The Dilemma and Opportunity that is Technology

As my term ends, the business environment has become transformed by technological development.  Whilst ‘experience’ is important it is no longer the powerful pre requisite to business growth and profitability that once prevailed.  One person, a good idea and a computer/or hand held device can make a fortune.  Traditional business remains but technology is changing the landscape.  From paperless office to complex mathematics and automated payment systems, the school leaver with software and hardware ‘smarts’ can be the valued employee.  They may not know how to apply the information but they certainly know how to source it and manipulate it.

Just as the combustion engine changed the rural landscape the computer and now its adaptations to even smarter, smaller and more powerful devices is changing ‘the office’ environment.  Information storage, speed of access, accuracy and interaction are simple data applications these days – no longer requiring manual filing systems, desk top computers and administrative personnel with specific product or procedural capabilities.

This delivers somewhat of a dilemma to offices and businesses throughout NZ – how we react individually and collectively will determine effectiveness.  I say react because it is impossible with the speed of technological change to be proactive – unless you designed the latest ‘app’, ‘game’, ‘hand held’ device, ‘glasses’, large smart phone or small tablet / iPad.

Perhaps our ‘Boards’ or management teams become represented with tech savvy kids instead of one dimensional traditionalists.  Who would have thought only five years ago that the accountancy profession would become the networking and marketing arm of a piece of smart software – which has gone global.  Was it the software or the networking that drove the expansion?  Perhaps both!

My great passion is success for the small business owner.  From my upbringing the experience of positive and negatives from a very young age.  But what my parents taught me along with the fundamentals of finance and service was the need to continually innovate and adapt to new ideas and technology.  Not be status quo entrenched.  The challenge of self employment and business ownership is thrilling if you are wired to wanting purpose or as the young marketers now proclaim ‘essence’ (making something what it is).  Somewhat esoteric, however capturing the heart and minds of one’s own market is fundamental to today’s great leaps in communication capability.  That’s because the access to information has eliminated marketing spin.

People now want to know how much you care, what your true value is and whether what you provide is something they want or need, right now.  Software or hardware now becomes simply the channel or device delivering information – both ways.  What does one do now with – filing cabinets and shelving, staff, phone systems, computers and servers, office layouts designed for a bygone age.  How does one determine organisational structure, governance, compliance and focus, as the speed of digital communication transcends many of our strongly defended habits.  In my opinion – (and we can see examples all around us) – we have three options:

1. stands for Amish or Luddite or even Troglodyte

       (the reluctance to adopt many conveniences of modern technology)

2. stands for Brave – the investor, designer or early adopter

       (you could make a fortune or lose your shirt)

3. stands for Conscious – (as opposed to unconscious) and Communicate.

But the secret is with whom you are communicating.  What’s required is input from both ends of the spectrum – the young and the old.  The young to tell us what they want and how they are going to buy what they want – through what channel of distribution.  The old to keep us committed to good governance, good values and good long term relationships.  In short we need young people in our organisations capable of questioning the status quo and brave enough to tell us what else works.

As the leader you are responsible for the timely implementation and integration – good luck!  We haven’t cracked it.

The information provided in this blog is not intended to be a substitute for professional advice. You may seek appropriate personalised financial advice from a qualified professional to suit your individual circumstances.