Technology Strategy an Investment in Your Business

Friedman, Gregory H.
July 2005
Journal of Financial Planning;Jul2005, Vol. 18 Issue 7, p30
Academic Journal
This article offers advice on how to create a technology strategy. One of the biggest challenges facing financial planning firms is the use and implementation of technology. How technology is used in the future will mean the difference between remaining competitive and thriving, and possibly facing extinction. One of the most costly mistakes I see is taking a piecemeal approach to these questions--in other words, evaluating software solutions on a problem by problem basis. It is critical to take a step back and create a vision of what you are trying to accomplish. I he first step before buying software or adding or upgrading hardware is to create the vision of what you want the firm to look like, taking into account the above considerations. Many times software is bought because of the bells and whistles instead of careful analysis of whether you can make it work the way you work. It is essential that you look at how you conduct your business, what types of services your clients desire, and what particular problems in your firm you are trying to solve. It is difficult to know all of the capabilities of the various computers and software that exist. But before you search for more technology, identity what you already have. You should make a detailed inventory of both the hardware you currently have, and the software and its capabilities. The next step is to evaluate the available options for implementing your technology vision. After you have developed and refined your vision for what you want to accomplish, assessed your current technology resources and evaluated the available options for hardware and software tools, the next step is to create a comprehensive technology plan.


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