Technology's Bleeding Edge
“You don’t have to know how to build the watch, but you had better be able to tell time.” I made this observation not long after buying my first IBM PC. Not only has technology advanced significantly since that date, the rate of change has increased significantly. The excitement generated by new technologies may cause you to invest too early—or lull you to sleep and resist change. Knowing when to invest is as important as knowing what to invest in.
Positioning to become a firm of the future
What can a firm do to position itself to take advantage of new technologies without resting on the “bleeding edge”?
The following steps will position your firm for today and the near future (3-5 years).
- Develop an Internet plan and strategy.
- Educate your leadership.
- Identify a responsible person to monitor trends and best practices.
- Implement client portals now.
- Structure and organize your firm to take advantage of the Internet.
Consider making these top priorities for your firm during the next year:
- Implement a content management system that includes portals (document, records, e-mail as well as knowledge management including workflow).
- Improve standards, policies and procedures to take advantage of technology and increase revenue per full time equivalent. The lack of quality personnel will continue to be a driving force.
- Improve integration of “back office” applications (e.g., consolidate databases) in order to increase efficiency and eliminate redundancy. This also allows for the utilization of business intelligence tools.
- Improve the automation of financial reporting (less reliance on Microsoft Excel & Word and more focus on a reporting system).
- Implement a training/learning culture – A key to attraction and retention of quality people.
Having a vision and following the plan will insure progress and success. Getting everyone to share the vision and contribute to its success is critical (accountability). Shared vision firms value leadership, relationships and creativity. Leadership provides direction, relationships provide confidence and creativity provides new capabilities.