By 2022, midsize enterprise users of Modern Analytics and Business Intelligence platforms that are differentiated by Augmented Data Discovery capabilities will grow at twice the rate and deliver twice the business value, of those that do not. – Gartner
A bad strategic move can create an avalanche of negative impact on your organization resulting in long term effects.
Although in the past few years, there have been rapid advances in business cloud services, data management, artificial intelligence, IT services and more that can have a great impact on your business. Some of the technological advances may seem a great fit for your business, but that doesn’t necessarily mean that it is the best option for your business – depending on your specific needs.
With so much rapidly evolving technologies readily available, how should you go about making the right decisions for your business?
1. Understand and Analyze your Business Needs
Conduct an assessment and analysis of your technology inventory. What technology do you already have in place? How well is it serving your business? The best practice is to section your tech inventory into 3 categories a) Good, b) Bad, c) Needs Improvement – so that you can assess holes in your tech infrastructure.
When you’re used to working with an outdated system or even difficult ways of working, ways to improve can be difficult to see. So, your focus should be on how your business processes could be made simpler and more efficient by improving the technology available to you and your employees.
Here are some common areas for improvements in technology include –
- Accounting and Financing
- Order Taking and Tracking
- Database Management
- Communication (internal and with customers)
- HR Management
2. Focus on your Pain Points
Figuring out your company’s pain points is the key to knowing where you need the room for improvement and what works best for your company. First things first, start with your team or your employees. A good place, to begin with, is – asking everyone to take a moment and estimate how much time do they devote to various tasks they perform on a daily basis. You need to make sure you’re looking out for company-wide trends and not scrutinizing your employees’ time management.
Once you do have that data, you should be looking for information that surprises you. Are your employees spending an extensive amount of time catching up on emails? That might point to the need for a much-needed communication solution.
3. Technology that grows with your Business
Purchasing new technology is expensive, so you need to do your research and plan thoroughly when you purchase new technology. A useful way of assessing your potential purchases is to check out and look around industry-agnostic business forums. What other small businesses are considering? Have they experienced any difficulties?
There is always a risk of technologies becoming outdated faster than anticipated. That leaves you with a piece of expensive equipment that you may have to donate, sell or recycle in a feasible manner. In order to counteract this risk, its important to lease your tech equipment in order to stay up to date with even more sophisticated technology.
Learn how V2Solutions utilized its technical expertise to generate a cutting-edge solution that met our client’s (an ex race-car driver) requirements, delivering the complete solution in 10 weeks, with 7 resources.
Gartner Survey Shows 37 Percent of Organizations Have Implemented AI in Some Form
4. Think in terms of Need
This point harks back to defining what your business needs are. Thinking in terms of need and not desire is incredibly important for the successful implementation of new technologies.
Once you have jumped onto the technological bandwagon, you will start noticing how rapidly your business transforms. One thing that should be kept in mind is to make changes that your business actually needs and then make a comprehensive plan as to where it will be of use in your business.
5. Have a backup plan – always
It is always advisable to not be completely dependent on technology because it fails and there’s nothing you can do about it. If you don’t plan for this eventuality, there are chances you could be facing the prospect of your business shutting down for a period of time. It is important to complete a Business Impact Analysis (BIA) to predict and overcome the consequences of a business process.
Doing this will help you to gather the needed information to develop a recovery strategy to save you from a technological disaster. A Disaster Recovery Plan could include backup power supplies, cloud storage, and hardware, and no matter how small your business is, it can save you from a disaster downtime.
6. Train your employees
Investing thousands upon thousands in up-to-the-minute technology won’t make sense if nobody knows how to use it effectively then your business will still not be working at optimum efficiency. Developing an ongoing training process is a key element – so that employees can leverage the technology to its optimum capacity and keep up to date with continuing improvements to make the most out of your investment.
Choosing the right and the best technology for your company means having a clear understanding of your budget, current needs, short-term and long-term objectives, and your shortcomings. So, ask your employees for their opinions and it’s always better to consult an IT specialist, testing various tech solutions and then selecting the optimal choice that aligns with your business’s needs.Loading Likes...