According to the Gartner 2020 CIO survey, around 83% of CIOs are leaning towards technology advisory services to fuel their digital strategies. Significantly, this indicates a clear belief in the value of expert guidance for the effective utilisation of modern technology. It's a transformation that's been brewing for some time and its impact on businesses cannot be overstated.
Contemporary business technology advisory services have undergone a transformation from mere IT consultation to a more wide-ranging method, encompassing areas such as digital transformation, cyber-security, and data analytics. It is this addition to their scope of duties that make business advisers a critical component of your businesses decision making framework.
The Convergence of Technology and Strategy
Modern business advisers offer a comprehensive approach to business and technology strategy consulting that covers every aspect of the business. They analyse your business from a macro perspective, understanding its unique needs and challenges. This way, they are better able to provide tailored strategies that can harness the power of technology to drive growth, increase efficiency, and spur innovation.
Technology advisory services utilise advanced analytics to enable data-driven decision making. Harnessing the insights derived from such data allows companies to optimise operations, creating a substantial ripple effect throughout their processes. According to a recent study by the Harvard Business Review, companies that implement data-driven strategies are 23 times more likely to acquire customers, six times as likely to retain those customers, and 19 times more likely to be profitable.
Business technology advisers can also provide critical insights into customer behaviours, preferences and trends. By leveraging sales and marketing data, businesses are able to better anticipate and respond proactively to customer needs. This foresight can lead to enhanced customer experiences, increased loyalty and ultimately, a stronger competitive edge.
Benefiting from the Change
The benefits of working with business technology advisers fall into three main categories.
- Independent Technology Advice
- Industry Specific Expertise
- Knowledge of Successful Strategies from Other Clients
3rd Party Tech Advice
When making a technology investment, it pays to seek independent technology advice. Software vendors have a wealth of knowledge regarding their own products and software niche, but naturally their goal is to sell you their application, not guide you to finding the right solution for your particular challenge. Similarly, when considering new technologies, having a strategy for integrating the new technology into your existing software and data stack can mean the difference between success and failure. An independent technology advisory will be able to assist you with documenting and scoping your required solution, integration maps and customisation requirements to ensure your software evaluation, and the decision that follows is the right one for your business.
Moving from Generic to Specialist Advice
Industry-specific expertise, another cornerstone of modern business technology advisory services, provides guidance tailored to unique industry challenges and opportunities. Utilising their vast knowledge of industry-specific tools, technology advisers can significantly enhance the efficiency and innovation quotient of businesses. This custom orientation towards individual industries further bolsters the return on technology investments, securing competitive positioning.
A More Collaborative Approach
A vital aspect of modern business technology advisory services is the sharing of successful strategies derived from their diverse clientele. These per-established tactics afford businesses the access to a road map, calibrated through real-world scenarios, reducing the inherent risks associated with technology adoption. According to Gartner, this problem-solving approach has led to a 20% productivity gain in organisations actively seeking advisory services.
What impact can modern business technology advisory services have on my business?
In the past, most sectors relied heavily on manual labour and obsolete tools to manage their operations. However, with the rise of popularity, increased speeds and lower costs associated with investing in technologies such as cloud computing, big data and machine learning, the focus of operational tactics has drastically shifted. Advisory services have adapted swiftly to this change, becoming experts in a range of software that can automate various operational tasks, and significantly improve productivity levels. According to a study conducted by McKinsey & Company, implementing such technology-eccentric strategies can increase productivity growth by 8% to 14% across the various departments of a business.
Driving Innovation through Data-Driven Insights
Embracing technology advisory services can change a business's approach towards data; its collection, interpretation, and deployment. By capitalising on sophisticated data analytics methods and applications, organisations have within their grasp actionable intelligence pertaining to varying facets – consumer behavioural trends or operational shortcomings, to name a few. These refined insights are critical in guiding informed choices that revamp processes that have remained unchallenged for many years.
Diversifying for Multi-Dimensional Success
The move towards more focused, tech-based advisory services highlights the increased collaboration across different functions within businesses. This replaces the outdated, one-way view of technology and its use with a cooperative, multi-faceted approach. Companies can now combine isolated information and untapped intellectual resources for wider, practical use. This can improve work efficiency, promote teamwork and enhance a company's position in the market.
Transforming Risk Management and Compliance
As the digital landscape grows in complexity, so do the cyber-security threats and operational risks businesses face. Harnessing the power of modern technology advisory services, companies can equip themselves with sophisticated tools and strategies for risk identification, assessment, and mitigation. Additionally, regulatory compliance, an often daunting challenge, can be transformed into a competitive advantage through seamless, tech-enabled process streamlining. Systematised compliance procedures not only minimise risk of regulatory breaches but also boost stakeholder confidence, contributing positively to corporate reputation.
Supporting Strategic Growth with Software and Automation
Companies across a variety of sectors are recognising the multitude of benefits that industry aligned software can provide. These include task simplification, error reduction, cost-saving, and improved efficiency. Advisory services guide businesses towards the right tools from the myriad of resources available in the modern market. According to recent statistics, 64% of businesses confirm that software and automation have significantly contributed to their revenue growth.
Trustworthy business advisory services also ensure that the integration of new software resonates with existing systems to magnify returns. These advisers are more likely to suggest platforms that are designed to evolve in line with the company's growth, reducing the risk of obsolescence. They can also further aid users by developing custom training programs to help employees adapt to new software and automation techniques, ultimately smoothing workflow transition.
Establishing a Forward-Thinking Culture that Embraces Technology Change
One pivotal change wrought by modern business technology advisory services is the establishment of a progressive organisational culture receptive to technology transformation. In the era of digital disruption, cultivating such a mindset is more a survival necessity than just an innovation-driven preference.
With the help of technology experts, businesses can begin to create a platform where technology is seen as a competitive advantage, rather than an operational overhead . This creates an organisational environment that sees technology as an integral part of its growth trajectory, not just an operational adjunct.
These advisers strategically bridge the gap between the tech and non-tech teams within an organisation. They foster a shared understanding and collaboration that is essential in the successful implementation of technological changes, thus enabling a forward-thinking culture that readily embraces tech-driven transformations.
Calculating the Return on Your Investment into Business Advisory Services
Determining the return on investment (ROI) when it comes to investing in business advisory services can often present a challenge. Many of the benefits can be elusive when attempted to be measured in concrete terms such as monetary value or time allocation. Despite this, a targeted approach of examining a company’s strategic plans and their alignment with its technological vision and operations can aid in deriving clear-cut ROI figures.
The Economic Perspective
When computing the ROI of engaging with business technology advisory services, what’s key is looking beyond the immediate cost of the service. One must also evaluate the economic benefits. These might take the form of cost reductions, such as decreasing overheads through resolving IT inefficiencies or avoiding financial mishaps, or increased revenue generation. The latter is often driven by improved productivity, enhanced service provision, or the attainment of a competitive edge.
The Strategic Evaluation
Avoid discounting the value brought about by strategic alignment. Positioning technology suitably within a company strategy can unlock new ventures, expedite achieving goals, and strengthen market position. Quantifying these outcomes presents a broader and more subtle view of ROI.
Taking Into Account the Intangible Benefits
Importantly, one should also factor in the intangible benefits that are offered by modern business technology advisory services. These may encompass brand enhancement resulting from superior service delivery, fostering customer loyalty, and enhanced employee satisfaction and retention thanks to effective technology practices and well-deployed systems. While these facets do not directly translate into discernible financial gains, their longer-term contributions to overall corporate value and reputation undeniably influence ROI positively.
Embrace the Future with PKF Digital’s Business Advisory Services
In recent times, considerable transformations in business technology advisory services have opened up new avenues for firms to boost their tactical advantage. PKF Digital is here to help your business thrive in a world driven by technology.
With our tailored business advisory services, you can enhance your strategic position, encourage innovation, ensure regulatory compliance, and enhance customer engagement. Our team of experts is ready to provide specific advice to propel your strategic growth, whether you’re refining your digital strategy or investigating diversification possibilities. Join us on the journey towards comprehensive digital transformation that fulfils the demands of the future.