7 Things to Consider When Making Technology Investments for Your Business

Investing in technology is often a smart bet.

The right infrastructure and software can elevate your organisation and help you reach your business goals and objectives faster. However, you don’t want to just spend money on any piece of technology and try to make it fit with your company.

There are many considerations when making these types of investments. Before you install anything on your systems or sign a service agreement, you should ask yourself these questions to ensure you’re getting what you paid for.

What Are Your Business Goals? Defining your goals is the first step in any successful journey. Once you know where you're going, you can make informed decisions about the technology investments needed to help get you there.

Some of the most common business goals are increased revenue, expanded market share, and improved customer service. However, your specific objectives may differ depending on your industry and size. When defining your targets, it's essential to be as detailed as possible and put a time frame on them.

What Technologies do You Need to Support These Goals? Making the decision to invest in new technology can be a difficult one for businesses. It’s crucial to weigh the pros and cons of each option and decide which one will best support your goals. Some of the most important technologies you should consider include:

Big data analytics: This technology can help you make better decisions by quickly analysing large amounts of data. Cloud computing: The cloud can help you save money on IT costs while increasing flexibility and scalability. Mobility: Employees need access to information from anywhere, so providing them with mobile devices and applications is essential. Integrated Business Management System: This software suite builds organisational resilience against inefficiencies, improves team collaboration, and enhances decision-making.

What’s the Best Way to Implement This Technology? You have a few different options when it comes to implementing technology. You can buy and own the hardware or software outright, lease it, or sign up for a subscription. Each of these choices come with their own set of advantages and disadvantages.

Businesses that buy and own the technology themselves can completely control how it is used and make changes as required. However, it’s an expensive option, and you may not have the expertise or capability in-house to manage it properly.

Leasing technology can be a more cost-effective option. You only pay for what you use. However, these contracts can be restrictive, and you may not have as much control over how it is used.

Using a subscription model is an excellent middle ground between buying and leasing. You’ll pay a monthly fee to utilise the technology, and it can be used on an as-needed basis.

How Much Will It Cost? Businesses need to invest in technology in order to remain competitive and keep up with the times. But just how much should you be spending, and where should your money be going?

It’s critical to look beyond the initial costs. There are other factors such as maintenance and training. Once the new technology is implemented, you’ll likely find opportunities to improve upon it to better suit your organisation and help you achieve your business objectives. So be sure to cover all of these factors when evaluating your investment.

How do You Plan to Manage and Maintain the Technology? Technology investments are not set and forget. They require updates, maintenance, and sometimes repairs. One of your considerations will need to be how you plan to manage these tasks. Is it something your existing team will support, or do you require another solution, such as outsourced providers?

If you plan on utilising your existing arrangement, you have to look into training and upskilling to ensure your people have the required capabilities. There’s also the workload. Are you implementing a technology solution to replace an outdated one, or will it run in conjunction? In this instance, you may need to hire additional staff, which can drive up your costs.

Have You Allocated Budget for Training and Change Management? Many businesses put change management and training on the back burner. However, these are essential components of a successful technology implementation. Without proper education, employees may not be able to use the new system effectively, leading to frustration and decreased productivity. Plus, without a clear plan for change management, staff may not know what's expected of them or how the transition will occur.

As a result, it's important to allocate a budget for both these initiatives. This will ensure that your people are adequately prepared for the new system and that the transition goes as smoothly as possible. Of course, you'll also need to make sure that you have the resources in place to support these programs - from trainers and coaches to project managers and change management teams.

What is the ROI for Your Investment? The question of ROI in relation to your technology investment is an important one for any business. The best place to start is calculating the hard costs and benefits you’re expecting. Hard costs are those that can be directly attributed to the project, such as money spent on a new piece of software or hardware. Benefits may be harder to quantify but can include increases in efficiency, productivity improvements or the ability to make effective business decisions.

Once you have determined these factors, you need to calculate how long it will take for the investment to pay for itself. This can be done by dividing the benefits by the hard costs and multiplying by 100.

Make the Right Technology Investments for Your Business When making technology investments for your business, it is essential to consider all of these factors. By taking the time to evaluate your needs and research your options, you can make the best decision for your company.

At ContinuSys , we are passionate about eliminating unnecessary data and technology costs for businesses. Our integrated suite of web and mobile apps can help build resilience and assist you in achieving your business objectives. Want to find out more about the ContinuSys difference? Get in touch with us today to find out how we can help you.