The Point: When a company is on the brink of financial havoc (or already facing financial havoc!), we tend to look for ways to turnaround the operation. Technology has been looked to as an answer to the financial havoc problem. The role technology plays in turnaround management has been a great one to explore (Keep in mind, there are other areas of a business to explore… But those are for a later blog post!). Companies can not only explore business technology, but now rely on it heavily whenever they identify a turnaround condition. Technology is filled with the means to improve the positive effects of your business strategy. In this blog post, you will get to know how technology has been able to be leveraged so as to help turnaround management, and why you should put it into consideration when you next face a turnaround opportunity… Enjoy!
Roles Technology Plays in Turnaround Management
ROLE #1: SURVEILLANCE – One of the reasons a company may be failing is the devoid of effort produced by members of the company. If your company happens to be failing because of this reason, and you finally detect that, it will still be difficult to make necessary amendments without business technology. However, with the help of technology, you can check out the efforts each member of your company is putting to work. This can be done at anytime, and it has even been made advance that you can check this out right from your home or even when you are outside the country. This can direct you in turnaround management and even in the designing of a new business strategy if needed.
For example, let’s explore the surveillance camera. If you do not have a surveillance camera in your company, you can do it at anytime and it is very easy to install. Surveillance camera has made it possible for business owners to detect a lot of unknown and obscure things that happen in the place of work when he or she is away. This is a major role technology plays in turnaround management.
ROLE #2: COMMUNICATION – Apart from the fact that surveillance can be very helpful in detecting useful information, there are also communication tools that can make the management of a company get to know information from both business members and outsiders. The internet has also been helpful in making anonymous individuals share reviews about the company (Think Yelp!, Google+, etc.) This can help business owners have insight of what the company is lacking, and more importantly what is needed to be done for an effective turnaround management. Business technology that enables communication between business owners and employees should be reviewed/mined for input in further modifications (Products/Services, Processes, and People). It is a shrewd business strategy to survey employees so as to get information from them, rather than approaching them personally, as they may not feel too comfortable divulging some information without fear of retribution.
In this blog post we’ve explored the question “What Role Does Technology Play in Turnaround Management?” and provided 2 roles to assist turnaround management. Keep in mind, technology has gained wide acceptance by majority, and there is rarely a company that will say no to business technology adoption. What might be questioned is the timeline for installation.
PS – If you/your organization has challenges as a result of Turnaround Management activity, please don’t hesitate to drop me a line and request future post titles! Here are a few other titles that are currently in the works:
- Why Companies Fail or Enter a Declining Period
- The Stages of Corporate Turnaround
- The Stages of People Turnaround Process