Does Your Business Really Need That Technology?

Does Your Business Really Need That Technology?

Technology has helped companies produce more, get more accomplished, and reach a wider customer base. Thanks to technology, it’s now possible for your business to communicate with people on the other side of the planet instantly. You can ship products around the world or to the other side of the US in pretty much no time at all. Tech has also made equipment lighter, more efficient, and less expensive.

Tech also happens to be pretty exciting and promising. It might solve a wide range of problems with a company and can make it more fun for employees to complete everyday tasks and responsibility. But not all technology is created equally. Some of it your business might not need and some of it can actually increase your risk for a security breach or other issue. It’s important to weigh the pros and cons and ask if you really need to invest in a piece of technology.  Here’s what you can consider when deciding whether new tech will ultimately help or harm your company.

Look to Where the Problems Lie

One way to figure out if a piece of technology is going to help your business or not is to look closely at the problems your company currently faces. Ideally, technology will help solve that problem. For example, if you are struggling with communication and employees feel as if they are buried under mountains of reply-all emails, it might help to invest in a collaboration and communication software, such as TeamWork. But collaboration software isn’t always a must-have. For example, if you are a smaller company or if you don’t usually need to share information with a large group of people at once and have them weigh in, email might be sufficient.

Consider the Challenges the Technology Would Present

Another thing to think about when deciding whether or not a piece of technology would be a good match for your company is the issues the tech would bring with it. For example, there’s usually a learning curve and training period involved when introducing new technology to your workplace. How readily would your team be able to pick up the new program and how easy would it be to implement into your business’ day-to-day?

Also worth considering is whether or not the technology would integrate or work with other equipment in use at your company. If your business uses PCs, it would be tricky to start using iPhones, for example. If you’re going to start using a new bookkeeping software, it’ll be easier for you if the program is able to import information and data from your current set-up.

Consider the Cost vs Savings of the Tech

One reason why companies bring in technology is to save money. Usually, automated programs help to save time and money. But it’s a good idea to look at how much you’ll save using the program compared to how much you’ll end up spending on the new technology. Look at all of the costs involved, not just the price tag on the software program or equipment. You’ll want to consider the cost of training your team to use the program and the cost of reaching out for support when needed.

Think About the Security Issues

New technology can enhance the security of your company, but also put you at risk for data breaches and other security concerns. It’s essential that you weigh the security pros and cons when considering whether or not a type of tech will help or hurt you. For example, it’s important to find out who will have access to your company’s private information and to your customer’s personal details when you start using a new software program or piece of equipment. Are there security measures in place, such as encryption, that will keep prying eyes out?

It’s also a good idea to understand what your responsibilities might be if there is a security breach connected to technology your business adopts. Will you be solely responsible or will the company that produces the technology step in to shoulder some of the blame?

Choosing the right technology can help your company grow and increase its profits and revenue. If you need help deciding on technology or are looking for assistance when it comes to mapping out a plan for growth, contact New Direction Capital to learn more about our virtual CFO services today.

Photo by Eddie Kopp on Unsplash