To gather all the tech you’ll need for your business is equivalent to eating the entire amount of food you’ll ever eat in one go.
As we often need to replenish our bodies with a variety of food items, businesses can make advancements when they incorporate more elements of technology that are cutting-edge to their processes, particularly when they can add value or assist in achieving their goals quickly. Many people working in the business recognize this, of course. The trick is figuring out what tools you must include and when.
Even CIOs, IT managers, and CTOs may have trouble prioritizing their decisions regarding business technology at times, partly because the needs of employees are constantly evolving. Back-office technology, such as ERP systems and servers, was thought to be the most important area for investment, but the introduction of cloud computing has changed the game. The majority of the systems that were installed and managed locally by a company are now able to be accessed upon demand through a third party. This change, however, involved a lot of thought about how to operate with cloud computing, which components and applications to first move, and how to do that, and so on.
The same thing happened when people around the world were able to do everything they did previously in a workplace with the ease and comfort of their smartphones. Artificial intelligence and advanced analytics, in turn, are drastically altering the way processes are conducted within many businesses.
While it’s exciting to see how revolutionary these new developments are, they’re also a chance to make costly errors. Nobody wants to invest money in a technology that isn’t compatible with your current tools, such as, for instance, or requires being used in a certain method that’s not feasible in a specific sector or business procedure. Certain technologies are especially complex, so you have to take into account aspects like employee training as well as the management of change that goes with making them comfortable with new technology.
Here are some ways you can reduce the risk and maximize the benefits of technology in business and prioritize your tasks as a professional.
1. Work your way backwards from the customer.
There are many technologies that look intriguing and fall into the “nice to have” category; however, you can’t get it wrong when you consider the buyers. Imagine someone who just bought one of your items, for example. Consider all the steps taken to get there, beginning from the time they first began to notice this product until all instances when they’ve been “touched” by a member of your sales team.
What type of information was exchanged between the customer and the business? What are the ways in which the flow of information could be made faster and more efficient, or even richer in some way? This is when you’ll be able to determine the most effective tools to address an issue in the business environment, rather than being a victim of the tech industry experts who sometimes joke about as “Shiny Object Syndrome.”
2. Prior to investing, decide on a metric.
The method used to determine your return-on-investment (ROI) of a specific technology could differ significantly based on the kind of technology you are using, and there must be an overall agreement within the company prior to purchasing anything.
Are you hoping that a specific technology will help save money in one way, say? How much and at what speed? Do you expect to see the productivity increase? What’s the most effective way to monitor productivity once technology is in place? Perhaps a particular tech device can speed up the launch time with new services and products. It could also assist you in gaining market share over your competition.
The more this topic is discussed upfront, the more likely you’ll be able to make the right IT investment choices.
3. Examine your existing circumstances while anticipating the future.
It is likely that you have some type of technology running through your enterprise currently. What are their age, and what is their performance? Do your employees make snide remarks about the speed of your internet connection, for instance? If so, then running certain types of software may not work according to plan. Have you recently experienced a security incident? You may want to examine ways to secure your network before you launch online tools that could put more data at risk.
There could be other products that your company has, in the meantime, which work perfectly; however, they are not compatible with more modern technology that will assist you in meeting new needs or keep you ahead of the curve. Maintaining your technology portfolio “future-ready” is as important as investing in the next technology.
4. Production comes after the pilot.
There are many technologies that have promise however, they may not be worthy of your attention until you’ve been more intimate with them. This is why a lot of companies, including large ones, conduct “pilot projects” where a certain technology is tested in a limited fashion.
Based on how these tests are conducted, you’ll be able to decide whether or not to place this item “in production,” or put it in locations that handle critical information. An overview of the most popular pilots you’ve worked on will assist your list of technology priorities to form itself.
5. Rely on a trusted advisor
It’s not an area in which you can do your work on your own. When investing in the field of technology, search for firms that not only offer a top product at an affordable price, but also have excellent knowledge. In the end, the top technology providers have the expertise of working with a variety of types of clients, and they are able to impart their expertise to you as part of their value on the scene.
When one of your vendors has noticed several similar businesses in your field switching to a specific type of technology, such as it may be worthwhile to consider conducting a test. In other situations, it could be that they’ve heard of technology that isn’t working or is more complex than anticipated, which suggests you may want to hold off until they’ve become advanced.
Whatever your IT-related priorities in your company, take them as an ongoing project in progress. If you are able to use technology efficiently, you’re always learning something new. With the proliferation of new technologies emerging constantly, it’s possible that you’ll soon be able to innovate in areas that you never thought of.
