Short Answer:

Wherever there is drama in the business indicates the need for a technology upgrade. Companies do three fundamental things – make or buy; sell; and keep good records.  These translate into three evolving systems – Accounting, Operations, and a CRM – and the need to integrate them as you scale.  Add later a more sophisticated Project Management, HR, and a dashboarding system so the CEO has an easy visual view into all cascading priorities and metrics. Soon replacing most of these systems will be a series of customizable AI-generated apps.

Longer Answer:

There are three fundamental barriers to growth detailed in Start to Scale and Scaling Up. One of these is creating scalable infrastructure and systems. Firms start out with simple Excel spreadsheets; then evolve into separate systems; then an ERP-like offering that integrates accounting, operations, sales/marketing, HR, and a general dashboarding system giving everyone an overall visual view of the firm. The key is getting all the systems to “talk” in helping make better and more rapid decisions. Whenever a customer, employee, supplier, or leader needs data to make a decision, scalable technology is helpful.

As AI and customizable AI-generated apps organize, display, and most importantly aid decision-making, based on a firm’s data, the biggest challenges:

• Collecting data, especially ongoing from the customer – this is where firms garner the biggest advantage in the marketplace. Please read Vijay Govindarajan’s book Fusion Strategy.
• Using this data to drive strategy – please read Feng Zhu’s book Smart Rivals
• What are two key areas where technology will support the business internally – please read Power and Prediction by three U of Toronto professors at the intersection of AI and business.
• How to lead all of this – please read Geoff Woods book The AI-Driven Leader.

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