Family Business Executives on Why the Right Technology is Critical for Long-Term Success
Posted by Hayley Null, Manufacturing Industry Marketing Lead
According to the EY Growth Barometer, 29% of family business executives are employing technology to improve productivity. How exactly are these leaders harnessing the power of technology?
In Part 3 of the Family Business series, Ranga Bodla, Head of Industry Marketing of Oracle NetSuite, sat down with Tommy Thwaites, President of coffee roaster Coda Coffee, Devin Becker, Vice President of Becker Safety and Supply, a distributor, and Jason Kencevski, CEO of Speedmaster, an auto parts manufacturer, to discuss how theyâ€™re using technology to differentiate themselves from the competition.
Use technology to scale
While all three family businesses have very different products and business models, the trio agrees that the right technology is a fundamental to business longevity.
Speedmaster has always been an early adopter of technology, sometimes learning at its own expense.
â€œWe tried SAP before we started [with NetSuite] and we had a hard time moving from handwritten documents to a system that works, because it just didnâ€™t work,â€� Kencevski said. â€œItâ€™s not fair to generalize technology. Technology is out there, but not all of it works. When you find technology that does work, then you can scale.â€�
Speedmaster uses NetSuite to innovate every area of the business, from the products it manufactures to marketing to IT infrastructure. Key to the business, NetSuiteâ€™s ecommerce solution, SuiteCommerce Advanced, has improved Speedmasterâ€™s omnichannel presence, providing a more transparent, seamless experience for its customers.
â€œStay ahead of the curve with technology,â€� Kencevski said. â€œTechnology doesnâ€™t put you ahead, but itâ€™s the only way to stay ahead. Itâ€™s made us different by providing more data, more information and more transparency so much quicker to customers, resellers and suppliers.â€�
Becker Safety and Supply went from handwriting invoices and using QuickBooks and Fishbowl to fully automating the business and eliminating repetitive manual processes with NetSuite in 2016.
â€œI was frustrated with the amount of time it took to do things. We spent so much time fixing broken systems that we couldnâ€™t grow and scale,â€� Becker said. â€œNetSuite is the main reason weâ€™ve been able to grow and scale as fast as we can, and we have been.â€�
Becker moved into ecommerce to maintain consistency between in person, in store, online and phone orders.
â€œWe always need to know whatâ€™s going on with [a customerâ€™s] account every time and any way they interact,â€� he said.
In Beckerâ€™s instance, technology is a competitive advantage, as most of its competitors still use fax machines.
Echoing Kencevskiâ€™s sentiments, Codaâ€™s Thwaites says that it is important to recognize that if you have the wrong technology, you need to move on and try new things â€“ even if itâ€™s painful.
â€œA lot of people will stick with the wrong technology and keep spending the money because theyâ€™ve already sunk so much into it,â€� he said. â€œYou need to just cut your losses and try something else.â€�
For more information on how the right technology can help you grow and differentiate your family business, access the on-demand webinar