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Importance of future-proofing in businesses

In the recent times, the new technologies and freeware through AppStores are becoming more and more significant. The drive for technology is fuelled by people’s requirements and the ingenuity to deliver applications based on that needs.

Accounting fraternity, banking, and telco service providers are some of the typical industries that need to evolve faster. This is because the users and the clients are getting more and more tech-savvy and technologies are gradually growing outdated. This hassle of updating technology every now and then can be avoided by thinking a bit further than the currently available technologies.

What is future-proofing?

Most often, the emphasis is laid on ensuring if IT systems are up-to-date, but future-proofing means a little more than that. It is to stay ahead of the curve and remain one step ahead of the forward-thinking individual developers out there. Investing on future-proofing supports new developments and new schemes like innovative and personalized marketing system, user-friendly yet updated version of in-house quote and booking system, and customized training programs for employees that help them in becoming top performers.

It must be noted that growing businesses demand a process which must be guided by the cultural manifesto based on what process works best for the business. Adopting bad processes can control the entire system rather than empowering them. Charles Kettering rightly pointed out, “If you want to kill any idea in the world, get a committee working on it.” Innovation and growth of any company are based on the talent. In fact, companies may lose out on the top talents if they aren’t empowered and further, decreasing talent pool results in slower growth rate.

Experts believe that investing in technology becomes more fundamental to future-proofing and achieving business success when the companies have a start-up mentality.

Future-proofing is critical for long-term survival of any company. Furthermore, being honest, constantly challenging oneself and being prepared to “start again” and innovate, protects the business from becoming a laggard. With rapid advancement in science and technology, start-up systems, skills, process, and speed to market can disrupt, threaten or undermine the existence of any business. Therefore, it is important to embrace the “start-up thinking”.

Not to mention, technology is essential and is a basic tool to provide better customer service and make the organizational processes more efficient and effective. At the same time, technology can also make the processes completely obsolete. Being in control of technologies – that are essential to the front, mid and back-office processes in the business – is very critical to running the business in a better and cost-effective manner in the long run. The need for constant evolution and future-proofing can be better understood by those who are already in business.

Also, businesses must ensure that the technology solutions that they select take scaling into account. If the chosen technology doesn’t scale, the chances of traveling down a dead end road are too high. Taking a wrong step for a longer period of time can cost businesses a lot of money, time, and effort.

The introduction of big data, robotics and artificial intelligence which are considered to be the next wave of technology has changed the way the businesses have been providing their services to the clients. They also help in achieving the success of any businesses and complement the business strategy if they are well-researched, invested in and embraced. However, it can turn out to be dangerous and disruptive if its implications are not thoroughly considered.

Technology is a moving target, so choosing the right technology requires more strategy. Therefore,  a better understanding of where technology is going and how it can help your business, an in-depth analysis of the process that could be improved and adapted to your business, and investing in the right technology are important and lay a foundation for future-proofing your business.

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