Growth is at the very heart of most business plans. After all, it’s growth that drives performance and profit and helps a company to acquire new assets, talent and investment.
Yet, despite a common ambition for expansion, businesses are clearly split in their attitude to tech and the role it plays to survive and thrive in the long term.
In fact, these attitudes break down into three distinct value propositions; technology now, technology forward, and technology future, and it’s critical businesses establish which category they fit into in order to experience the growth they crave - particularly in tough economic times.
Establishing your technology value proposition
- Technology now - these companies may be stuck in a tech rut, and are focussed on using technology as a support function. They often rely on updating existing technology and don’t see their business as ‘tech dependent’.
- Technology forward - moving the business forward is of utmost importance for companies that fall into this category, yet technology investment is usually prioritised on a case-by-case basis when it becomes business critical.
- Technology future - these businesses are always looking to the future and place tech at the top of the list when it comes to innovating. They use tech to pre-empt not deal with problems. The whole company culture is centered around technology.
Unlocking value and business possibilities
A few years ago, CISCO Executive Chairman, John Chambers said that 40% of all businesses will die in the next ten years if they don’t figure out how to change their entire company to accommodate new technologies. Today, following the impact of COVID, Brexit and economic unrest, Chambers’ predictions are more pertinent than ever.
The truth is, lack of technology investment and outdated systems can end up costing a business more than it saves, so it's imperative attitudes change - starting with a (sometimes uncomfortable) appraisal of where your business really sits when it comes to its attitude to tech…
Once a business understands its technology value proposition (and the benefits of refocusing this), it can move forward with overcoming its tech challenges and create business-wide value and opportunities.
The big three technology challenges
Following three months of intensive research, workshops, in-depth interviews and surveys in collaboration with a range of businesses of all types and sizes, Propel Tech has discovered that there are three common tech challenges for businesses:
- Keeping up with constant change
- Balancing new and existing technology
- Managing or involving cross-functional teams
Ultimately, overcoming these challenges with a strong and future-facing tech value proposition will create leaner processes and better working environments for humans. And, let’s face it, whatever business you’re in, we all want that.
How to evolve your technology value proposition in 2023
- Establish your existing tech value proposition with Propel Tech’s simple online assessment.
- Read our in-depth White Paper for a detailed inside track on redefining your tech value proposition
- Invite all stakeholders and departments in your business to join the tech conversation - are they ready to unlock more value from technology?
- Talk to an expert. Propel Tech’s skilled problem solvers will help you to pinpoint issues, map your journey and work side by side with your business to bring possibilities to life.
Contact David.Ritchie@propeltech.co.uk for an informal catch-up about your technology value proposition and challenges.