Guernsey | Jul 28, 2022
Avoiding hard things will make you less competitive
Recently, the chief economist of a global wealth management firm stated emphatically on record that he does not care about technology, and he is only interested in its economic impact. Many responded with resounding critical comments.
I am not critical because I understand the reason why he feels this way — technology was never before a required skill set. Such opinions can only come from professionals who remain committed to their trade, which they have been refining over decades, and this trade has not been technology-centered. Historically, lawyers, bankers, and accountants have been the decision makers in our industry. Naturally, technology has never been a necessary skill set for management.
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From an operations perspective, the IT department has always been merely a back-office issue. The rapid technological expansion and associated impact is changing this. The IT department is fast becoming front and centre for boards and management teams, and yet IT as a whole still fails to feature as an ongoing board agenda item.
It is not “just an IT problem”.
From a business strategy standpoint, the incorrect and incomplete use of technology will likely leave you trailing your competition. If your organisation seeks to stay ahead. You cannot ignore it. You don’t have that option. You must use it, but use it within a well-understood set of governance parameters. So, I understand why this chief economist would hold that view. Technology is complex and not easy to understand.
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When this chief economist says that he does not care about technology, he is merely using an avoidance strategy.
6 Pillars to establishing a fundamental technology strategy
- Learn to unlearn and relearn
- Incorporate AI Literacy for everyone
- Stay intellectually curious
- Use technology as a business tool
- Embed ethics and governance around technology
- Ensure that technology follows business strategy
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Conclusion
Dissociate AI capability and your data strategy from your existing IT mainframes and systems. Data teams and leadership teams need space and support to build patience and the high tolerance level needed for repeated testing and associated failure until success is achieved. Establish a culture where staff are not penalised for failing and where they have time to deliver — be patient. This strategy requires a business-wide approach to be successful.
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