Patrick Isaac, Chief Technology Officer, accūrō Solutions
Companies that harness the power of technology can unlock unprecedented opportunities, reduce operational costs, and drive remarkable results. To do this, however, the organization needs to first understand the impact that adapting technology will have on its operations and its customers.
Businesses cannot send development teams off with vague directions and ideas and expect greatness. Ideally, it is a two-way flow of communication, with technology pros sharing ideas from the world of pure tech to the business side to see if there is applicability and execs bringing customer needs to IT for a solution. The willingness of both business and technical teams to work together drives innovations that truly add value to the business.
Business problems should not be seen in isolation, but rather as opportunities to stimulate technical creativity. When problems are brought to technical teams, innovative solutions can emerge. Technical experts can leverage their skills and expertise to brainstorm creative ways to address these problems using the latest technological advancements.
Before launching a new project, the technical team should explore the features, limitations, costs, and the effort required to fully develop a solution and discuss this with the business’ leaders. This process should weigh the financial investment required against the potential return on investment. How long will it take? What resources do we need and what are their costs? And, most importantly, how does the solution align with our business goals?
Technical teams need to listen to the business stakeholders’ requirements and goals, and business leaders must respect the expertise and insights of their technical teams. By weighing the costs and benefits of the proposed solution, the company can make astute decisions about whether to pursue it.
A lack of collaboration between these two realms can lead to failure, as the technical team may invest time and resources to develop a solution that does not align with the business’ needs. Synergy between business and technology teams not only fosters collaboration but also generates inventive solutions that can truly transform the business landscape. By encouraging this cross-pollination of ideas, companies can unlock the full potential of technology to drive their success.
In addition, companies need to actively involve their customers when adopting new technological products and features. This pivotal step ensures that any proposed solutions align with real-world needs and offer practical value.
Consider the case of Google Glass, which exemplifies how being technically advanced alone is insufficient for success. Despite its cutting-edge augmented reality technology, Google Glass faced challenges due to a lack of communication with both business and customers. The technical team at Google was eager to push the boundaries of wearable technology, but a more comprehensive collaboration with business stakeholders could have provided crucial insights into market dynamics and user needs. Issues related to privacy concerns, social acceptance, and practical applications in various industries emerged, highlighting the importance of involving business and customers in the development process.
Before starting to develop or adapt a technology, companies need to determine if their customers see a practical use for the proposed solution. Would it deliver enough value that the customer would pay extra for it? Is the solution something customers could sell to their own clients?
Also, it is crucial to ascertain whether the potential price point is feasible. In a delicate balancing act between short-term gains and long-term strategic goals, it’s essential to ensure that the cost of delivering the solution aligns with the immediate financial reality while keeping an eye on the long-term value it can bring.
The intersection of technology and business is where innovation and success converge, and the true litmus test of this synergy is the value it brings to the business. In the ever-changing landscape of technology and business, it’s this unwavering commitment to value creation that will drive lasting success and ensure that technological solutions don’t just meet expectations, but consistently exceed them.
About Patrick Isaac
As accūrō Solutions’ Chief Technology Officer, Patrick Isaac manages the company’s internal technology, including application development and system architecture. Throughout his career, he has focused on building technical teams, systems, and workflows for healthcare billing and claims processing. Isacc’s nearly 20 years of experience in the workers’ compensation industry includes serving in technical leadership roles for Universal SmartComp, Align Networks, Adva-Net, and as VP of Information Technology at Paradigm.
About accūrō Solutions
Based in Sarasota, Florida, accūrō Solutions is a technology company which provides complete and transparent bill processing services to drive the workflow from the mailroom, through medical bill review, and provider payment for companies in the property and casualty insurance industry. More information can be found at www.accurosolutions.com.