{"id":49932,"date":"2023-11-29T07:26:31","date_gmt":"2023-11-29T12:26:31","guid":{"rendered":"https:\/\/www.kaspersky.com\/blog\/?post_type=emagazine&#038;p=49932"},"modified":"2023-12-01T04:22:57","modified_gmt":"2023-12-01T09:22:57","slug":"insight-story-technology-roi","status":"publish","type":"emagazine","link":"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/insight-story-technology-roi\/49932\/","title":{"rendered":"How to get better returns on business tech investments"},"content":{"rendered":"<p>In a tech store, it\u2019s tempting to convince yourself you need the latest shiny gadget. That device upgrade will radically improve your productivity. You leave with a bag of stylish little boxes and a dented credit card. Enterprise tech decision-makers also struggle with these magpie-like impulses. Recent research found <a href=\"https:\/\/www.cnbc.com\/2019\/10\/30\/heres-why-ge-fords-digital-transformation-programs-failed-last-year.html\" target=\"_blank\" rel=\"noopener nofollow\">GE, Ford and other major players poured 1.3 trillion US dollars into digital transformation<\/a>. 70 percent of it \u2013 $900 billion \u2013 went into failed programs. That\u2019s quite some buyer\u2019s remorse.<\/p>\n<p>Businesses know they need tech for competitive advantage \u2013 but which tech? And when they\u2019ve got it, how do they use it effectively? In our podcast Insight Story, Olivier Blanchard, Research Director for future analysts <a href=\"https:\/\/futurumgroup.com\/\" target=\"_blank\" rel=\"noopener nofollow\">The Futurum Group<\/a>, and Arun Narayanan, Chief Digital Officer at renewable energy service providers <a href=\"https:\/\/www.res-group.com\/\" target=\"_blank\" rel=\"noopener nofollow\">RES<\/a>, share how business leaders can ensure best bang for their new tech buck.<\/p>\n<p><iframe style=\"border: none;min-width: min(100%, 430px);height: 300px\" height=\"300\" scrolling=\"no\" src=\"https:\/\/www.podbean.com\/player-v2\/?i=bvbb7-150e423-pb&amp;from=pb6admin&amp;pbad=0&amp;square=1&amp;share=1&amp;download=1&amp;rtl=0&amp;fonts=Arial&amp;skin=1b1b1b&amp;font-color=auto&amp;logo_link=episode_page&amp;btn-skin=2baf9e&amp;size=300\" width=\"100%\"><\/iframe><\/p>\n<h2>Every enterprise is different<\/h2>\n<p>Olivier says there\u2019s no one-size-fits-all approach to getting better tech returns. \u201cA major mistake is picking tools because other companies are using them. A solution might be good for your problem but might not suit your company\u2019s technical capabilities and cultural processes.\u201d<\/p>\n<p>Instead, he suggests figuring out what you need the technology to achieve. \u201cUnderstand your problems and look for the best solution to help them.\u201d<\/p>\n<p>Arun, who has overseen digital transformation in several big mining and oil and gas companies, echoes Olivier\u2019s belief in starting in the right place. \u201cDon\u2019t rush around trying to work out what a technology can do for you. Instead, think about how you want to change your business. Do you want to delight customers in new ways? Make employees safer and more productive? Get better returns for investors? Imagine the business processes, then find the technology to make them work.\u201d<\/p>\n<p>He gives an example from sectors he\u2019s worked in \u2013 oil and gas, mining and renewable energy. \u201cWhat they have in common is the work is in remote places. They now have remote operations centers giving information on screen to those who can do the work but can\u2019t spend days to weeks away.\u201d<\/p>\n<p>But the aim isn\u2019t to replace those working on-site. \u201cSuccessful digital transformation will balance what\u2019s operationally correct at a site and what a remote center can know and understand. You can\u2019t take all control away from operations, nor can those making minute-to-minute decisions on site examine long-term trends and patterns.\u201d<\/p>\n<h2>Evolution or revolution?<\/h2>\n<p>Olivier thinks senior leadership can contribute to improved returns by appreciating the size of change possible. \u201cIf you want to become more competitive within your existing understanding of your company, then it\u2019s about finding problem areas to optimize.\u201d<\/p>\n<div id=\"attachment_49935\" style=\"width: 310px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-49935\" class=\"wp-image-49935 size-medium\" src=\"https:\/\/media.kasperskydaily.com\/wp-content\/uploads\/sites\/92\/2023\/11\/28032256\/Oliver-Blanchard-300x300.png\" alt=\"\" width=\"300\" height=\"300\"><p id=\"caption-attachment-49935\" class=\"wp-caption-text\">Olivier Blanchard, Research Director for future analysts The Futurum Group<\/p><\/div>\n<blockquote><p>If you want to reimagine your business, that\u2019s when things get interesting. Tech becomes a series of gateways for your company to expand into, driving its evolution.<\/p>\n<cite><p>Olivier Blanchard, Research Director, The Futurum Group<\/p><\/cite><\/blockquote>\n<p>Arun suggests one place to start. \u201cYou\u2019re spending a lot of money on this, so find the waste. For example, if you don\u2019t know where the oil is and you\u2019re drilling in the wrong location. The business question is, how do we drill more in the right place?\u201d<\/p>\n<p>The answer isn\u2019t always high-tech. \u201cOnce you understand the business question, you\u2019ll know what technology to find. If software from the 1990s can solve your problem beautifully, use that. Or if you find nothing available, technology like AI might solve it.\u201d<\/p>\n<h2>Getting the people on side<\/h2>\n<p>Failing to bring your people along on the tech journey can be expensive. Many fear technology will replace them, with <a href=\"https:\/\/www.cnbc.com\/2023\/11\/02\/tesla-boss-elon-musk-says-ai-will-create-situation-where-no-job-is-needed.html\" target=\"_blank\" rel=\"noopener nofollow\">Elon Musk saying there\u2019ll be no jobs for people<\/a> in the future. How can leaders ensure people understand tech is there to help, not put them out of work?<\/p>\n<p>Arun says, \u201cWhen calculators came out, they didn\u2019t replace accountants \u2013 but they let them do a better job, faster. Generative AI solutions like chatbots and document generators are tools \u2013 they aim to do the mundane piece fast, then the artistic, skillful and human piece can follow.\u201d<\/p>\n<p>Arun has had much experience getting people on board with tech integration in industrial settings. \u201cTechnology change will create many new jobs. The economic models will change, jobs will be created and lost.\u201d<\/p>\n<div id=\"attachment_49936\" style=\"width: 310px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-49936\" class=\"wp-image-49936 size-medium\" src=\"https:\/\/media.kasperskydaily.com\/wp-content\/uploads\/sites\/92\/2023\/11\/28032438\/Arun-Narayanan-300x300.png\" alt=\"\" width=\"300\" height=\"300\"><p id=\"caption-attachment-49936\" class=\"wp-caption-text\">Arun Narayanan, Chief Digital Officer at renewable energy service providers RES<\/p><\/div>\n<blockquote><p>The only person who can protect you in this transition is yourself, and education is the only tool that can protect you.<\/p>\n<cite><p>Arun Narayanan (US,) Chief Digital Officer, RES<\/p><\/cite><\/blockquote>\n<p>\u201cWe\u2019ll still need project managers, HR and people who can communicate. You don\u2019t need to be a technical expert to take part in the transformation.\u201d<\/p>\n<p>Olivier highlights that cost savings can flow from upskilling employees. \u201cIt\u2019s easier for someone to learn a new skill than learn everything about a company from scratch. Focusing on employee retention and development rather than letting workers fall by the wayside makes good financial sense.\u201d<\/p>\n<h2>Cybersecurity education\u2019s role in new tech adoption<\/h2>\n<p>Dr. Amin Hasbini, Head of Research Center Middle East, Turkey and Africa for Kaspersky Global Research and Analysis Team (GReAT,) thinks successful tech adoption means getting everyone up to speed on cybersecurity.<\/p>\n<p>But many companies aren\u2019t yet doing it. Amin says, \u201cA recent Kaspersky and Longitude study found <a href=\"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/research-cybersecurity-skills-training\/43771\/\" target=\"_blank\" rel=\"noopener nofollow\">organizations that emphasize cybersecurity training have 25 percent more readiness<\/a> for dealing with security incidents from employees.\u201d<\/p>\n<p>The most effective forms of cybersecurity education are generally immersive. Amin says, \u201cGaming and VR are great for security training because they allow better engagement and learning. Gamification and competition challenges improve managers and director safeguarding decisions.\u201d<\/p>\n<p>Some approaches are even more immersive. \u201cThe most successful involve simulating a real attack on the organization when only a few people in top management know it\u2019s a simulation. They test employee capacity and how well teams cooperate to contain and close down an incident.\u201d<\/p>\n<p>Training must go beyond the IT team. \u201cSecurity everyone\u2019s job, from desk employees in a remote office to top managers. If everyone is aware, it stops incidents getting big.\u201d<\/p>\n<h2>How much risk is right?<\/h2>\n<p>Arun says businesses must accept that in making room for success, some initiatives will fail. \u201cIf you\u2019re reimagining with a bold vision, you\u2019re guessing about the future. Some guesses will come true \u2013 others won\u2019t. If your structure has no room for failure, you sell out the opportunity for innovation.\u201d<\/p>\n<p>He says one way is to make a few calculated smaller bets rather than one big bet. Even if some fail, it\u2019s better than not taking those risks.<\/p>\n<p>Olivier points to lower-risk ways to trial solutions. \u201cYou don\u2019t have to buy all your technology anymore. With cloud services and managed services, fantastic industry partners can help you test, implement or scale up new tech. There\u2019s a giant menu of opportunities to get expert help.\u201d<\/p>\n<p>With enterprises finding many tech investments don\u2019t pay off, there\u2019s much potential for competitive advantage in smarter exploration of new tech options. Business leaders may find more implementations succeed if they start with the right problems and upskill their people as part of the transformation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>70 percent of enterprise investment in new tech fails. Experts share different approaches that help maximize returns.<\/p>\n","protected":false},"author":2521,"featured_media":49933,"template":"","coauthors":[3452],"class_list":{"0":"post-49932","1":"emagazine","2":"type-emagazine","3":"status-publish","4":"has-post-thumbnail","6":"emagazine-category-digital-transformation","7":"emagazine-category-emerging-tech","8":"emagazine-category-tech-for-business","9":"emagazine-tag-audio","10":"emagazine-tag-insight-story","11":"emagazine-tag-podcast"},"hreflang":[{"hreflang":"x-default","url":"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/insight-story-technology-roi\/49932\/"},{"hreflang":"en-us","url":"https:\/\/usa.kaspersky.com\/blog\/secure-futures-magazine\/insight-story-technology-roi\/29450\/"}],"acf":[],"_links":{"self":[{"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/emagazine\/49932","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/emagazine"}],"about":[{"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/types\/emagazine"}],"author":[{"embeddable":true,"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/users\/2521"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/media\/49933"}],"wp:attachment":[{"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/media?parent=49932"}],"wp:term":[{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/coauthors?post=49932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}