Modernising business technology infrastructure for growth

Jo Hale, a tax director at Deloitte Private in the South West

As we continue to work in a tech-enabled environment, it is critical business owners create a robust technology infrastructure to help increase productivity and capitalise on new market opportunities to drive growth.

Whilst this will take time and requires sustained investment, strong executive support, engagement with employees, and deep relationships with suppliers, it will help to future proof the business as technology quickly evolves.

Strategic, scalable investments
Capital resources may influence how a private business approaches new initiatives, such as technology adoption. Investment in technology such as cloud computing, AI, and machine learning are key areas of focus necessary to navigate the rapid pace of technological change.

Technology supports business goals
Technology can support various business goals and once an owner or management team are aligned on evolving the technology infrastructure, the next step is assessing the organisation’s current technology to determine if its existing systems are able to meet the strategic goals of the future.

For example, technology has a direct correlation on an organisation’s ability to attract, inspire, and retain talent that wants to work with new and emerging technology. It can also create a richer more rewarding employee experience, which can be beneficial as organisations compete for talent.

While technology platforms may play a role in attracting talent, getting technology and new processes to be adopted by the people in an organisation isn’t easy. Employees, like customers, need to be brought along the journey as they may push back if you don’t involve them at the beginning. By implementing a change management strategy involving a technology transformation programme will make for easy adoption.

Technology can also help align a company’s purpose, such as its environmental, social, and governance (ESG) approach. If its purpose includes a commitment to the community, the business should use technologies that honour that commitment. Effective governance, diverse talent and ideas, and a focus on purpose and impact are the key ingredients organisations should use to plan for the future.

Suppliers and internal stakeholders
Whether in the initial stages of evolving technology or more advanced, finding the right suppliers can help ensure a private business is achieving its technology objectives with solutions such as software, technology packages, or systems integration.

External technology providers can help streamline operations or enhance productivity, but family enterprises that depend on outside technology support should also know how to navigate and leverage the power of these ecosystems. When evaluating proposals, companies should consider factors that might affect the relationship over the long term.

Making the most of strategic partners requires a defined strategy. There needs to be clear lines of communication across leadership on ownership, timing and implementation. With these conditions in place, along with the support of the board, an understanding of the investment, the value to be derived, and a long-term orientation, will make sure the business is in the best position for continued success.

How we can help
Jo Hale is a tax director within Deloitte South West and leads the private wealth business in Private Client Services for Deloitte UK. Working across multiple industries, Jo specialises in working with executives, families or individuals who need help with all aspects of tax reporting.

To find out more about how the team can support your business, email johale@deloitte.co.uk.