Data has never been easier to obtain from the infant stages of scripted search engine queries and web scraping to large-scale API and big data initiatives.
Original article on Forbes
Tech executives have been enabling businesses to run in an organized and efficient manner for decades, but system uptime alone is a commodity and businesses are looking to their CIOs and CTOs for more business value. Here are four general areas where tech executives can shine brightly to enable growth.
Due-Diligence And Research
Data has never been easier to obtain from the infant stages of scripted search engine queries and web scraping to large-scale API and big data initiatives. Companies now have the ability to gather, organize and run analytics on the data, then present this insightful information to help teams formulate decisions. Whether it’s from a due diligence on a potential investment perspective, tech strategy-driven investments or learning more about your competitors, implementing this can help your company stay ahead in the industry.
Having the ability to automate business functions in your daily operations is critical. The goal is to run efficiently, not necessarily to eliminate headcount but to enable your teams to focus on more business-impacting solutions that are generating alpha or saving cost. Identifying which processes to automate is the first step when looking at your business functions you should simply ask your teams which functions take the longest to accomplish and if they are repetitive throughout the hour, day or month. This can help you isolate the tasks that take the longest but you should also understand what the business impact is of each task in order to properly calculate the associated risk. I always suggest starting with the low hanging fruit to ensure you’ve worked out the kinks with either the automation software, script or workflow before moving onto processes that impact business.
Cybersecurity should be at the top of your organization’s agenda. Now you’re probably wondering what this has to do with tech executives enabling growth? Putting tech processes and procedures in place to keep your information secure ensures all of your hard work hasn’t been wasted the minute a data breach occurs. The latest tech software will help you identify sensitive information and remain compliant in today’s ever-evolving cyber landscape. There is no silver bullet when discussing security, hence software alone won’t solve all of your problems, but having the proper tech, policies, procedures, cybersecurity and technology experts in place will ensure you can prepare the business for its growth trajectory.
When people think of the cloud, they think of the traditional storage system, but the cloud offers much more. There’s an army of tools that can help each business become more productive, and tech executives should be identifying your businesses needs and aligning them with cloud initiatives. Cloud collaboration tools with remote video, file sharing and data room capabilities are good simple examples. These tools not only reduce travel costs but keep teams in sync. These platforms allow businesses to securely share and collaborate which has been proven to increase productivity.
Cloud storage and computing, on the other hand, provides the ability to scale up instantly without the large upfront expenditure. Spinning up workloads as you need them for research and development or short-term projects, then spinning them down when you don’t, can save the business millions of dollars as they scale.
Whether you’re a fund of funds with $160 billion assets under management, a hedge fund with $500 million or a startup that just needs to run lean, all of the examples still apply. The truth is tech can only enable growth if you stick with the company mission statement; many get lost in believing they should be more innovative, instead of building on their core competencies. Therefore, learn your business, ask the right questions and refer to this quote from Ellen Glasgow: “All change is not growth, as all movement is not forward.”
Original article on Forbes
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Mr. Lolovic has 15+ years of experience in the tech sector leading investments and is a leader in the Hedge Fund industry.