Latest news with #techadoption
Forbes
2 days ago
- Business
- Forbes
20 Steps For Overcoming Digital Growing Pains In Financial Operations
Adopting new digital tools in your financial operations can unlock real efficiency, but it rarely goes as smoothly as the pitch deck promised. From misaligned systems and data silos to staff resistance and unclear ROI, the path to integration is full of friction points that slow momentum. Below are 20 ways Forbes Finance Council members suggest anticipating common adoption challenges and guiding your organization through them with more clarity and less churn. Follow their recommendations to align new tech tools with workflows, people and long-term strategy. 1. Clarify The Why To Build Teamwide Buy-In Tech adoption isn't just about efficiency—it's about clarity and connection. When teams understand the purpose and potential of new tools, they're more likely to embrace them. Start with the 'why.' - Sonya Thadhani Mughal, Bailard, Inc. 2. Customize AI Tools To Match Financial Realities As we continue to navigate the complexities of technology adoption, AI is a game-changer for gaining insights and driving productivity. However, generic tools can fall short in addressing unique nuances in financial operations, leaving us vulnerable to security risks. Finance leaders must prioritize solutions that are not only secure but also tailored to meet their teams' needs. - Darrell Heaps, Q4 3. Standardize Processes To Eliminate Friction One of the main challenges in adopting digital tools is the lack of centralized data, standardized inputs and processes and clear governance structures. Leaders can overcome this by standardizing inputs, integrating systems, aligning processes with strategic goals, establishing cross-functional accountability and promoting a culture of continuous, real-time and collaborative forecasting. - Anna Chekashova, Arc Games Group 4. Map Data Flows Before You Integrate Systems Digital tools are fantastic ways to streamline and automate information for finance operations. A challenge organizations face during the transition process is integrating with downstream and upstream systems. While the output may be exciting, organizations need to invest in understanding what information, APIs or data are needed to connect the dots to function as planned and deliver the intended output. - Tony Jarjoura, CPA, Gigamon 5. Assess Broad Needs To Avoid Underutilized Tech One major challenge organizations face when adopting digital tools is underutilization. Often, businesses implement technology to address a single, immediate need without fully exploring the broader capabilities of the platform. To overcome this, they should conduct a thorough needs assessment to ensure a comprehensive tool is selected that meets multiple needs and avoids wasted investment. - Shannan Herbert, Washington Area Community Investment Fund Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify? 6. Test Tools Against Real-World User Expectations A new digital tool or platform must be worth the friction of adoption and must solve the end user's problem. Why would I download the Barnes & Noble app when I can keep using Amazon, which has more variety and free two-day shipping? Test new technology to ensure it truly delivers the gains it promises for your company and, most importantly, for the people you are asking to adopt it. - Leo Anzoleaga, Leo Anzoleaga Group at Luminate Bank 7. Design Support Around Familiar Workflows Leaders must recognize where their teams need support, especially with the talent crunch and the demand for departments to do more with limited headcount. To overcome these challenges, leaders should prioritize tools that mirror familiar workflows, involve end-users in decisions, and ensure strong onboarding and support. Empowerment and ease-of-use drive faster adoption and better ROI. - Mike Whitmire, FloQast 8. Balance Flexibility And Cost In Open API Adoption One key challenge we faced when we built our technology stack was balancing the high upfront and ongoing technological costs with the benefits of open APIs. While open APIs offer flexibility, integration ease and future scalability, implementing and securing them requires major investment. This tension can slow adoption or lead to fragmented systems if not managed strategically. - Brian Dunhill, DF-direct 9. Retire Legacy Systems To Maximize New Tools Filter out the noise. New tools promise to streamline and automate, but two things matter most: ensure the platform fits your end-to-end workflow to avoid costly workarounds, and drive full adoption. Without buy-in and a clear plan to retire old systems, even the best tools fall short. - Ryan Kunkel, Third Road Management 10. Reduce Tool Overload To Restore Clarity Finance teams are facing digital overload right now. According to our research, nearly half (49%) of financial decision-makers say that digital tool overload is making them go back to using spreadsheets and even calculators. This warns of the potential damage that can be done by inefficient tools that don't integrate well, complicating financial decision-making when clarity is most needed. - Jeppe Rindom, Pleo 11. Plan Phased Rollouts To Bridge Legacy Gaps A major challenge is integrating new digital tools with legacy systems. Business leaders can overcome this by creating phased implementation plans, training staff early and choosing platforms with strong API compatibility to ensure smooth transitions. - Andre Pennington, Pennington Law 12. Align Adoption With Cultural Readiness One key challenge is aligning digital adoption with cultural readiness. New tools fail when they outpace internal buy-in. Leaders must invest as much in change management and cross-functional training as in tech itself, ensuring adoption is purpose-driven, not compliance-led. - Aurele Gouy, Hackman Capital Partners 13. Combat Digital Fatigue With Thoughtful Rollouts A key challenge in adopting digital tools across financial operations is employee digital fatigue and cognitive overload. Leaders can overcome this by rolling out platforms in phases, scheduling digital downtime and promoting mindfulness. This thoughtful approach protects well-being, increases adoption and ensures a smoother, more sustainable transformation. - Elie Nour, NOUR PRIVATE WEALTH 14. Focus On Real-World Problems, Not Novelty One key challenge is adopting them just because they're new, not because they solve a real problem. We ensure every new platform addresses a specific need, focusing on practical outcomes and choosing tools that genuinely improve efficiency and accuracy. We also regularly review all our tools to ensure they remain fit for purpose, adapting or replacing them as our needs evolve to maintain optimal performance and value. - Andrew Collis, Moneypenny 15. Invite Critical Users To Shape The Rollout When first installed, digital tools and platforms can feel more like a burden than a benefit. Novel appliances' disruption of the status quo can leave employees feeling stressed and uncertain. Investing the time up front to host training sessions and promote employee buy-in will go a long way in speeding up adoption. Success is more likely when critical employees contribute to the end product. - Helen Mason, Riveron 16. Foster A Culture That Supports Learning Curves The real barrier to digital adoption isn't the software—it's the people. Many employees, especially in finance, feel overwhelmed or insecure using new tools but are too embarrassed to admit it. The first step to overcoming this challenge isn't more tech. It's more empathy. Make it okay for team members to say, 'I don't get this yet.' Build a culture where curiosity is valued over perfection. - Karla Dennis, KDA Inc. 17. Address AI Fears With Transparency And Trust A key challenge is the fear of AI. Concerns about job loss, reduced control and lack of human oversight create resistance from staff to executives. Financial teams, often risk-averse, hesitate to replace manual processes. Uncertainty around AI's role and benefits slows adoption, even when digital tools offer greater accuracy, efficiency and strategic insight. - Alan Chaffee, Turning Point Strategic Advisors 18. Rethink Processes Before You Layer On Tools One of the biggest challenges is adoption without alignment—implementing digital tools without rethinking underlying processes and culture. To lead effectively, visionary executives must drive process reengineering, foster a data-first mindset and embed change management at every level, ensuring technology adoption translates into measurable financial impact and enterprise agility. - Swati Deepak Kumar (Nema), Citigroup 19. Protect High-Stakes Clients With Human-Centric Security Digital transformation comes with security challenges. For firms serving high-net-worth clients, it's not enough to rely on two-factor authentication alone—the best safeguard is knowing an individual. There's no substitute for a personal relationship because business isn't just business; it's personal. The value of in-person connections can't be overlooked, in security or business. - Neil Kawashima, McDermott Will & Emery 20. Tailor Training To Each Team's Value Lens A key challenge is helping firm members understand not just how a new tool works, but how it benefits their specific role. Since benefits vary by department, leaders should tailor training to highlight relevant value. Materials must be clear and accessible. Strong communication and department-specific guidance are essential for successful adoption. - Dessy Prasad, RIA Innovations The information provided here is not investment, tax, or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
Forbes
27-05-2025
- Business
- Forbes
How To Navigate The Hype Cycle Of Emerging Tech
Strategic tech adoption means putting the right pieces in place, at the right time. The Hype Cycle ... More helps companies invest with clarity, not just urgency. André Rizzo, McGill Executive Institute Faculty Member and Digital Transformation and Emerging Technologies Advisor, contributed to this story. As technology continues to evolve at an unprecedented pace, companies are presented with exciting yet overwhelming options. AI, blockchain, Internet of Things (IoT) — these terms dominate today's business conversations, creating pressure to act fast. But adopting tech purely for the sake of staying cutting-edge can backfire. The real key? Invest in technologies that align with your company's vision and goals. The Gartner Hype Cycle provides a valuable framework to help companies gauge the maturity and potential of new tech and make smarter, more strategic investments. It maps out the lifecycle of technology trends, from their initial 'Innovation Trigger' to the 'Plateau of Productivity.' After a new technology is introduced, it quickly gains attention, reaching a 'Peak of Inflated Expectations,' where interest and over-promising are at their highest. Eventually, enthusiasm wanes, and technologies enter a 'Trough of Disillusionment' as initial challenges arise. Only after reaching maturity does the technology climb toward productive, real-world use. Understanding the stages of the Hype Cycle allows companies to adopt technology strategically, based on readiness and relevance. Instead of adopting trends for the sake of keeping up, companies can evaluate which technologies align with their goals and when the time is right to jump in. This avoids wasted resources but ensures that businesses invest in technology that can truly drive value. To navigate the hype effectively, one should adopt a practical, phased approach to tech adoption. For instance, AI, IoT, and blockchain have evolved significantly in recent years, each offering specific applications. Artificial Intelligence, now a mainstay in healthcare and finance, is transforming data into insights that empower more informed decisions. Blockchain, once synonymous with cryptocurrency, is expanding into areas like secure transactions and transparent supply chains. IoT continues to redefine efficiency in sectors like manufacturing and retail through smart environments and data-driven insights. Rather than adopting technology based on market buzz, companies should first identify the tools that support their unique business goals and vision. Assessing infrastructure, budget, and skills readiness ensures a smooth transition that aligns with long-term strategy. The Hype Cycle divides the lifecycle of a technology into five distinct stages, each with its own set of risks and opportunities. The cycle begins with the Innovation Trigger, when new technology is introduced and initial excitement builds. This stage is marked by potential more than practicality, as new technology ideas start to gain attention in specialized circles but may lack a clear or proven application. In the Innovation Trigger phase, investors and early adopters tend to show interest, but skepticism and uncertainty also remain high. Next comes the Peak of Inflated Expectations, a period when hype around the technology reaches its zenith. In this stage, early adopters have started implementing the technology, and media coverage often sensationalizes its potential. The Peak of Inflated Expectations is a high-risk period, as unrealistic promises are made about what the technology can achieve. Companies jumping on board too quickly at this stage may find that reality doesn't match the hype, leading to disappointment or wasted resources if the technology doesn't deliver as promised. The third stage, the Trough of Disillusionment, follows as the excitement fades and challenges become apparent. Limitations, high costs, or compatibility issues often emerge during this phase, resulting in slower adoption rates and critical feedback from early users. Many technologies fail to make it out of the Trough of Disillusionment, as companies and investors abandon them due to perceived shortcomings. However, technologies that offer genuine value often survive this phase, undergoing refinement and optimization to address their early challenges. The Slope of Enlightenment represents the point at which companies start to see practical applications and real benefits. Organizations that implement the technology at this stage do so with a more balanced understanding of its limitations and advantages. The hype has settled, and companies now focus on extracting measurable value from their investment. Finally, technology reaches the Plateau of Productivity, the point where it becomes mainstream and is widely adopted. Here, the technology has proven itself reliable, with a solid track record of delivering results. It's at this stage that late adopters typically come on board, implementing the technology with greater confidence in its effectiveness and long-term potential. One of the most significant benefits of understanding the Hype Cycle is the ability to time technology adoption strategically. Jumping in too early — during the Peak of Inflated Expectations — can lead to high costs, integration challenges, and underwhelming results, as seen when companies rushed to adopt blockchain before it was mature. Early adopters can also face challenges with scalability, security and regulatory compliance. On the other hand, waiting too long until a technology reaches the Plateau of Productivity can mean missing out on the competitive edge that early adoption can offer — especially in fast-moving industries. To make the most of emerging technology, companies should consider adopting a phased approach. Starting with pilot programs allows organizations to test the waters, measure impact, and make adjustments before a full-scale rollout. Pilot programs are a low-risk way to gauge whether a technology is suitable for the organization. By implementing a technology on a small scale, companies can identify potential roadblocks and gather valuable feedback, which helps them refine their approach for larger deployments. Another essential component is creating continuous feedback loops. By establishing a system for ongoing evaluation and feedback, organizations can monitor how well the technology meets their evolving needs and adjust as required. A successful technology adoption strategy is not just about recognizing the right time to invest; it's about selecting technologies that align with the company's core goals and objectives. For example, a healthcare organization might prioritize AI for predictive analytics to enhance patient care, while a logistics company might adopt IoT to improve asset tracking and supply chain efficiency. By focusing on technologies that directly support business objectives, companies can maximize the impact of their investments and avoid the pitfalls of investing in technologies that offer limited strategic value. It's also critical for companies to assess their internal readiness before adopting new technology. Factors like infrastructure, budget, and employee skill levels all play a role in determining how successfully a company can implement and benefit from emerging tech. A thorough evaluation process helps ensure that the technology aligns with the organization's short-term goals and long-term vision. This article builds on insights from the first in our three-part series, The Human-Centric Approach To Digital Transformation. In the final article, to be published next week, we'll explore how companies can build resilience in the face of continuous technological change. By focusing on flexibility and adaptability, organizations can prepare to face new challenges with confidence and agility. Join us as we discuss strategies to stay ahead in a rapidly changing world.
