How to find the right technology advisory partner for your business?
‘We’re experiencing more technological progress in the coming decade than we did in the preceding 100 years put together’ – McKinsey
The digital revolution has dramatically transformed the way that businesses and people operate, with new levels of service and quality products, as well as increased expectations and demands from end-users.
As the digital revolution continues to unfold, businesses are finding themselves under increasing pressure to keep up with the latest technological developments and maintain their competitive edge in the market. Because of this, companies are increasingly turning towards technology advisory partners to help them make the right decisions when it comes to their technology strategy. However, while technology advisory partners can be the key to catalysing business success, choosing the wrong partner can be detrimental because they heavily impact business decisions in the long run, meriting its ‘double edge’.
Uncovering beliefs: Why businesses are reluctant to invest in tech advisory services?
While the technology advisory market is experiencing general upward growth, some businesses are still hesitant to invest in tech advisory services due to misconceptions about their value.
We take a look at key reasons why:
Lack of trust
Putting the development of a business technology roadmap in the hands of an outside party can feel risky, particularly given the costs of implementing new technology solutions and hiring talent to maintain them are at an all-time high.
Misconceptions about value
Businesses are yet to realise the real benefits that a technology advisory partner can provide or how they can help an organisation achieve their goals long-term. In some cases, negative experiences with former technology advisory partners who failed to deliver significant results only reinforce this misconception.
High costs and delayed returns
Technology advisory partners can be costly and return on investment can take time to see, making technology advisory initially appear like a hefty cost rather than a long-term investment that yields high returns. This can cause a misguided reluctance towards investing in advisory services, particularly if businesses are bootstrapped on capital.
Resistance to organisational change
The role of a technology advisory partner involves optimising internal business processes, technologies and infrastructures, which can substantially change the way a business is currently operating. Businesses that have a culture of resistance to change may be reluctant to partner with technology advisory partners whose core focus is to deliver them, avoiding them altogether.
How to find the right technology advisory partner
We know that finding the right technology advisory partner is critical for success. But when surrounded by countless options in the market, identifying the right partner for your business can be confusing, especially when each offers its own set of unique specialities.
So, how can businesses identify the right technology advisory partner and what steps should be taken when choosing them?
Defining long-term goals and business challenges
Before approaching technology advisory partners, it’s important to understand and assess the long-term goals of the business and what key barriers are preventing you from achieving them.
This will help to uncover:
- What technologies are needed to attain your goals faster
- Inefficient systems and processes that need to be overturned or adapted
Evaluating technical capabilities and infrastructure
Once establishing long-term goals and barriers to achieving them, you can use this as a starting point by sourcing partners that are experienced in specific technologies and tools that are needed to address these barriers and goals.
- Their approach to keeping up to date with the latest technology developments in the market
- The type of technologies and tools they have expertise in and can provide
- Level of skill and certifications
- Are they technology agnostic?
Evaluating partner expertise and experience
The key strength of a technology advisory partner is that they have substantial expertise and experience that enables them to recommend technologies for your business. So, it makes sense that you should look for a partner based on their expertise and experience.
For example, a partner that has a track record of delivering successful client digital transformations and improving services for businesses within your industry will be able to provide more value. References, testimonials and case study examples from former clients will help you get a fuller picture of their capabilities and areas of expertise.
Considering communication and collaboration style
Effective communication and open collaboration are essential for a successful partnership. Assess their communication and collaboration style to determine if this suits your business, keeping in mind that client projects often require cross-collaboration between internal and external teams. Indicators of a great technology advisory partner are responsiveness, clear communication and transparency.
How to know if your technology advisory partnership is working for your business
Knowing if your investment is paying off can be difficult given the time it takes to realise the benefits of transformation. However, there are several indicators that can help determine if a new technology partnership is working for your business.
We name a few:
Achieving business goals
Measure if your partnership is taking your business in the right direction for achieving your end goals. For example, reducing overall costs, increasing revenue, improving internal processes and customer experience.
Increasing efficiency and productivity
Have you seen an increase in efficiency and productivity? Such as spending less time on tasks, reducing errors, improving communication and delivering projects at a faster rate.
Increasing revenue and cost-savings
Increased revenue is a clear indicator that your business is benefiting from a partnership. This may be a result of improved products and services, removing inefficient infrastructures and processes or new technology.
Receiving positive feedback
- Customer feedback: Receiving positive feedback from customers indicates changes to products and services are delivering true value to the customer. Whether this is more reliable services, new features or entirely new product offerings.
- Internal business feedback: Feedback from internal teams should communicate improvement on internal processes and smooth collaboration between the tech advisory partner and business.
Struggling to know where to start when searching for the right technology advisory partner for your business?
NashTech offers independent advisory services to help you transform your services to stand out in today’s competitive market. Find out more about how we can help you shape your business technology strategy here.
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