05 Oct 5 questions to ask before investing in new business technology
The rapidly evolving technology landscape can be a tough one to navigate for a business leader. There are so many different routes in which to go down, it’s hard to commit to one without worrying that you’ve taken a wrong turn. But, at the same time, you know that standing still isn’t an option – you need to get going with conviction or you run the risk of competition blocking your path.
The key to more assertive and informed decision-making is to ask yourself a series of questions, which will help you determine which road to take with technology.
Writing for Forbes, contributor Daniel Newman sets out five questions that every business leader should pose ahead of a big tech purchase:
1. Does your technology support your business goals?
In our experience, many businesses are fine with expressing how their current solutions are unfit for purpose, but very rarely are they are able to quantify exactly what the new solution needs to do to help them achieve their operational and strategic objectives and business outcomes.
In such cases, we advise a Landscape Review which helps organisations define their short, medium and long term technology roadmap by looking at the different solutions available to them through the lens of their business goals.
As Newman puts it, if a solution doesn’t bring you closer to achieving your business objectives in both the short and long term “show that technology to the virtual door”.
2. Is your system frustratingly fragmented?
In an ideal world, all the technology in your organisation needs to join up and complement each other – at least that should be the ultimate goal. So, any solution needs to be considered in the larger context of the business and whether it can be integrated with other systems. If it’s only going to serve to make things more fragmented, reconsider.
3. Do you have more data than you know what to do with?
Some people would have you believe that you can’t have enough data, but if you’ve got more than you can physically handle, you won’t be able to derive the value you want from it.
Technology should make data collection and processing easier, not harder. So, focus on the solutions that can provide analytics most usefully. Keep things as smart and clean as possible – then you’ll be able spot the trends.
4. Have you experienced data breaches, or had difficulty keeping up with security threats?
If you’re finding it difficult to keep on top of security threats, it could be a sign that your systems are too fragmented. The more widespread your technology, the more access points there are into your business.
In this age of GDPR, you need to consider the data security implications of every piece of tech you implement.
5. Are you making your customer a part of every tech purchase?
If the technology doesn’t have a direct correlation back to customer experience (CX), you should think twice – or even three times – before implementing it. That’s not to say that every piece of tech should have a direct impact on customers. For example, an in-house scheduling tool isn’t going to have benefits outside the business, but if it reduces the amount of time that staff are having to spend managing schedules, they’ll be able to provide a better service.
If you find you have more questions than answers by the time you get to the point of purchase, get in touch. Our Advisory team are there to make the technology landscape as clear as possible for your business.