1. Strategy: Define Your “Why”
Before you think about technology, you must understand your goals, the problems you’re trying to solve, and how you’ll measure success. Avoid chasing the next shiny object just because it’s trendy.
Instead, ask yourself:
- What are our goals for this technology?
- What problem are we trying to solve?
- How will we measure success?
Each application’s underlying strategy should be problem-focused rather than tool-focused. The tool is just a means to an end—ensure you know what that end is.
2. People: Get Your Crew Onboard
Emerging tech has the potential to make a significant impact, but only if your crew is on board. That means getting buy-in from executive leadership, your board, and building an organizational culture that supports innovation.
Consider the following:
- Who needs to be involved, and at what level?
- Who are the change advocates within your organization?
- Do you have a culture that supports risk-taking and experimentation?
You’ll need technology champions for your crew—those deeply committed to leveraging tech—and enthusiasts excited about the possibilities. But don’t forget the skeptics. They might not be jumping on the bandwagon, but their cautious approach can help you avoid pitfalls. However, if your entire crew is made up of skeptics, it might not be the right time to pursue certain technologies.
Here’s a tip: Don’t risk sinking the ship by forgetting to consider those whose jobs will be impacted – how do they feel about that change?
3. Finances: Charting the Course
Let’s face it, adopting new technology isn’t cheap. You need to have a financial plan that includes the initial investment and the operational costs, which means having the funds to maintain and support the technology. For instance, if you invest $20,000 in experimenting with a new technology and it works great, did you also remember to budget for the cost of maintaining it over time? Alternatively, if something goes wrong, do you have the additional $10,000 needed to fix the issue? Make sure your financial readiness includes a cushion for unforeseen challenges.
Think about the following:
- Do we have funds earmarked for innovation?
- Have we budgeted for potential issues that may arise post-implementation?
- What is our organization’s financial risk tolerance for emergent technology?
4. Technology: Build a Solid Foundation
Finally, your technology infrastructure needs to be up to the task. This includes having confidence in your data (is it clean?), ensuring that your existing systems can support the new technology, and making sure you have the right security measures in place to protect your organization and members.
To determine if your tech is ready, ask yourself:
- Do we have a solid technology infrastructure?
- Is our data reliable and ready to be leveraged by this new technology?
- Do we have strong security policies and technologies in place?
Here’s a tip: consider the data needed for this specific tech project, not all your data collectively, which can be overwhelming!
Picture yourself standing on the edge of a cliff, gazing at the ocean, with the horizon filled with exciting and scary possibilities. That’s what emerging technology feels like—innovative advancements that are just starting to make waves but hold the potential to change the way we operate, communicate, and connect. From AI to 5G networks or gene therapy to robotics, these technologies are transforming industries and knocking on your organization’s doors, asking: Are you ready?
