There is no doubt that technology benefits a slew of industries, from professional services to manufacturing to healthcare. Technology allows employees to access information from anywhere and to easily upload it, increasing the ease of data collection. But without proper management, technology’s potential diminishes.
In my opinion, most companies that monitor and manage IT networks view their role as a service they deliver to the client, just like the delivery person who brings the copy paper or the janitor who cleans the office. While essential to the functionality of your business, this approach is more reactive than proactive. Comparing true Technology Management to the typical reactive method is like comparing a service that provides a continual flow of clean fresh water to one that only delivers bottled water when you run out and ask for more.
Technology Management is about meeting business goals.
You may be wondering why I always capitalize Technology Management. It’s because I like to highlight that this is a new approach and should not be confused with how businesses operated a decade ago. Both the philosophy and the tools have dramatically changed along with the need for the close involvement with the C-suite to allow for critical discussions about the business vision, mission and roadmap. Today’s Technology Management is about meeting business goals and using investments to impact profitability.
A prospective client recently asked me about our hourly rate. You pay an hourly rate to a company that fixes something that is broken; beware a group that bills hourly and promises to work hand-in-hand to chart the technology course for your company. Evaluating and managing current technology while planning and budgeting for what’s needed to fulfill your business vision in the future is simply not priced this way.
What are the gains by embracing the Technology Management process?
Do More, Work Faster
As a C-suite executive, be it management, finance, operations or technology, you are expected to nurture the organization’s growth across a swath of shifting landscapes. Each employee accesses information, collects data and stores it on work or personal devices. Establishing secure and appropriate strategies to efficiently store and utilize the asset we call “data” is mission critical. The result of making this need a priority is clean data that powers accurate forecasting models that expedite decision-making. The results create higher volumes and improved work efficiency to power the company.
A recent McKinsey report found that digitization could increase the financial sector’s revenues by four to twelve percent. Through better technological management and use of customer service software along with cross-selling applications, investment banks are increasing revenues.
For example, an eight-hour process involving derivative pricing was cut to only 15 minutes. When technology is leveraged appropriately, and managed to meet its full potential, employees make better use of time. Efficiency rises and revenue increases.
Management is all about streamlining resources. Poorly managed technological resources are a big drain on a business. Out-dated servers, patchy updates and sluggish systems can bleed money.
There are a number of ways to better manage your technology, either through intensive monitoring, big data analytics, Cloud systems or just plain budgeting and forecasting. Using Technology Management tools and techniques gives businesses the ability to evaluate workflows to determine the best ways to streamline existing processes. These improvements make them more effective and better able to support organizational goals.
Ask yourself and the rest of the C-suite: can you afford to not engage a company that looks beyond the “bits and bytes”? Without comprehensive Technology Management will your business grow and prosper?