The Critical Role Of Culture In Technology Transformation
This century has been the most innovative in human history. In the last 20 years alone, we have seen the evolution of technology from mobile telephone devices to now wearable technologies. To keep up with this rapid change in consumer spending and technological maturity, it is estimated that U.S. banks have spent 8 to 11 billion dollars in developing or implementing technology solutions in 2019 alone.
However, a recent study noted that while technology spending has surpassed the trillions in the last five years, returns on investment are down by 27%. This indicates that where companies are concentrating on investing in disruptive and market-leading solutions, they do not see the expected business growth that this should indicatively realize.
Why would that be?
One theory might be that while it is important to put money into getting the best technology solution for your business, it might be worth spending a little more time understanding how these technologies are being adopted in your business. It is a well-known statistic that 70% of all change programs fail at their objectives, and the most significant resistance to change is people.
After all, implementing a technology transformation, is still very much implementing a human transformation, given it involves changing the way humans interact with technology in your organization.
One key insight into how people will react to change is to understand a company’s culture. Is the organization client focused and collaborative? Is it risk-averse? Is it reliant on siloed legacy processes? Who are the people in your organization that champion change?
In most cases, those companies investing the most in technologies are those that are losing the most in inefficient processes and siloed cross-regional teams. This makes them ripe for change.
These businesses are also likely to have a workforce who have been with the company for many years. Implementing a drastic disruptive technology to challenge the status quo will be a massive shift in mindset. To ensure a smooth transition, the company must start with its people and consider changing the culture of the company.
At Eleven Consulting, we focus on understanding why and how an organization’s can uplift its culture to ready itself for technological transformation. Using a combination of guiding principles and techniques to focus on an organization’s cultural blind spots, we help to build a people strategy alongside your change program to ensure a collaborative and flexible workforce ready to accept innovative solutions.
Our service offerings comprising tools to facilitate change programs and technology implementation projects have so far been successful across industries including luxury commodities, and financial services.
If you’d like to understand more about how you can understand and transform the culture of your organization and start seeing more tangible success, contact us today:- Contact@elevenco.co.uk