Adopting new technology is an exciting yet complex process for businesses aiming to innovate and grow. It’s a journey filled with potential, but one that also demands strategic planning and risk management. BC Tech's Scaleup Academy is here to provide the guidance and support needed to navigate this landscape effectively. Below, we explore key insights shared by industry experts on what customers should consider before adopting new technology and how to maximize its benefits while mitigating risks.
What to Consider Before Adopting New Technology
- Define the Problem Clearly “Clarity around what your business is trying to solve is critical,” emphasized Caitlin Woodward of Trulioo. “You’re going to hear a lot of sales pitches and technical jargon, so being clear about the problem ensures you choose a solution that fits.” This clarity avoids the common trap of adopting technology for its features rather than its ability to address core challenges.
- Understand Financial Impact Andrew Donaher of CGI advises businesses to start with measurable goals: “Organizations that lead with financial metrics, understanding what they need to improve, are the ones set up for success.” Whether it’s cutting costs or increasing operational efficiency, quantifying the expected return on investment ensures informed decision-making.
- Evaluate the Technology’s Capabilities and Limitations “Focus not just on what the technology can do but on what it can’t do,” says Niamh Pollak of Clio. Pollak stresses the importance of trial periods, which allow businesses to explore whether a tool meets their needs without overcommitting. She also highlights the risk of being oversold: “You never want to be oversold and then underserved.”
Managing Risks and Maximizing Potential
- Time-Box Projects and Set Clear Goals Kevin Collins of Charlie AI recommends time-boxing as a key strategy: “Time-box your efforts. Organizations often face scope creep when they don’t set clear time limits.” This disciplined approach ensures projects remain focused and manageable, reducing the likelihood of overextending resources.
- Pressure-Test Security and Privacy Security and privacy considerations are critical when adopting technology. “Pressure-test the security and privacy posture of the vendor,” advises Woodward. This includes evaluating how well the vendor can protect sensitive data and ensuring compliance with industry standards.
- Trial, Test, and Fail Fast Both Pollak and Collins stress the importance of trialing solutions. Collins adds, “Trial and fail fast. This allows your organization to move quickly while mitigating risks.” Testing solutions on a small scale before full implementation allows businesses to identify and resolve issues early.
- Plan for Change Management “Change is hard,” notes Woodward. “Having a business transformation plan is critical.” A thoughtful change management strategy ensures that employees are prepared to adopt and utilize the technology effectively. Donaher adds that feedback loops during implementation can reveal where resistance might occur, enabling businesses to address challenges proactively.
Adopting technology is about more than just finding the right tool; it’s about aligning the tool with your business’s strategic objectives and planning for its successful integration. As Donaher succinctly puts it, “The best customers buy for action, not for the cool factor. They focus on removing non-value-added activities and achieving measurable gains.”
By defining the problem, quantifying goals, testing solutions, and planning for change, businesses can navigate the complexities of technology adoption with confidence. These strategies, shared by experts across various industries, offer a roadmap to minimize risk and unlock the transformative potential of new technologies.
This balanced approach ensures that technology not only solves today’s challenges but also lays the groundwork for future growth and success.
BC Tech is the leading non-profit association supporting tech companies in British Columbia. Our Scaleup Academy provides exclusive access to curated courses and resources to help startups scale and professionals thrive. Learn more about BC Tech.
This blog is part of our ongoing educational series through BC Tech’s Scaleup Academy. To explore more about leveraging AI and other essential business topics, visit BC Tech Scaleup Academy.
To learn more about how BC Tech membership can accelerate your business’s success explore Membership here or email [email protected]
