Business and technological changes are coming in 2023
Heman Kassan, Director of Technodyn
In recent years, most local companies have focused on transformation. Whether it is business or digital, the key has been to evolve from what was in place pre-pandemic to creating an enabling environment for the ‘new’ world. Successful transformation is as much about using the right needle-mover technologies as it is about having a close relationship between business and IT stakeholders.
Everything begins by putting down a shared commercial vision and having the various role players trust one another. Often, this requires getting external business analysts and technology architects involved. This outside-in perspective gives fresh insights into how best the company can move beyond traditional methodologies and embrace more advanced technologies in 2023 that will make practical sense for the organisation.
Business before tech
One of the biggest mistakes business leaders can make is pushing ahead with digital transformation projects and trying to integrate modern technologies without a clear understanding of what the company needs.
Three organisational traits underpin effective transformation projects, and this begins with the appointment of an executive business sponsor as well as sponsors for each division where the value proposition stands to be the most impacted. People inside the company must be actively engaged and understand the business value the technology projects aim to unlock. This will enable them to guide, coach proactively, and encourage others to increase the level of understanding throughout the business and make employees aware of the need (and how) to use the new technologies.
Secondly, scaled and structured change must be implemented throughout the business in an agile manner. This requires adopting a model where all changes are consolidated into a single backlog that provides complete visibility of everything happening across business and digital transformation projects. At all management levels, there must be a commitment to run with objectives, and the results must be transparent, regardless of being positive or negative. This will help improve the level of trust within the company as everybody will know and understand what is working and is not adding value.
Finally, the company must set priorities and stick to them. It has become far too easy to adopt a ‘shifting goalpost’ mindset when it comes to technology adoption. Suppose 2023 is set to be a good year for technology innovation. In that case, business and technology leaders will need to make difficult decisions and set priorities to ensure focus and bring about effective change.
Going low-code
Low-code saves time by empowering users to build automated workflows with just a few clicks of the mouse. There are countless templates available for use, resulting in even faster deployment. For example, the IFS assyst service technology has more than 100 ready-to-use workflow templates that cater to essential IT and business processes.
Low-code eliminates the need for extensive coding as it can be easily integrated into existing systems requiring just one tech-savvy person to monitor and manage. Using this approach significantly reduces costs. Developer resources are expensive especially given the talent shortage in South Africa and the rest of the world. Adding to this expense is the time required to configure the code properly.
Another advantage of low-code is that it provides an intuitive user experience. A good low-code solution puts the user at the forefront, ensuring it is easy to use. Low-code solutions for non-technical departments mean there is no need for extensive training, and they can implement the upgrades that make the most sense to help them meet their business objectives.
The power of crypto
Despite the well-publicised collapse of the FTX cryptocurrency exchange, this does not mean that the technology is doomed and does not have relevant business use cases to offer.
Cryptocurrencies present a highly volatile environment. While exchange rates generally differ for fiat currencies (those that form part of centralised finance like the Rand, US Dollar, British Pound, etc.) every day, the exchange rates for cryptocurrencies can differ every hour, even every second. The rate of change is also significantly larger than fiat currencies which makes being involved with crypto as an investment vehicle a dice roll at the best of times.
Even so, many companies around the world have begun performing cryptocurrency transactions. Crypto could even be approached as an intangible asset. However, the crypto market is highly fluid with the jury still out on its widespread usage. But it could provide some options for companies looking to experiment with alternatives to traditional currency payments.
2023 will undoubtedly provide local organisations with an environment to rapidly push business and technology change. It is imperative that a business case be developed before a new technology can be widely adopted.