In the rapidly evolving world of technology, businesses must navigate the complexities of integrating new tools while maintaining their core values. Nathan, Farrugia, CEO of Vistage, shares his journey and insights on how technology can be a force for good, enhancing decision-making and operational efficiency.
The fourth episode of Tech on edge/ focuses on Farrugia’s journey from healthcare to CEO of Vistage.
Over the years, his role as a CEO in tech companies provided him with firsthand experience in leveraging technology to enhance operations. “Technology should complement and enhance human capabilities rather than replace them,” Farrugia emphasised.
 This holistic view has guided his approach to integrating technology in businesses, ensuring it aligns with organisational values and goals. Farrugia believes that technology can significantly enhance CEO decision-making processes.
Relying solely on instincts can be risky in a rapidly changing world. “Technology provides data and information that help balance instincts with empirical evidence,” he explains. For example, advanced data analytics and AI offer previously unattainable insights, allowing CEOs to weigh risks more accurately and make better-informed decisions that benefit employees, shareholders, and clients.
The introduction of technology at Vistage centres around the Mind Vistage platform, designed to foster connectivity among its 45,000 members globally. This platform supports 36 networks across various industries, regions, and interests, enhancing communication and collaboration. However, integrating technology into core operations, such as implementing ERP or CRM systems, can meet resistance.
“Overcoming resistance involves a careful approach that includes training, open communication, and demonstrating the long-term benefits,” Farrugia noted.
Adapting to the fast-changing technology landscape requires a mindset that embraces human ingenuity and flexibility.
“It’s not just about adopting the latest technology but ensuring it genuinely adds value to our operations,” Farrugia said. Encouraging experimentation and being willing to pivot when needed are crucial aspects of this approach.
With the rise of generative AI, ensuring safe and ethical use of new technologies is paramount. He emphasises the importance of instilling the right values and beliefs within the organisational culture.
“Implementing safeguards and monitoring systems helps ensure that our use of technology adheres to these values,” he explains. Additionally, addressing concerns about AI taking over jobs by emphasising reskilling and upskilling employees is essential.
“We want our team members to see AI as a tool that can help them perform their jobs better and grow in their careers,” Nathan adds.
Nathan resonates with Marcus Buckingham’s view that technology, despite its capabilities, cannot replicate the nuanced understanding and empathy that humans bring to decision-making processes. “An AI board member might analyse data and provide insights, but it cannot understand the emotional and relational dynamics essential for making holistic and impactful decisions,” he asserted.
While experimenting with AI tools is essential, a balanced approach that leverages the strengths of AI and human intelligence is crucial.
One of the biggest challenges in using technology is the rapid rate of change. “Technology can free up time by handling repetitive tasks, allowing our team to focus on higher-value activities,” Nathan explains. For instance, automating documentation tasks reduces stress and improves efficiency. AI tools that capture and summarise client conversations save significant time and help maintain clear communication.
However, initial resistance to change and the need for ongoing training must be addressed by fostering a culture of continuous learning. The future of technology platforms like Vistage lies in becoming more sophisticated and integrated into various aspects of business operations. Nathan envisions platforms offering enhanced data analytics, predictive modelling, and personalised insights.
“The integration of Internet of Things (IoT) devices will allow for more seamless and real-time data collection, providing valuable insights into business processes and customer interactions,” he predicts. However, ensuring these technologies complement and enhance human capabilities is critical to their adoption.
The rapid acceleration of generative AI and virtual reality technologies offers significant potential for transforming businesses’ operations. “These tools provide opportunities for automating content creation, improving decision-making, and enhancing customer service,” Nathan says. However, ethical use and addressing privacy and security concerns are crucial. Investing in reskilling and upskilling employees ensures they can thrive alongside AI and other advanced technologies.
Tune in to Tech on edge/ for more details.
