Is Outdated Tech Hurting Your Firm? Embrace Business Adaptability

By
Christopher Pinski
Published
May 24, 2024
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Is Outdated Tech Hurting Your Firm? Embrace Business Adaptability

Losing opportunities for new revenue streams? Having trouble retaining top talent? Legacy constraints could be the culprit — and business adaptability is the solution.

But what is adaptability in business? Why does a failure to adapt hurt your success in the business world — and what can you do about it?

We'll answer all this and more.

What is Business Adaptability?

In today’s fast-paced and unpredictable business environment, being able to swiftly adapt to changing client needs and seize new opportunities is no longer a luxury — it’s a necessity.

Business adaptability is a company’s ability to anticipate and respond to change. Whether there's a new trend, a change in consumer preferences, shifts in your vertical, economic changes, or something else, businesses that adjust will come out ahead.

To become adaptable — and stay adaptable — businesses need to shift focus from daily tasks to keeping their eyes on the horizon. This requires:

  • Agility: Different from reactivity, agility is about strategic shifts in response to market changes. Rather than distracting businesses from long-term goals to chase something new, strategic agility helps firms adjust and keep moving toward those goals amid a changing landscape.
  • Innovation: The willingness not only to try new things, but to champion new ways of thinking and doing. This is only possible when you keep a close watch over the market, your competition, and your target clients.
  • Transparency: Organizations that don't prioritize transparency can be pulled in multiple directions. If different teams are marching toward disparate goals, you can't achieve true adaptability. Instead, you'll stagnate — or fall apart. Showcase your leadership skills by making your mission, short-term and long-term goals, and decision-making processes clear at all levels of your organization.
Checklist for adaptability in business: agility, innovation, and transparency. The checklist appears to hover like a hologram over an empty desk with technology and concrete office setting in the background

Adaptability in business is essential for navigating the dynamic and volatile business landscape. It allows businesses to seize opportunities and thrive despite disruptions.

Yet, for many professional services firms, legacy tech constraints remain a persistent obstacle on the path to sustainable growth.

The Perils of Adapting Too Slowly to Maintain Competitive Advantage

The rapidly changing business landscape and shifting client expectations demand extreme agility. Firms that are bogged down by antiquated technology find themselves outpaced by more adaptive competitors and will struggle to keep up.

The cost of being a “fast follower” rather than a leader is steep, but cultivating adaptability offers a significant competitive advantage.

A recent study by McKinsey found that highly successful, agile digital transformations delivered ~30% gains in efficiency, customer satisfaction, employee engagement, and operational performance. Plus, organizations undergoing agile digital transformation moved 5-10x faster than before!

A white female accountant looks out her office window at a Black businessman with briefcase running down the sidewalk. On his chest is a sign that reads "More agile than you!"

So it's clear how adaptability in business can serve as a strategic asset against competitors.

Legacy Infrastructure: An Agility Straitjacket in a Rapidly Changing Business Landscape

At the heart of this struggle lies the burden of legacy infrastructure: the rigid, outdated technology that acts as a straitjacket, constraining your ability to innovate and change quickly.

Monolithic on-premise systems were built for a different era, and their inflexibility poses a real threat. That's because embracing new technologies is essential for maintaining competitiveness and adaptability. It allows businesses to swiftly adjust their strategies, products, and services to remain relevant in a rapidly evolving market.

Consider the case of a law firm client grappling with the challenge of managing their physical mail. Buried under a deluge of paper correspondence, they spend countless hours manually sorting, categorizing, and distributing mail to the appropriate recipients.

This cumbersome process not only drains valuable time and resources, but also increases the risk of important documents slipping through the cracks.

A white male lawyer leans on a desk, about to sign a document. He's surrounded by stacks of paperwork on either side of his desk.

If firms like this are willing to embrace new ideas and welcome new software solutions into their tech stacks, they can start to move hours off of repetitive tasks and onto more impactful work.

Missed Opportunities and Risks for Those Who Don't Embrace Change

Failing to proactively evolve your offerings and adapt to market changes creates more than just operational inefficiencies. It’s a missed opportunity for your business to:

  • Capitalize on new revenue streams
  • Expand your client base
  • Cement your position as a leader in your industry

Leaders who embrace change inspire their organizations to adapt, fostering innovation and attracting new customers by positioning themselves for growth and navigating challenges effectively.

A bright office conference room with floor-to-ceilling windows and a conference table with 5 chairs. An emblem on the wall reads "EMBRACE CHANGE." in all capital letters

But the longer you cling to outdated technology, the more you risk becoming obsolete.

91% of IT decision-makers say digital innovation is necessary for millennial and Gen Z employees. In fact, more than 2/3 say that failing to meet the tech needs of these generations would lead to attrition. So if your firm is perceived as being behind the curve, you may struggle to retain the best and brightest minds.

But what if the path to sustained relevance didn’t require throwing out all your existing tech...?

Build Future-Focused Foundations with New Technologies

The good news is that for adaptable businesses, embracing agility don’t mean starting from scratch.

By leveraging the power of no-code and low-code platforms, you can future-proof your firm without the need for a complete technological overhaul.

No-code and low-code platforms like WeWeb and Make empower businesses to rapidly adapt and innovate by enabling non-technical staff to create custom applications and automate processes with minimal coding required. These new tools are designed to integrate with legacy systems, so rather than starting over, you're enhancing your existing processes.

Low- and no-code development tools not only accelerate time-to-market for new services but also significantly reduce development costs.

Crispy Software Solutions specializes in integrating these cutting-edge tools with your existing systems, creating a seamless ecosystem that enhances operational efficiency and unlocks new possibilities for growth.

We prioritize you — not generic formulas. We listen carefully and develop solutions that prioritize your unique needs and goals, contributing to the long-term growth and success of your business.

Skeptical of low-code solutions compared to traditional coding from scratch? See our guide comparing traditional approaches: How to Build Software From Scratch

Business Adaptability FAQs

Looking for a competitive advantage? Adaptability is key.

Why is adaptability important in business?

Without skills for mastering innovation, agility, and strategy in the face of uncertainty, businesses will stagnate or fail. That's because the ability to be adaptive gives a company a competitive edge — a chance to stand out among the competition.

A McKinsey study found that firms who were slower to respond to digital transformation were 17% more likely to be edged out by more agile competition, and grew more slowly (15% lower revenue growth rate).

Adaptable companies respond to challenges swiftly and confidently, prioritizing customers, market trends, and the economic climate in every decision.

What is a good example of adaptability?

Modern professional services firms must adapt to the changing needs of their clients — or pay the price.

For example, many clients expect financial firms to have a customer portal and/or mobile app where they can upload documents, chat with specialists, and more.

A business that prioritizes creating this solution based on the needs of its clients may see more satisfied clientele — and more success overall.

However, a firm that ignores digital transformation and requires in-person services, paper contracts, etc. may lose opportunities to connect with tech-savvy customers.

How do you measure business adaptability?

Adaptability isn't a numerical metric, per se. In other words, without a universal scale, it's difficult to gauge whether a company is 40% or 80% adaptable. That being said, other metrics you can watch as indicators of your business adaptability include:

  • Customer satisfaction and associated feedback
  • Revenue growth, especially compared to competitors
  • Product release timeframes and frequency (innovation)
  • Employee satisfaction

Conclusion: Business Adaptability Is Not Optional

For professional service firms, prioritizing adaptable tech foundations is no longer optional — it’s a strategic imperative.

Further, embracing change with emotional intelligence enables leaders to persevere in the face of adversity, navigate complex situations, manage uncertainties, and build strong relationships, fostering a culture of adaptability within the organization.

An accountants office. A man's hands type on a modern laptop, while antiquated typerwriters and adding machines sit unused nearby. In the backgound, other desks with modern desktop computers

At Crispy Software Solutions, we’re here to be your strategic tech ally in innovation and growth. Our unique blend of engineering excellence and industry insights, combined with the power of low-code and no-code solutions, empowers you to seamlessly bring your most innovative ideas to market rapidly — without being held back by rigid constraints.

Imagine a future where your business is known for its adaptable teams, agility, and responsiveness. One where your new ideas consistently keep you one step ahead of the competition. That’s the power of future-focused tech — and it’s within reach.

Ready to gain a sustainable competitive edge in a constantly changing world? Learn more about how no-code technology can put you ahead of the competition: No-Code App Development May Be Your Secret Weapon. Here’s Why

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Last updated
April 21, 2024

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