As progressive firms probe the future in search of competitive advantages, rapid developments with technologies, including AI, often make this an obvious place to start.

 

To capitalise on generating new business opportunities by accommodating the demand by clients for fixed-fee arrangements, a robust technology review will help identify outdated practices and poorly designed technologies that contribute to diminishing profit margins.

 

A technology review should begin with understanding the current pain points and identifying what specific benefits are being sought. It should also determine what will create value, including quick wins and longer-term goals to achieve the desired benefits.

 

Once armed with these practical insights, a Technology Roadmap should be established and communicated to all stakeholders to create visibility of the future. The roadmap should explicitly reveal the missed opportunities and recommended solutions, highlight the technological improvements that will lead to greater competitiveness and be accompanied by a transition plan that facilitates the adoption of new ways of working. The financial considerations and a return on investment plan are also imperative elements.

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If you want to learn more about our Technology Roadmap to improve your firm's profit margins, get in touch.

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Robert Wagner, Partner, Harriss Wagner Consultants and Advisers

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