When it comes to new technology adoption, delaying decision-making is one of the costliest mistakes enterprises make. Unfortunately, many organizations end up paralyzed by this choice. Then they fail to take advantage of all the benefits that new technology brings.
In many cases, executives focus heavily on the potential ROI of a specific investment, painstakingly comparing the cost to the potential benefits.
However, instead of focusing on future returns, it’s often more effective to focus on the cost of failing to implement new technology. Despite the upfront cost, these new technologies are necessary to keep up with the competition.
And the cost of inaction is too high to ignore.
A Lack of Automation Stands in the Way of Decision-Making
One of the strongest examples of the consequences of delaying new tech implementations is when organizations are transitioning from Excel to Power BI.
Power BI is one of many technologies that have revolutionized data management, especially for FP&A and business intelligence teams. However, many teams are still clinging to Excel spreadsheets rather than upgrading to new technology.
Now’s the time to make the proactive decision to move forward and switch to automated processes. It doesn’t make sense to have your most talented professionals stuck doing rote Excel tasks that could be automated.
By automating these tasks, you’ll give them more time to do what they do best—provide valuable data insights for your organization.
Why Are Enterprise Teams Stuck With Outdated Tools?
There are many cultural challenges that keep teams stuck using outdated tools. Here are just a few mental blocks that might be holding your organization back from change:
Many organizations have been using Microsoft Excel for decades, and financial professionals often take pride in their Excel skills. The fact that it’s a cultural staple for many organizations makes this switch a daunting one.
This is a classic sunk-cost fallacy. It’s hard to make the shift to a new system when you’ve invested both time and effort into getting Excel formula knowledge under your belt. But just because you could make it work doesn’t mean it’s the best choice for more advanced use cases.
The good news is that even after adopting Power BI, Excel will always have its place. For example, a one-time ad hoc analysis might be faster in Excel than Power BI. However, if you need to use that report more than once, Power BI is going to make more sense every single time.
Fear of the Unknown
For many teams, the perceived cost of change is much higher than reality. But in the moment, this leap of faith is a scary one.
When it comes to new technology adoption, you don’t know what you don’t know. When you can’t predict exactly what the training and implementation process will look like, it might feel easier to stick with what you know—even if that new technology would save your organization time and money in the long run.
Another problem that many organizations encounter during the technology adoption process is analysis paralysis.
It’s easy to get stuck over-analyzing your decision and having the same conversations with stakeholders over and over, rather than making progress.
Launching a complex adoption initiative might also hold you back from actually benefiting from the new technology. Sometimes it’s easier to give one of your teams access to a new tool on a small scale and see what happens than to have one massive launch date.
Start Small and Iterate Over Time
A huge misconception when it comes to implementing Power BI is that you have to launch the program across your entire organization in order to benefit from it. However, sometimes a huge launch is so time-consuming and complex that by the time you’re finished, your systems are already outdated.
Instead, start small. How can you empower someone to impact your organization right now—without a large-scale project? A good goal is to just buy back five minutes of your time each day with automation.
Since organizations now have widespread access to the cloud, it’s easier than ever to set up new servers and software.
Prior to mainstream cloud access, it would take weeks to set up an SQL server. Now, you can set up a server in under an hour with Azure, making the technology adoption process much faster and simpler.
Tackling Large Initiatives
There are some times when you’ll need to implement new technology on a larger scale, such as converting existing reports from Excel to Power BI.
To tackle these initiatives, your success rests on a detailed plan.
1. Go Piece By Piece
To make your larger initiative less daunting, break it up into smaller sections.
Implement your new technology with just one team or one project first. This gives you an opportunity to work out the kinks and get buy-in from your employees before using the technology more broadly.
2. Have a Practical Data Strategy
Many organizations develop large, complicated data strategies that don’t end up getting used on a day-to-day basis. Instead, opt for a data strategy that supports your existing business strategy and complements your mission and vision. Focus on practical and agile ways to use your data first.
3. Identify Your Goals
Before you launch a large technology initiative, determine what your goal is for the project.
Consider the business problems you’re trying to solve, and think about how you could best implement new technology to support these goals. This will help you improve your return on investment later on because the work you’re doing now is directly tied to the growth of your organization.
Don’t Pay for the Cost of Inaction
To keep up with your competition and drive innovation, you’ll need to implement new technologies like Power BI. While implementation feels daunting, these automated technologies will save you time and money in the long run.
Collectiv’s expert consultants are your long-term technology adoption partners. We’ll implement Power BI and other Microsoft data stack tools across your organization to help you keep pace with your competition.