Investment in new technology for your business has the potential to revolutionise your operations, however, it is imperative to manage your expectations to avoid disappointment. Thus, it is crucial to meticulously assess and deliberate your next technology investment. Presented below are eight recommendations to guide you through the process and guarantee that your next tech investment aligns with your business objectives.
1. Appoint an Internal Champion
Select a proficient figure within your organisation to spearhead the procurement process and take charge of the incorporation of the new technology into your business operations.
2. Communicate and Define Your Primary Challenges
Identify and articulate the obstacles and challenges within your existing business processes. This will aid in determining the specific features and capabilities required to address these challenges.
3. Expand Your Pool of Solution Providers
Conduct research to identify potential solution providers that offer the necessary features and capabilities. Look for firms with a strong online presence, active engagement on professional platforms such as LinkedIn, and positive customer reviews on third-party review sites.
4. Evaluate Solutions to Shorten Your List
Arrange demonstrations with your preferred solution providers to assess how their software tackles your specific challenges. Request real-life examples and comparisons with competitive solutions to gain a comprehensive understanding of each provider’s offerings.
5. Obtain Approval from Key Executives and Team Managers
Involve all pertinent stakeholders, including senior executives and team managers, in the assessment process. Schedule further demonstrations with your shortlisted solution providers to allow everyone the opportunity to pose questions and provide feedback.
6. Understand the Inclusions
Take the time to comprehend the setup implications, onboarding process, and ongoing support provided by each solution provider. Clear communication and a thorough understanding of what is included will be vital for a successful implementation.
7. Seek Testimonials
Request potential solution providers for references and speak to other businesses that have implemented their technology. Firsthand accounts of their experiences will provide invaluable insights into the effectiveness of the solution and the level of support provided.
8. Align Goals with Company Objectives and Key Results
Assess how the new technology will contribute to the overall success of your organisation. Establish benchmarks and devise reporting mechanisms to monitor progress and measure the impact of the technology on your business.
Remember, ROI Takes Time
It is important to note that the return on your investment will take time. While you can establish benchmarks and forecast success, it is essential to acknowledge that the full impact of the investment may not be immediately apparent.
By adhering to these steps, you can ensure that your next technology investment is aligned with your business goals and positioned for success. Carefully evaluate your options and you will be on the path to discovering a winning solution for your business.