Source | www.forbes.com | Jake Levant
What company these days doesn’t want to adopt the latest technology? Many companies today are like the proverbial kid in the candy store, reaching for the latest tools that come with shiny buzzwords like “AI” and “machine learning.” But while embracing technology can bring a lot of positive changes, the right technology is needed — not just the latest one. And all too often, companies lack solid criteria according to which to choose their tech stack.
I will share some observations of common shortcomings of technologies based on my experiences working with banks, insurers, telecoms and companies. Having worked with them and heard their experiences, I’ve come to identify the types of technologies that are more likely to provide a high ROI.
Here are some of the most common technology pitfalls, as well as the characteristics of technologies that are more likely to deliver. Despite high expectations, many technologies:
1. Are Static And Inflexible
Many tools are great for a limited time and then quickly outgrow their purpose. For example, portal apps, which are web-accessible tools that deliver additional services, are time-bound and not future-proof. Core systems also frequently have this issue. They become such an ingrained part of a company’s backend that they are cumbersome and expensive to adjust, let alone replace.