Technology as a Strategy for Growth
- Keywords:
- technology
- strategy
- growth
When companies find themselves on a fast growth track, they have a few options for keeping up with the increased activity. Some either hire more people or require their existing staff to take on additional responsibilities. Others might incorporate technology to handle specific tasks.
But technology shouldn’t be a collection of task-based tools. It’s something that should be integrated into your business’ overall strategy. When implemented with an operational mindset, technology should act as an integral part of your growth strategy.
That’s because when you look at technology holistically, it becomes about more than automating certain processes or speeding up the pace of production:
- It can help you reduce—or reassess—your staffing needs.
- It makes your business more appealing to a younger generation of workers.
- It can help improve your relationship with your financial partners.
- It can help improve your competitive position.
- It can help to protect your most valuable assets.
As you grow, your tech needs evolve.
Technology can help ensure regulatory compliance, which can become a greater concern as your business grows. It can also improve the stability of your business processes through automation, and the regular review and oversight of key technology platforms.
Also, the technology that got you where you are now isn’t necessarily the technology that will get you where you need to go. For example, using QuickBooks to manage your finances might have been fine when you were starting out, but as you grow, you may need to consider different versions. Or you might need to upgrade your systems to communicate more effectively with it and leverage all its features so you can share critical information with your partners.
Beyond internal considerations, think about the competitive implications. If your competitors are becoming more shrewd about how they implement technology, they may be able to charge less for their products or services. That means you’ll have to adjust your pricing in response—only without the technological efficiencies and savings that could help you maintain or even improve your margins despite the decline in pricing.
Enabling your business goals.
It’s important to begin thinking about these issues before making staffing decisions. That is, do you need an additional person to receive and copy checks, or is it time to consider a lockbox or remote deposit capture to handle the increased volume of checks coming in? Also, as you look to upgrade and better manage your technology, is it worth having a full-fledged IT department, or should you partner with a technology outsourcer who can also act as strategic partner?
In either scenario, technology considerations must play a front seat role in all growth discussions. You’ll need to understand, for instance, that your infrastructure has to be compatible with the financial solutions you need as your company grows.
Making technology an essential part of your operating model is more important than ever. Continuing to grow without adopting the right technology and innovation strategy can adversely impact your top line, your bottom line, or both.
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Susan Witteveen
Senior Vice President & Head, Treasury & Payment Solutions
Susan Witteveen is an accomplished executive within the financial industry across North America, having spent over 20 years in a variety of leadership roles. …(..)
View Full Profile >When companies find themselves on a fast growth track, they have a few options for keeping up with the increased activity. Some either hire more people or require their existing staff to take on additional responsibilities. Others might incorporate technology to handle specific tasks.
But technology shouldn’t be a collection of task-based tools. It’s something that should be integrated into your business’ overall strategy. When implemented with an operational mindset, technology should act as an integral part of your growth strategy.
That’s because when you look at technology holistically, it becomes about more than automating certain processes or speeding up the pace of production:
- It can help you reduce—or reassess—your staffing needs.
- It makes your business more appealing to a younger generation of workers.
- It can help improve your relationship with your financial partners.
- It can help improve your competitive position.
- It can help to protect your most valuable assets.
As you grow, your tech needs evolve.
Technology can help ensure regulatory compliance, which can become a greater concern as your business grows. It can also improve the stability of your business processes through automation, and the regular review and oversight of key technology platforms.
Also, the technology that got you where you are now isn’t necessarily the technology that will get you where you need to go. For example, using QuickBooks to manage your finances might have been fine when you were starting out, but as you grow, you may need to consider different versions. Or you might need to upgrade your systems to communicate more effectively with it and leverage all its features so you can share critical information with your partners.
Beyond internal considerations, think about the competitive implications. If your competitors are becoming more shrewd about how they implement technology, they may be able to charge less for their products or services. That means you’ll have to adjust your pricing in response—only without the technological efficiencies and savings that could help you maintain or even improve your margins despite the decline in pricing.
Enabling your business goals.
It’s important to begin thinking about these issues before making staffing decisions. That is, do you need an additional person to receive and copy checks, or is it time to consider a lockbox or remote deposit capture to handle the increased volume of checks coming in? Also, as you look to upgrade and better manage your technology, is it worth having a full-fledged IT department, or should you partner with a technology outsourcer who can also act as strategic partner?
In either scenario, technology considerations must play a front seat role in all growth discussions. You’ll need to understand, for instance, that your infrastructure has to be compatible with the financial solutions you need as your company grows.
Making technology an essential part of your operating model is more important than ever. Continuing to grow without adopting the right technology and innovation strategy can adversely impact your top line, your bottom line, or both.
What to Read Next.
In-house vs. Third Party: The Implications of Upgrading Your Tech
Susan Witteveen | January 26, 2019 Business Strategy
When integrated properly into your organization, technology can be a competitive advantage as well as an essential part of your business’ growt…
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