Your stakeholders are skeptical of new technology benefits. How can you convince them of its value?

Speaking from experience managing risk at WealthRyse, I would say start by actively listening to and understanding the hesitations surrounding aspects such as costs, implementation challenges, or potential disruptions, organizations can demonstrate empathy and a willingness to engage constructively. Sincerely acknowledging these concerns and responding with evidence-based solutions can help alleviate skepticism and foster trust. Assuring stakeholders that potential risks have been carefully considered and that mitigation plans are in place showcases a proactive approach to addressing challenges.

Take in the concerns, understand the specific issues and look to acknowledge these issues before heading straight to responses. Responding to the concerns is important, but it is even more important to show you can appreciate the concerns as they arise.

Here's what I consider worked the best for me inside WealthRyse, by illustrating how the technology directly contributes to key performance indicators (KPIs) that stakeholders value, such as enhanced efficiency, cost savings, or competitive advantage, you can establish a compelling case for adoption. Connecting the benefits of the technology to tangible outcomes that drive business success not only highlights its value but also showcases its potential to drive meaningful impact. By effectively linking the capabilities of the new technology to strategic KPIs, organizations can articulate a clear and persuasive argument for its integration, ultimately garnering support and enthusiasm from stakeholders for its implementation.

Speaking from experience in WealthRyse, I can say that this entails identifying risks, evaluating their probability and consequences, and outlining actionable strategies to mitigate or prevent them. By demonstrating preparedness for contingencies and showcasing a proactive approach to risk management, organizations can allay concerns, instill confidence, and underscore a commitment to due diligence. Crafting a comprehensive risk mitigation plan not only strengthens the foundation for successful technology adoption but also reinforces a culture of foresight, accountability, and resilience within the organization.

Here's what I believe when I manage risks in my company, first, utilize case studies and examples from comparable organizations to showcase successful implementations and the resulting positive outcomes. By presenting real-world success stories, you make the benefits of the technology more relatable and compelling, providing concrete evidence of its potential impact. Drawing on demonstrable successes from similar contexts can help build confidence and inspire stakeholders to envision the value and transformative potential that the new technology can bring to the organization.

Develop a program to test the technology with a small group of testers. Ensure the sample size is well representative of the use case, and it is tested well enough that forseeable edge case scenarios are extremes can be demonstrated that they can be handled.

Ongoing communication of introduction, testing, rollout, issues and setbacks, and revisions should be shared to show overall involvement.

To convince stakeholders of the benefits of new technology: 1. Understand their concerns: Address specific pain points and worries. 2. Clear explanations: Simplify technical jargon and explain in business terms. 3. Quantify benefits: Use data and metrics to demonstrate ROI and efficiency 4. Pilot projects: Offer trial or pilot projects to demonstrate value. 5. Address risk: Highlight risk mitigation and contingency plans. 6. Collaboration: Involve stakeholders in the implementation process. 7. Flexibility: Showcase flexibility and adaptability of the technology. 8. Long-term vision: Paint a picture of how the technology aligns with the organization's future goals.