There’s always a new tool, piece of software, or gadget on the horizon. And, of course, your business wants to stay ahead of the curve. But you also don’t necessarily have the budget to fund every new innovation. But in a rapidly changing business landscape, it’s important to stay ahead of the curve.
How do you keep the costs at bay while still remaining competitive in a constantly evolving landscape? How do we separate new technologies that are here to stay from those that are just a passing trend? Here are 8 questions to ask yourself to help you prioritize funding for technology at your company.
1. How Do I Define Value?
It all starts with your metrics for defining value. In job function email list other words, what does a tool need to accomplish in order to be useful to your organization?
Along with your key stakeholders, define what value means to you as an organization — what you need the technology to accomplish to make a meaningful contribution to your business. This definition will guide your decision-making as you move forward in budgeting and purchasing.
For instance, perhaps you’re looking to attract more visitors to your website. An uptick in users is, therefore, something that is valuable to your business. In that case, you would want to invest in analytics tools, as well as technology that supports SEO to drive traffic to your website.
2. How Great an Impact Will a New Tool Have on My Business?
If you invest in new technology, will it have here are some motivation benefits to keep in mind a small or large impact on your overall business? It’s critical to think about this before you take the plunge.
For example, perhaps you’re considering contracting an outside software development team to ramp up your cybersecurity efforts. For most companies, this would be enormously beneficial since ensuring your business and systems are completely secure is critical to all of your efforts. Therefore, the impact would be large — and the system would be quite valuable.
3. How Does the Technology Fit into the Bigger Picture?
When you’re wondering how to prioritize shops 9177 funding for one tool over another, consider big-picture technology and small-picture technology. The former affects multiple people and processes, while the latter only concerns a handful of people and processes.
Take, for instance, enterprise technologies, such as enterprise resource planning (ERP) software. This is a big-picture tool that will affect practically every department — and possibly even every employee — within your company. In many cases, it will allow you to streamline your efforts and make everyone’s lives a little easier.