Race, infrastructure, deserialisation among key considerations in tech budget
Allocating a substantial budget for technology is more than just a strategic move; it’s a necessity for survival and competitiveness.
Every company should consider race differentiation, survival infrastructure, and deserialisation in allocating a budget for technology as customers have been relying on these experiences today, according to Michinori Sato, Telecom, Media and Entertainment sector leader at Deloitte.
Sato said that these key pillars need to be invested in, as to avoid being left behind by competitors and the industry in general.
“It is necessary to have digital infrastructure as the foundation for adapting these changes with enough agility rationally, it is essential to establish a robust IT environment to enhance the digital capabilities of employees to ensure that the workforce can effectively adapt to the evolving technology landscape and stay competitive in the digital era,” he said.
Sato mentioned a two-faceted approach in translating tech investments into tangible client satisfaction: knowing the customer and discerning their desires.
He added that harnessing customer data offers profound insights into their dynamic traits and latent psychology, covering aspects like digital footprints, affiliations with other customers, and product perceptions, among others.
“On top of traditional customer attribute data, simultaneously, it is crucial to develop a mechanism to protect personal information and for real life customer wants, it is important to measure the value of services and products from a wide angle when providing new services to customers,” he said.
Sato said that businesses must ensure stringent mechanisms to safeguard personal data. He believes in a panoramic view of service and product value, saying that while technical and functional feasibility, tested through proofs of concept (POC), are essential, capturing results as proof of value (POV) is fundamental. This encompasses evaluating business ramifications from the customer vantage point, spanning monetary worth, experiential value, and the ripple effect on other firms.
“It is important to capture results as proof of value and assess the business implications from the customer's perspective including monetary value, customer experiences value and impact on other companies,” he said.
Sato shared that qualitative dimensions encompass facets like enhancing business efficiency, automating processes, amplifying worker productivity, and transitioning to high-value tasks.
The quantitative angles, Sato detailed, revolve around three axes: alignment with business strategy, appeasing key stakeholders, and meeting the demands of the business in terms of products and services.
