What to be aware of when considering new technology for your business
BY READERS DIGEST
12th Apr 2021 Down to Business
With the rise of technological innovations happening daily across the world, we have found ourselves living in a world in which there is an app or software built to assist in every aspect of day-to-day life.
Therefore, it may come as no surprise to learn that employers everywhere have begun to utilize new technologies to improve the service they offer. Before you join them, however, here are the main things we think you should be aware of when implementing a new technology into your business.
What is the best offer?
It is unlikely you will find only one version of the technology you wish to implement, which is why it is crucial to research your options as much as possible before making a decision. Each provider may offer a different set of benefits, meaning you will need to decide what works best for your company. For example, if your business uses a fleet of vehicles as part of your service and you are interested in implementing fleet management software solutions, it is important to understand the different capabilities of each option and how these differences may impact your overall service delivery.
Does it offer growth for your business?
Some technological solutions simply offer short-term solutions for a problem that has arisen within your company; however, it is more likely that you are seeking a long-term solution to a potential or current issue that you are facing. Therefore, it is important to consider the impact on the growth of your company, whether that be positive or negative, and short term or long term. Will this technology allow you to expand the products you sell? Will it provide more options for customer service later down the line to improve your overall purchasing process?
Is it profitable?
Cashflow is the lifeblood of a business. Increasing profits and revenue is one of the main techniques of ensuring that a company not only survives but thrives. It is important to consider the impact on your profits that this new technology may have. If it is set to simply be somewhere you send money without ever seeing a return, then it may be worth considering a different avenue to solve your problem.
Will it require you to re-train your employees?
As an additional consideration, it is important to consider the skill requirements that will come with implementing a new technology. It is likely that there will be something that will need to be learned by your employees in order to fully utilize the technology’s capabilities. Therefore, you will need to weigh the costs of training your employees against the potential financial return on the investment.
Does it align with your company’s values?
A factor that may not be high on your list of considerations is how the new technology aligns with your values. Your company values are likely to be an integral part of your branding, letting your customers and employees know exactly who they are working with and what you stand for. You must ensure that every third-party company you work with matches those values. If the provider of the new technology operates in a way that is opposite to you, or doesn’t align with you in specific ways, it is worth taking the time to consider the implications of the partnership.
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