Innovative technology, like any new initiative, requires a holistic and integrated approach. However, funding that new technology requires a more nuanced strategy. That’s the view of Stuart O’Neill, SAP Australia and New Zealand general manager, customer success, who argues incremental gains will only come when new technology is integrated with existing software.
“You need to be able to leverage the expertise and specifics of that [new] software, but if you can leverage other elements from software around you, you get incremental gain,” O’Neill said.
That means interoperability should be a major consideration for new technology investments, O’Neill says, as it is critical to getting “value back to the business.”
While the holistic approach is required to generate value, O’Neill is adamant new technology investments require specific funding. Specifically funding smaller experimentation projects allows organizations to better determine risk and value, according to O’Neill. It’s a strategy well evident in the market’s shift to strategies like agile and fail fast, fail often, he said.
“All of these [are] pretty much the same thing that they are trying to do – they are trying to prove business value within a very short term and they’re trying to trial software and solutions in an environment where they are trying to, obviously, deliver those business outcomes,” O’Neill said.
Deloitte partner Bradley Burt agrees new technology requires a new, agile approach to deployment, and it’s important to start small. “When it comes to innovation, you need to start very small, almost like seed funding, and allow individuals to use that seed funding to almost fail early, fail fast, and then start again,” Burt said.
The seed funding approach fits how innovation should be viewed – as a “portfolio of small problems and ideas,” Burt says. Too often, innovative technology can be a solution looking for a problem, and it is important the new technology solves a specific business problem, according to Burt.
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This blog was originally published on Which-50.