How to Build a Tech-Forward Company That Lasts
Opinions expressed by Entrepreneur contributors are their own.
At the advent of the Covid-19 pandemic, many companies across the globe were shaken to the core due to the unprecedented disruption the event posed to their existing business models. However, there was a silver lining in the form of many innovative ways companies adapted to survive and continue, from implementing working from home strategies to organizing socially distanced solutions to enable the public to be catered to safely.
Many of these aspects of the post-Covid business models relied heavily on technology, and many of these continue even today — an indication of how many useful solutions were actually developed in the face of intense pressures from a global black swan event. But I would argue that being tech-forward is a virtue that many companies should aspire to, not just as a response to crisis situations.
In fact, my business, the Kowloon Motor Bus Company, is an example of a company that is more than 100 years old and has endured several challenges in the past, from the Japanese occupation during World War II to the 1997 Asian financial crisis. It is mainly thriving today due to its tech-forward nature, which results in an appetite for constant innovation.
This trait will be even more valuable as we now live in an age of AI, climate change and geopolitical uncertainty, where there is a huge demand for rapid adaptation and change to suit consumer needs using advanced technology. A McKinsey report analyzed the positive effects of tech-enabled business transformation in the 2020s, calling it "the trillion-dollar opportunity," especially in the automotive and manufacturing industries. It found that although only 20% of tech-enabled transformations succeeded, the successful ones, which took a more comprehensive approach to their transformation, generated 50% more value in their earnings.
This shows that building a tech-forward company requires skills and a futuristic vision in order to stand the test of time. I believe that technological solutions should be at the heart of a business in the digital age and that they should be inscribed into the very fabric of a company's being instead of being treated as a short-term solution to a problem. To create a tech-savvy business that is built for the long term, here are three things you need to know:
Related: 3 Reasons to Add Technology to Your Non-Tech Business
1. Investing in tech talent in-house is crucial
Embracing technology, especially if done across the board within a company, should be a move that encapsulates every core and ancillary part of a business. In order to do this, companies need to invest in in-house talents who are specialists in aspects of tech transformation, whether that's hiring software engineers or cybersecurity experts. Having all the tech talents in-house, rather than them being contractors who are outsourced, means that meaningful changes can be made within the company with fewer risks or misalignment of values.
But this also requires a delicate strategy, as tech talents have unique needs — especially since the talent pool is also small for more specialized roles where individuals will have higher negotiating powers as they will be in demand. This is when a delicate HR strategy is required to ensure a seamless hiring process and retention of tech talent, according to a McKinsey analysis. The report goes on to say that tech talent "should be a CEO's top priority."
2. Celebrate tech successes across the company
Successful implementation of new technologies will show positive results that should be shared with the rest of the company and celebrated across the board, not just among those within the tech team. Creating a positive culture around new technology and creative ways of thinking will encourage more people within the company to embrace new ways of working, instead of having anxiety around any proposed changes.
Remember that a tech-forward company is all about being more collaborative and efficient within a business, instead of the futuristic vision only remaining within the confines of senior management. By sharing good news around successful projects that were supported by new technologies, a greater sense of belonging to the company can be cultivated among employees, which will ensure its longevity, too.
Related: You Must Embrace Digital Transformation to Stay Ahead of the Competition — Here's How to Seamlessly Weave It into Your Organization
3. Upskilling legacy talent is key
Legacy talents should never be left behind, especially within a tech-forward company. This is why training and upskilling should be a high-priority exercise for managers and employees, especially where opportunities to learn about incoming or new technologies can be provided. A trained legacy employee will have confidence and faith in the direction their company is heading, which further increases the workforce retention rate.
Business leaders should implement more customized learning solutions, too, which ensures that managers and employees are sufficiently catered to according to their work schedules, time constraints, expertise and specific learning preferences. This is where AI-powered platforms can come in handy, where team members can upskill at a comfortable and efficient pace using higher personalized learning paths, such as microlearning modules, for example.
Related: These Tech Trends Will Shape How Small Businesses Achieve Success — Are You Embracing Them?
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