Your family business is your passion. And stepping back and taking inventory of your family business technology can help take that passion further. In this installment of our eight-part series, “Pivotal moments for family enterprises,” we’ll explore how modernizing your technology infrastructure and implementing new technology can help you take your masterpiece into the future.
Family enterprises have a well-earned reputation for being customer-centric, relationship-driven, and long-term oriented. These attributes can help businesses when it comes to building and maintaining the components to run their IT environments.
As technology plays a more important role in driving growth, increasing productivity, and capitalizing on new market opportunities, it’s critical to understand that creating a robust technology infrastructure is a multiyear journey that requires sustained investment, strong executive support, engagement with employees, and deep relationships with vendors. This understanding and forward-thinking approach to technology is fundamental for family enterprises to position themselves for the opportunities, or pivotal moments, that may arise.
As we explored in this series, capital resources influence how family enterprises approach new initiatives, such as technology adoption. “Among the capital allocation decisions businesses undertake, many companies can benefit from establishing a solid technology baseline that allows for flexible, rapid, and scalable growth,” says Chris Jackson, managing director, Deloitte Consulting LLP. Jackson points to investments in technologies such as cloud computing, AI, and machine learning as key areas of focus necessary to navigate the rapid pace of technological change.
From establishing an outcome orientation to alignment among vendors and internal stakeholders—there are key questions for family enterprises to ask when wanting to modernize their technology infrastructure.