Feeling the tech FOMO? You’re not alone

Tech Modernisation

Tech modernisation needs a strategic roadmap, emphasising customer-centricity, iterative methods and the pivotal understanding that data, customer journeys and product evolution steer our course. Beyond upgrades, the implications of tech modernisation extend to organisational dynamics, cost evaluations, and the tactical dance of microservices

In a nutshell…

  • Prioritise the customer in every tech decision
  • Embrace an iterative approach for continuous improvement
  • Cultivate an intrinsic understanding of your data, customer journey, and product evolution
  • Scrutinise where the cost of certain tech sits within the business
  • Navigate the strategic complexities of microservices and “atomic” deployments

A closer look…

Tech modernisation in action

Where once the customer journey might have taken several hours and relied on 3PL delivery, eCommerce players have been able to streamline in-house data processes to reduce this to seconds. As tech components and processes converge analytics, forecasting and machine learning are now redefining stakeholder engagement. 

People, a wildcard in tech transformations, are a vital piece of the puzzle. The adoption of new tech will always trigger concerns about job security, but a paradigm shift is also unfolding: upskilling, accountability and job title elevation are creating a workforce ready for the fully hybrid reality, supported by 12 years of analytics and data.

Still to do…

The perpetual debate on how far ahead to plan in a rapidly changing tech landscape played a key role in the conversation. The tug-of-war between tech leadership’s vision and sharing with the broader business community remains a source of friction for many businesses.

Hive members feel tech FOMO is a pervasive sentiment, and can affect decision-making and the delicate balance between risk and reward. Another challenge is that of legacy solutions and the intricacies of tech renewals, especially in the context of 3PL contracts, which can add layers of complexity. The challenge of integrating a tech stack, whether building standalone or migrating the entire stack, poses a question which many participants haven’t answered yet.

The Catch-22: demonstrating value before seeking approval and the role of the CFO as a natural handbrake on tech decisions came up in conversation. The need to educate finance experts about the implications of technology for the wider business will be a critical part of tech development.

Source: The Retail Hive: Technology Leaders roundtable on “Tech Modernisation”, February 2024

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