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What factors should be conside...

March 02, 2022 - BY Admin

What factors should be considered while selecting a technology for your business

What are the main elements to consider when purchasing ready-made software for an organization? There are several, but what it comes down to is profitability. If all five of the following factors line up, then the software is likely to be a profitable investment. If not, then your organization is better off skipping it.

 

1) The Need

The old saying, “If it ain’t broke, don’t fix it” applies here. It’s wise to be conservative when using funds to implement more technology. Aside from the standard costs of buying the product, there are many others, including the time and other expenses of integration and implementation. While the outcome may be worth the costs, you’ll usually only want to go through the process if there is a real need for improvement. Large requirements packages actually provide a false sense of security. Modern digital technology entails real people interacting with screens. Technology selection leaders need to capture those interactive requirements, but also remain realistic at this phase about their inability to fully know what their enterprise really needs and will adopt eventually.


2) Time, Money, and Productivity

Another cost of implementing new technology can be a temporary decrease in workflow. Are the eventual savings of time and money, along with the increase in productivity, large enough to justify the upfront inconvenience? Figuring this out may take some calculations, but you don’t want to jump in without knowing the numbers for sure. Adopting new technologies can be costly. It’s the reason why you need to choose which ones to invest in. To determine if you are looking at the right technology, you need to ask yourself if it will improve the way you do business today.


3) Competitors Analysis

Shifting to new technology is never easy. But it doesn’t mean there are no shortcuts. When shopping around for new tech, make it a point to ask around in your industry.

Sure enough, the tech that your competitors and other players in your industry are using will also benefit your organization. For example, if most enterprises in your sector embrace cloud computing technology, then adapting it to your business would be a smart decision.


4) Easy to use and integrate

Ultimately, you and your employees will be the ones who will use any new technology you choose. You should choose one that offers a smooth user experience. You don’t want to have new software or device with all the bells and whistles only for you and your people to have usability issues. Always keep in mind, the right technology is the one that works for you. You can invest thousands upon thousands in up-to-the-minute technology, but if nobody knows how to use it effectively then your business will still not be working at optimum efficiency. Developing an ongoing training process so that your employees can benefit from your IT investments and keep up to date with continuing improvements is essential to make the most out of your investment.


5) Back-up by a reliable security

Besides improving your business processes and meeting your organization’s needs, your new tech should also have tough system security. As wireless connections have become the norm among businesses today, the right technology should not be your weakest link when it comes to attacks from hackers and other entities who may want to steal your data. Always go for technologies that have been certified and vetted. Technology fails. It’s a fact of life. If you don’t plan for this eventuality, then you could be faced with the prospect of your business shutting down entirely for a period of time, leading to considerable losses. If you completely depend on technology, it’s important to complete a Business Impact Analysis (BIA) to predict the consequences of the disruption of a business process. Doing this will help you to gather the information you will need to develop a recovery strategy in the event of a technological disaster.