Tech Investments: The Key to Thriving in Volatile Times

Listen up, folks! The market is a wild beast, and if you want to tame it, you better be ready to invest in technology. We're talking about serious cash here, not just pocket change. According to Deloitte’s 2023 Global Technology Leadership Study, the average tech budget as a percentage of revenue has skyrocketed from 4.25% in 2020 to 5.49% in 2022. That's right, folks, technology is no longer just a tool—it's the lifeblood of your business!



But here's the kicker: it's not enough to just throw money at the problem. You need to be smart about it. You need to measure and articulate the value of your tech investments. Six in 10 executives surveyed by Deloitte say it’s difficult to quantify the benefits of individual tech investments. That's a problem, folks! You need to show your C-suite, your teams, and the board that these investments are paying off. Use metrics like return on investment (ROI), cost savings, and improved operational efficiency. Make them see the value!

And let's not forget about change management. You need to be ready to pivot, to adapt, to evolve. As David A. Shore, instructor of two Harvard DCE Professional & Executive Development programs focused on strategies for leading change, notes, "A point of distinction between managing change and project management is that the former has as a cornerstone leading human capital (people) in a way that facilitates the intended outcome. If you can’t change your people, you can’t change anything." So, get your people on board, and get ready to drive change effectively within your organizations.

But wait, there's more! You also need to be proactive about risk management. Risk management strategies are the methodologies, processes, and actions that companies use to identify, assess, and effectively respond to risks. You need to be ready to catch risks before they cause problems. You need to be ready to build stakeholder trust and enhance operational resiliency. You need to be ready to protect your organization from financial loss, fines, penalties, and reputational damage from risk events.

So, what's the bottom line? You need to optimize your technology investments, excel at driving change, and proactively manage risk. It's not easy, folks, but it's necessary. The market is a wild beast, and if you want to tame it, you better be ready to invest in technology. You better be ready to drive change. You better be ready to manage risk. Because if you're not, you're going to get left behind. And nobody wants to be left behind, do they?

So, get out there and make it happen, folks! The future is yours for the taking. Just remember: technology, change, and risk management. That's the trifecta you need to thrive in these volatile times. And if you can master that, you'll be unstoppable. BOO-YAH!