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How to Avoid Hitting a Brick Wall With Your Tech Innovation
As Sun Tsu, the Ancient Chinese Military Strategist, once said, “Strategy without tactics is the slowest route to victory, and tactics without strategy is the noise before defeat.”
But what does the quote actually mean?
Well, in any field, but especially in business, to make any progress it’s key that you have a target to aim for and a plan of how your business will achieve that target.
Whatever your target is though, it’s pointless unless you have a strategy in place, along with internal tactics, to aid your development towards your end goal.
The same is true about innovation.
If you’re a peer-to-peer lender, community bank, or any other kind of financial institution then you’ll probably be looking to adopt some kind of technology into your business model soon.
You might have already done your research into technological innovation, but either way it’s important to understand three key steps in your innovation process:
1) Ensure there is a plan in the first place:
Identify where your business is at the moment and its position in the market (let’s call this point A), where it needs to get to (let’s call this point B), and what needs to be changed to get to that point.
2) Identify the issues and opportunities you’ll encounter?
What potential issues will you encounter along the way between points A and B?
If you know most of the possible threats or issues in advance, you’ll be able to plan a way around them.
Similarly, what opportunities might there be along the way?
List the possible opportunities that might come up as you move along the project, and prioritise them. There might be opportunities you have to pass up, as they may take you on irrelevant tangents.
3) What do you need in order to carry out your plan?
To carry out points (1) and (2), and for your overall plan, you’ll need specific resources in place. Now make a list of what you need.
It’s likely to be a combination of technology, people and capital, but try to be as specific as possible. You might need to seek advice from a company specialising in financial technology and the FinTech sector.
For many businesses, and charities, technological innovation, especially relating to finances, is an essential part of their development in today’s digital era.
But lots begin the innovation process the wrong way.
A friend might introduce a new technology provider to you; at which point you usually have two options: one being to begin a relationship with the new company and start thinking about how their platform can fit in with your business, or the second being to simply turn down the opportunity.
Hopefully this blog post has helped provide you with a third option – to think about financial innovation differently – as a large industry with various options. If that’s the case, then when introduced to a new provider you’ll be able to think about your overall plan and understand which provider is best for you and your business.
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