How to Perfectly Time Your Next Investment in Talent or Technology
Posted by Evan Heby, Service Industry Marketing
Technology is forcing people to reinvent the way work is done. Today, services companies must figure out a balance that works between processes, talent and technology to ensure maximum efficiency. Traditionally, process and people had a symbiotic relationship with one another, but technology â€“ specifically cloud technology â€“ is shifting the way we think about work.
On October 31st, Oracle NetSuite examined the impact technology is having on contemporary services business in a webinar titled: â€œShould Firms Invest in Their People or Their Technology?â€� The webinar included a variety of speakers.
Mike DiClaudio, Principal, Advisory KPMG discussed some of the lessons learned from his experience working with services companies that have transitioned to a more shared approach between technology, process and people.
DiClaudio suggests a strategic approach to decision making, because your next technology or talent decision can help your team improve the bottom line significantly. As any business owner knows, investment in talent can take months to show ROI. Itâ€™s important to have a balanced approach when it comes to deciding your next move â€“ knowing that investments in both people and technology require a significant amount of time to show return, and your team can expose themselves to risk if they do not have a categorical approach.
DiClaudio also suggested that many smaller consulting firms are still operating as people-first businesses, but larger firms absolutely need technology to keep up with their competition. Like developing talent, technology projects require continual optimization, and so it is important that you choose technology that can grow and scale with your business.
Jill Going, Managing Director of People at Point B, regularly makes decisions on her firmâ€™s next investments. When faced with evaluations of new technology, a key point is starting small â€“ some first-time buyers tend to be over-zealous and want to fix every single problem their firm has with one swing, but Going advised that starting small is almost always more effective. The importance of continually optimizing your technology systems is another key step, she said. Without a keen eye constantly looking for areas of improvement, your systems will inevitably become obsolete, and one of the ways you can prevent that is by staying up-to-date with technology news after you buy.
If youâ€™re interested in learning more about investing in technology vs. people, please download the on-demand version of our webinar.