Technology - seize the opportunity

By Terrence Teh - March 27, 2018

There is nothing new in stating that technology has, and will continue, to advance at a high pace, constantly bringing changes to what we do in our businesses and daily lives.

The challenge for business is how to adopt the appropriate opportunities and then continue to be abreast of the ongoing evolution.

Tech and digital enables, but does not become the focus of your business

Technology adoption should not interrupt what your vision is, and how you want your business to create impact and value in the world in which you operate. Start by confirming: What is the purpose of this business? What does value creation mean for you and the business? And how can digital enhance, improve or protect your value proposition to the market?

Ultimately, this means having clarity around what your business model is and understanding how you compete in your industry. Having knowledge of existing and emerging digital technology is important to help shape your objectives and decision making on this front as well.

Education is key | Learn what digital can mean for you in a safe environment

Pitcher Partners has been conducting research with one of Australia’s most prominent universities on this topic of digital and digital transformation. Whilst the study is an ongoing intelligence gathering exercise, some key insights have already emerged for us as advisors:

Lack of confidence and understanding

Uncertainty and having an incomplete understanding of digital is a major barrier for many executives seeking to employ digital improvements and solutions into their business.

Start by upskilling executives on what digital is and explore how it could be applied in your business.

Share insights and experiences with like-minded executives

The challenges and concerns you face are no different to business owners or executives in other similar size organisations. In fact, most business owners and executives sometimes feel like they are the “only ones” facing these challenges around digital. Pitcher Partners recently hosted a series of digital exploration discussions with clients, where we explored the topic of digital transformation in a series of “fireside chats”. The results and feedback have been positive and insightful for all our clients that participated. Learning from each other’s experiences has given them comfort that their struggles are not unique and there are a variety of ways to solve the digital dilemma they are currently facing.

Harness the knowledge of the whole organisation

While senior management are ordinarily the voice heard by the CEO or shareholders, innovation and technology adoption often comes from those in the business with a deeper understanding of a business process or different experiences. Seek to encourage and create an environment where all team members can contribute ideas, or observations for change, or voice frustrations to which a technology solution may be found.

Seeking to harness the opportunities from technology

It is paramount to have a structured and customer-centric approach to designing digital strategy, balanced with a value framework that identifies and ensures how it generates a measurable and tangible return for the business. If you’re unsure of where to start, being part of our digital fireside conversations is a key step towards de-mystifying how to embed digital into your business.

For further information on the topics above, or to just broadly discuss how digital can be explored with your business, feel free to contact the author or your Pitcher Partners’ advisor.

 


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Rob Southwell

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Sydney

Managing Partner and Partner – Private Business and Family Advisory


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Melbourne

Partner and National Chairman


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Perth

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Newcastle

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Adelaide

Managing Principal - Private Business and Family Advisory


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Brisbane

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