmans, HSBC UK.
  4. Think about what your business or your customer needs are – is there a particular issue or pain point that you need to address that can help direct your investment focus? “Thinking about how technology can improve the efficiency of your operations or make it easier for your customers to interact with you, can help you get started and make more informed choices.” Dan Sharp, Mirus IT Solutions.
  5. Engage your stakeholders – to ensure you get the most out of implementing new technology, it’s important to take everyone in the business and, where necessary your clients, on the journey with you. “Explain why you’re making changes and communicate the benefits clearly. Offering training can also give people the confidence to embrace technology.” Ruth Brown, Home Instead.
  6. Keep your eyes open – look at what your peers, competitors and related businesses are doing to innovate with technology. “Be more outward looking and think about how you can take ideas back into your business to give a fresh perspective.” Dan Sharp, Mirus IT Solutions.
  7. Use pioneers – having advocates within the business can help support the use of new technology and show people the benefits. “By finding pioneers for change to coach and mentor others, engagement is much stronger.” Ruth Brown, Home Instead.
  8. Plan – having a plan that takes into account what you want technology to achieve, how you’re going to implement it, and what success will look like can help focus spend. “A clear road map about how you’re going to roll technology out can help everyone understand your aims and how the technology will work in the business.” Ruth Brown, Home Instead.
  9. Don't ignore the adoption phase– it can be easy to focus on decision-making and purchasing but prioritising the adoption of technology within your business will help ensure that uptake is strong, drive usage and maximise your investment.
  10. Think broadly about return on investment – evaluating the success of new technology investment in terms of meeting your aims and measuring its impact is crucial but it needs to include a wide range of metrics. “ROI is not just about the cost of technology or software, but also the time, effort and operational disruption involved in implementing it.” Ruth Brown, Home Instead.

We have harnessed social using interesting content to cut through the noise, develop customer relationships and build a community feel across a number of platforms.

Harry Symes-Thompson | Head of Growth, Sales and Partnerships at Wild

Tech trends that could shape your future strategy

The pace of technology change has accelerated, and our panellists agree that businesses are now living through the Fourth Industrial Revolution – a time of greater automation when data will determine how the world changes. Here are the tech trends that businesses need to watch out for:

  1. ESG (Environment, Social and Governance) – the sustainability agenda is here to stay and is a real opportunity for businesses to differentiate themselves. Technology can play a big role in driving efficiency, reducing energy consumption and helping businesses on the path to net zero emissions.
  2. Innovation and adaptation – the pace of tech innovation is unlikely to wane, so businesses need to stay alert to opportunities and threats.
  3. Democratisation – “the ability of businesses to rent capabilities or use software as a service is levelling the playing field. Businesses don’t have to invest large sums to develop solutions themselves, and there’s more scope for businesses to try digital solutions relatively risk free.” Roland Emmans, HSBC UK
  4. Data – how we mine it, how we use it to gain insight and what we do with that information will continue to develop. “Selling direct to consumers gives us unparalleled access to customer data and feedback, which means we can optimise marketing and value to scale the business. It means that we own the customer experience.” Harry Symes-Thompson, Wild.
  5. Internet of Things – whether it’s in industrial application where smart sensors can support proactive maintenance and reduce energy consumption, or in wearables to support health and wellbeing, the IoT will have increasing application. “Wearable sensors and technology will help support physical health and prevent crisis by pre-empting issues in the health and social care sector.” Ruth Brown, Home Instead.
  6. Cloud and mobile access – “a real game changer in the pandemic, which has allowed us to run offices remotely, collaborate on documents and store data that’s easily accessible.” Dan Sharp, Mirus IT Solutions.
  7. Social – digital solutions across social media are increasingly being used to target customers, interact with them and even sell to them. “We have harnessed social using interesting content to cut through the noise, develop customer relationships and build a community feel across a number of platforms.” Harry Symes-Thompson, Wild.

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