We live in an age of abundant new technology. Consumers are inundated with faster, more sophisticated smartphones every year, and the Internet of Things keeps people connected with ever-smarter devices, from refrigerators to automobiles. Business executives are faced with the same advancing technology that can improve their company and operations—if used correctly.
It can be an uphill battle getting the C-suite on board with new technologies, despite the benefits they can bring to a business. In a world faced with constant upgrades, many executives are getting burned out with implementing new technology. They may wonder if all the advancements are really worth the investment. Here are a few tips when presenting technology to your executives to get them on board with the changes.
Highlight the Bottom Line
Adopting new technology is often an expensive endeavor, and being an early adopter can be especially risky. One needs look no further than cryptocurrency to see both the risk and possible reward involved in investing in new technology.
When presenting new technology to the C-suite, it is essential to show how taking the chance will pay off in the end. For example, using automation reduces costs for both CPA firms and the clients they serve as it improves accuracy and efficiency. Automation can be used in various industries, including accounting, to eliminate human error. Mundane, repetitive tasks that eat up employees’ time and energy can also be delegated to automation, freeing up valuable time for more profitable work.
Keep Their Business in Mind
The goal of every company is to grow a successful business. When the C-suite sees the power of technology to drive business, it will be an easy sell.
KPIs are a valuable tool to help a business track how the company is performing in critical areas, such as customer satisfaction, operational cash flow, profit margins, and others. Using the right technology can enhance how KPIs are measured, analyzed, and utilized to drive business forward. Customizable dashboards are an incredible resourse to show any KPI a company needs. Dashboards give executives the ability to make data-driven decisions for the company with up-to-date information.
Show Them the Magic
When it comes to new technology, the proof is in the pudding. The best way to get executives on board with trying out new technology is to show them exactly how their business will benefit.
Utilizing automation, visual reports, and customizable dashboards, CPAs can give C-suites the big picture of their company’s finances, including real-time metrics, accurate forecasts, and where the business is meeting goals or falling short. With the stunning visualization and instant feedback a customizable dashboard can provide, executives will have a “lightbulb” moment and see the true value of using the technology.
Adopting new technology can ensure a company remains competitive in its industry. Try these tips to help your C-suite see the benefits of using technology to add value to their business.
Justin Hatch is the CEO of Reach Reporting.