What You Should Know About Tech

From social media to television and phone apps, technology has become a part of every aspect of our lives. Instead of an old-fashioned alarm clock, you probably woke up to an alarm that you set on your phone last night. Before getting out of bed to brush your teeth, you probably checked your friends’ latest updates on Instagram or Facebook, and even likely scrolled through the emails you received while you were asleep.

Although technology is everywhere, not everyone is quite as well-versed on the implications of technology – the good, the bad, and the ugly, so to speak. In the 70s and 80s, only IBM was considered a tech company. Now, almost every company can be considered a tech company, even if they simply deliver food. As a tech person, I have encountered people who are unclear about what tech is and isn’t.

Based on my knowledge and experiences, here are the basic tenets for tech knowledge to broaden your understanding and further your business.

First, shed all apprehensions. Tech is not quite as complicated as it is made out to be. Tech geeks are known to throw around jargon, which may make you feel like they know something you don’t. The truth is, it takes two to tango. In order to realise your business goals, you’ll need to work collaboratively with your tech people so that everyone is on the same page.

This can only happen if you as the businessperson have a very clear understanding of your business goals. Document exactly what you envision in simple English. List down everything that needs to happen. When in doubt, oversimplify. This will help you communicate clearly with your tech colleague. Tech people tend to focus on their goals, and may miss the bigger picture of how their work affects the rest of the business. So, it is important to err on the side of caution, drop all of the business jargon, and oversimplify so that your tech person can gain a clear picture of your goals.

Common Myths and Misconceptions About Technology

While technology plays a large part in helping you achieve your goals, many assume that technology can take over everything and eliminate the need for human processes. However, this is simply not the case. It is true that technology is advancing rapidly and has helped many organisations scale to new heights. But technology still has its limits. There are certain processes, services, and areas that simply cannot be automated or “techified”. If you try to techify something that can only be carried out by a person, you are setting yourself up for failure, and wasted time and resources. It is important to know your end objective and work towards the best solution to reach your goal.

Once you are aware that technology cannot create a straight-through process for every aspect of your business, then you will be able to work with a tech person to identify what can be automated. If you have a basic knowledge of tech, you will be able to work more efficiently with the tech team to create a plan that will accomplish your goals.

After implementing tech into your business, remember that technology does not guarantee that there won’t be multiple copies of your work. How do you safeguard yourself against data breaches and plagiarism? You could consider preparing legal documents and nondisclosure agreements for a start. Also bear in mind that while there are many services that appear to be “free”, the fine print will reveal that you’re actually giving up your data in return.

Two Most Important Aspects of Technology

The increased use of technology worldwide has led to a marked increase in cyber crimes. When implementing technology into your business, the most important aspect to establish is a form of cybersecurity. Your clients, customers, and employees trust that you will protect their data. So, in order to keep their trust and protect your relationship, it is vital that you ensure proper data protection. Once information has been exposed, there is no way to regain privacy.

As with every business, cost optimisation is key. You have a certain budget to work with each year, and you want to make sure that you make the most of it. Although implementing technology can be pricey, it can also be cost effective. When you create a plan with your tech team, you can calculate how much it costs to implement technology and determine how to make the most of it.

For those who are not knowledgeable about tech, it is possible that tech people could take you for a ride. While Google is a convenient resource to turn to, time-pressed business people often don’t have time to research tech processes, costs, and timelines necessary to complete a project. Assuming that you have little to no tech knowledge, some people may try to take advantage of you to make more money and use more time than they should.

With that said, people who value your business and relationship are unlikely to take you for a ride. But it does not hurt to stay abreast with the latest tech developments so that it can benefit your business, and you can always know exactly what you are getting yourself into. If you can impress tech people with your tech knowledge, it is far less likely that they would try to take you for a ride.

Once you are updated on the latest tech developments, you can decide what systems or processes would be useful to enhance your business. Through tech and automation, our lives have been enriched. Many businesses have achieved their highest goals at a reduced cost. The examples are right in front of us: Grab, Uber, Amazon, Shoppee, and so many other apps that we use on a day-to-day basis. Although tech may affect offline businesses initially, it has ultimately created more jobs.

Having a basic knowledge about tech can help you make more informed decisions about how to improve processes and systems within your business. A simple example is loan processing. In the past, it took 48 to 72 hours for a simple loan to be processed because the bank had to scan your credit history. Today, almost all lending platforms assure a quick five-minute approval process. This has led to greater accessibility and convenience because people of all backgrounds can apply for a loan and receive an approval within minutes. Thus, using technology in the right way can help you achieve your business goals and meet your objectives seamlessly.

Don’t Assume Tech People Have All the Answers

If you do not have the basic tech knowledge, it is very likely that you may waste time and resources on attempting several solutions that may not work in the end. This was evident in the early days of my career. The bank was trying to launch the HSBC Mobile Platform. Most of the stakeholders were non-tech people. The Indian regulator would allow mobile banking if it has two-factor authentication. The first authentication is your password, and the second is a 4-digit PIN from a black token.

Because 80 to 85 percent of users in India only use SMS, the bank wanted to incorporate SMS into the two-factor authentication. The end goal live date for our project was in October, which was only nine months from the start date. In order to buy time to solve this conundrum and still meet the regulatory requirements, we thought of launching the app without allowing any transaction function in the app.

But in June or July, months from the goal live date, a brilliant intern from the compliance department met with the regulator to find out more about the requirements. The intern realised that a passport or any government ID could be used as part of the two-factor authentication, as long as the bank has a photocopy of the user’s government ID. This could be the first stage of identification, and the second could be the PIN sent through SMS.

By then, we had already spent unnecessary time and resources trying to find a way to incorporate SMS into the two-factor authentication. We had created many focus groups in the UK and Vancouver, spent days, nights, and weekends brainstorming, and used up our resources to find a solution.

If we had read the requirements thoroughly and interpreted it correctly, we could have avoided wasted time and resources. Our biggest mistakes were failure to communicate our goals clearly to the tech team and a lack of understanding of the tech processes behind the mobile app. If we had not assumed the tech team knew everything about our business, we probably could have saved time and money.

Resources for Tech Education

The best way to avoid a similar mistake is to make sure that each group has basic knowledge of the other’s. One of the companies I worked for hosted Brownbag Lunch Sessions. During lunch, each team would take turns to share a little about their department and how it works. This ensures that everyone has a basic working knowledge of how the company functions as a whole.

Regardless of what level you work at, you must understand the company’s processes from the ground up. No problem can be solved completely without both sides understanding enough about each other. With a basic knowledge of how each department works, everyone can work together effectively to find a solution to any problem that may arise. A company thrives when there is a spirit of collaboration and communication.

While it is the company’s responsibility to ensure that its employees are educated about each team, tech education is your responsibility. Depending on your interest level, you can subscribe to platforms like Tigerhall, which provides bite-sized content for you to learn on-the-go. You can also consider subscribing to online article platforms to read about the latest tech developments and expand your tech knowledge.

Focused Learning

The tech world can seem daunting, and you may not know where to start. In order to make the most of your tech knowledge, you must first understand your business objectives and goals. Prioritise what needs to be techified, and use this to steer your tech education. When you determine what processes can be automated, you can then start by researching how tech can help you achieve this goal. If you need to build an app, read about the basics of app systems and processes.

More importantly, study how you can protect your customers’ and employees’ data. With an ever-increasing cybercrime rate, there is a pressing need to ensure the safety and privacy of the data released online. A thriving business can only last so long if you end up losing the trust of your customers and employees.

Finally, technology can also help you better understand the ins and outs of your business through analytics. It can provide visualisation of your business data to reveal actionable insights. Consider learning how technology can help make more accurate projections for the future and lead your business to new heights.

1. Determine How Tech Can Bring Added Value to Your Business

Take a step back and look at your business systems and processes. Perhaps there are areas that could be improved through automation for greater efficiency and cost optimisation. Decide what needs to be automated and introduce your ideas to the tech team.

2. Subscribe to Platforms

Stay abreast with the latest tech trends. Sign up for conferences or educational sessions to learn more about technological developments and how they could play a part in expanding your business. This will also allow you to discover your competition and the secrets to their success.

3. Share Your Business Objectives Openly

In order to introduce tech into your business, you must first know the areas in which tech could lend a hand. Prioritise your goals, and write them down in simple English. Oversimplify your objectives for the tech team so that everyone is on the same page. If the tech team knows their added value to your business and appreciates the project, then you are off to a great start.