CEO Today - September 2023 Edition

To reap the business benefits of new technology, it is wise for CEOs to consider investing sooner rather than later. For organisations with a lower risk threshold, this might mean waiting for competitors to trial out new tools to avoid paying research and development (R&D) costs. When embarking on a digital change, it is best practice to adopt an iterative approach to investment. Before committing fully to delivering change, senior leaders should invest a fraction of the budget to test the new technology and build a small business case for it. Following this, businesses should invest a further five to 10 per cent of the budget in piloting and gathering insight through surveys. Making the decision to hold off on a digital transformation is still a valid choice if initial testing indicates that the technology won’t boost productivity or engender change for good. Above all else, senior leaders should focus on the benefits the technology will bring for their people and business. Cutting through the online frenzy surrounding AI is a key part of this; to be successful, digital changes should cater to the needs of an organisation’s people and stakeholders, placing them at the centre of the transformation. Investment Timing Your

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