Tech FOMO: A call for strategic technology management in marketing

by Cale Maxwell, Chief Executive Officer

In the ever-evolving world of technology, there's an undeniable sense of FOMO gripping many organisations. The rush to adopt the latest trends like personalisation, AI content generation, and other emerging technologies is palpable. Yet, amidst this technological arms race, there's a critical oversight: many companies are leaping forward without mastering the basics. This in turn is slowing many organisations down rather than speeding them up. 

DALL·E 2024-03-18 12.42.57 - Imagine a whimsical scene for an article titled -Tech FOMO_ Why it-s slowing us all down.- The image features a turtle surrounded by a plethora of tec.webp

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Understanding the pitfalls of blind tech pursuit 

The urge to mirror competitors, to have what they have, and do what they do, is leading many companies down a precarious path. This 'keeping up with the Joneses' mentality is causing some organisations to lose sight of their strategic vision and operational capacity. This is further compounded by crappy advice from consultants who are recommending best of breed technology for organisations without the capability or capacity to operate. The time for a reality check is now: just because a competitor has implemented a certain technology doesn't mean it's the right fit for your organisation. 

Refocusing on strategic alignment and living within means 

Organisations need to shift their attention inward, prioritising initiatives that align with their strategic vision and operational capabilities. This approach involves a shift from relentless investment in new tools to a more sustainable and effective strategy. The current trend of chasing every new technological advancement is not just financially taxing; it's also diminishing the effectiveness of marketing and digital efforts. 

Before sprinting towards the next shiny object, companies should consider a focus on extracting value from their existing technology investments. A well-performing Camry is often more effective than a Ferrari that no one knows how to drive or cannot be maintained. The effectiveness of technology doesn't solely depend on its sophistication but on how well it's utilised. 

Rethinking tech budgets: capability development and change management 

The solution lies in a fundamental rethinking of technology budgets. Instead of allocating disproportionate resources to acquiring new tools, there should be a shift towards capability development, change management, and continuous improvement. The staggering statistic that 70% of large-scale technology transformations fail is a stark reminder of the importance of this shift. 

This call to action is not just about halting the mindless acquisition of technology. It's about getting real about what an organisation truly needs. It's about making decisions strategically, considering what the team can realistically handle, and what the budget can genuinely support. Skill and strategic application should trump the pursuit of size and quantity. 

Embracing a balanced and strategic approach 

The bottom line is clear: cut through the tech envy and focus on what genuinely benefits your organisation. When embarking on a new technology project ensure that you make resource allocations to invest in your team's capabilities, adapt your operating models, and ensure effective change management. In the end, it's about making smart, strategic technology choices that align with your business objectives and enhance your team's ability to deliver results. 

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