Business Development

The Value of Embracing Technology as a Business Development Professional

We often hear that leveraging technology is critical for success, but why is that? What does technology do that makes it so impactful? For that matter, what does "technology" even mean? This article will aim to help business development professionals within the accounting and advisory industry better understand why leveraging technology is a competitive advantage and how you can take advantage of it.

For business development professionals operating within the accounting and advisory industry, the deployment of business applications, such as customer relationship management systems (CRMs), marketing automation tools, and other relational database tools, are the most commonly leveraged pieces of technology. Amidst the myriad of software and application options available in today's digital marketplace, a common theme emerges: their primary function is to assist the user in managing knowledge and information more efficiently and automating repetitive processes, thus providing a clear pathway towards improved productivity and effectiveness.

Navigating Complexity to Drive Value

Understanding client needs and the market dynamics that drive these needs is crucial to developing and cultivating new business opportunities. The more comprehensive the context you and your firm can establish surrounding these factors, the better equipped you will be to identify and seize upon value-creation opportunities. It's this deep understanding that allows for the differentiation of your services in a crowded market.

Moreover, today's business world has become increasingly complex, with nearly infinite variables that continue to change. The ability to collect, assess, analyze, and understand a large amount of information at any given time is essential for success.

Effective knowledge and information management is not just a tool, but a powerhouse that can fuel your success. By using these technologies to their full potential, you're not just staying organized - you're staying ahead of the curve, anticipating needs, and positioning yourself and your firm to best meet those needs. It's an investment in your future success and a key component of strategic business development.

Accomplish More with Less

Beyond knowledge management, technology enablement is a powerful tool for organizations seeking to increase productivity. The most straightforward way these productivity gains are accomplished is through the strategic automation of routine tasks. This could be anything from sending out a timely reminder to stakeholders to triggering an automated message based on a specific action taken by a prospect.

Today's advanced business applications are well-equipped to execute clearly defined workflows, providing organizations with the ability to streamline their processes and increase efficiency. However, the key to unlocking the true value of these automated workflows is through their careful and thorough definition. This involves a comprehensive understanding of each step of the journey, as well as the trigger points that initiate each action along the way.

Developing the framework of automated processes can often be one of the more challenging aspects of technology implementation. It requires a detailed understanding of the organization's processes and the ability to translate them into a digital format that technology can understand and execute. It is a complex but necessary task, as it is through this process that the full potential of technological enablement can be realized.

Productivity Benefits

The organizations that choose to make this investment and commit to developing comprehensive automated workflow systems will likely reap significant productivity benefits in the medium and long term. Investing in technology and process automation can lead to improved operational efficiency, greater productivity, and a stronger bottom line.

When properly implemented and thoroughly developed, business applications provide the critical means for organizations to redirect a more substantial proportion of their collective focus and energy toward higher-value-added activities. The value creation process is an ongoing, continuous effort, and leveraging the power of advanced technology significantly enhances your capacity to push further along this continuum.

For professionals involved in the development of accounting and advisory businesses, the current environment presents a golden opportunity to embrace and make substantial investments in technology. If your role is that of an individual 'hunter,' with the primary responsibility of generating revenue, then adopting a disciplined approach to using customer relationship management (CRM) systems to monitor your activities, report on your opportunities, and analyze your win/loss rate, can yield significant benefits.

If, on the other hand, your function is to enable revenue generation, then your contribution could be to assist in designing and developing a robust technology infrastructure that supports your team's efforts to achieve their goals. If your role is to oversee strategic growth, then it would be prudent to consistently advocate for allocating resources toward technological advancements.

Individuals and firms that choose to make a commitment to embracing technology will gain a competitive advantage that can serve as a catalyst for growth and future success in today's fast-paced business landscape.

Alex Drost, CEO, Connection Builders. Contact at Alex@connection.builders.com.