According to Deloitte, almost 77% of US small businesses use technology in some of their processes. 64% of SMBs use cloud-based technology, and more than 70% of organizations have a digital strategy. Not only that, but nearly 78% of companies are currently expanding their SaaS tools. These statistics prove that technology is revolutionizing business processes in various ways. A significant proportion of executives and managers claim that implementing technological procedures within business operations benefits companies beyond expectations.
Technology is helping in creating more effective, faster communication, better manufacturing, and less wastage. It also plays an imperative role in improving stock management, developing more creative ideas, and enhancing marketing and promotion.
However, it is critical to understand that many different technologies exist. Therefore, every company must be careful and diligent before investing in any technology. Making sure to put money in the right technology is vital. Read below to find tips that will help you make technological investments more mindfully.
1. Identify your business needs
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The number of different software, operating systems, etc., available in the market can quickly become overwhelming. However, you must ensure that you invest in strategic business operations. An efficient way to analyze your business needs is to conduct a survey. See what technology you already have, how efficiently it is working, and identify areas of improvement (in technology). The most common ones include marketing, HR, Database management, order tracking, and Finance. Remember, technology costs big bucks, but it’s crucial to consider other factors as well. Therefore, you must be vigilant about leveraging any technology.
Suppose you own a storage business and are considering going digital with automated kiosks. In that case, although the self storage kiosk cost is crucial, you must also look beyond it and consider other factors such as time and implementation phases. And the outcome will be worth the expense. Still, you should consider predetermining each step to ensure seamless execution.
2. Select technology that will aid your business’s growth
Every business owner wishes to see their brand grow phenomenally one day. Growth is also one of the most crucial goals and objectives of all businesses. As mentioned above, purchasing new technology can be costly. You must look into industry specifics to assess your purchase. For instance, before leveraging a technology that requires investing a hefty amount, you must consider some factors. These include: have your competitors introduced such a technology? Will operating the technology be tough? Will you need to train your staff? If yes, do you have the budget? And many others.
Often, companies purchase expensive technologies that become obsolete before anticipated. Not only does it cause wastage of money, but now you also have to take care of getting rid of the old tech equipment. To avoid such a risk, you can consider leasing instead of permanently buying expensive technological equipment.
3. Request for proposal
After identifying your business needs and overlooking your requirements, create an RFP. You must include background information, a detailed project description, specific conditions such as tool and preferred systems, and project deadlines. You can also ask your vendors any questions regarding solutions or how they will meet all the requirements.
RFPs allow for a competitive review process. They carry significant accountability, get control of product demonstrations, and allow for comparisons with other systems. You can also consider streamlining your RFP process. A streamlined RFP process considerably reduces chances of error, integrates techniques, and can handle a wide variety of sourcing events.
4. Look for vendors
Your next job should be to look for vendors who can cater to your needs and requirement. Find a helpful vendor, willing to work long-term and preferably less costly. Ensure to clarify your requirement for both large and small supplies.
Nowadays, most vendors even provide training to equip your employees with the new technology. They can send in their IT experts to train your employee base in making full use of technology in their everyday processes.
5. Always have a backup plan
Ideas fail all the time, and there is a decent probability that your new technology might too. Therefore, it is always best to have a backup plan. Without a backup plan, you might have to face heavy losses. Your business might even need to shut down for a specific period.
A backup plan will help with recovery and might save your business from entirely going out of operation. But you must also work carefully on your backup strategy. It would help if you created a Plan B considering the worst-case scenario. Identify the main aim to narrow down your options. It will also help in counteracting any obstacles. It would help if you made use of the business impact analysis software. It will help you predict the consequences of the new technology that you can use to gather information and plan for recovery.
If you’re careful and considerate about investing in the right technology, you can take your business to the next level. Successful technological implementation will help your company innovate, improve quality, and increase profit. You will also witness improved communication, reduction in wastage, and higher efficiency and productivity.
Hopefully, the strategies mentioned above will assist you in narrowing down and investing in the best possible technology for your organization.