If You Wait For Business Needs To Drive Technology Investment You Will Fall Behind
Technology is like a spare tire. When you don’t need it you hardly think about making sure you are invested in one but are deliriously grateful to have up-to-date tire tech when the need arises and business situations go flat. All the more reason to stay on top of technology investment before an unexpected demand explodes your company like a bald tire.
Or, don’t wait until your business needs new technology to invest in it.
Horse and Buggy
Sure it will get you to where you’re going, but…
An article in Forbes magazine suggests that business owners resistant to new technology investment base this reluctance on expense misconceptions.
New tech is an investment. There's risk, but there's reward, too. No, tech investments don't show immediate yields but unlike other investments shortly provide benefits of productivity, time-savings, and integration across the organization.
Secondly, businesses don’t invest because their old hardware and software, still “works.”
Simply working doesn’t make dated technology efficient and productive though. Or valuable. It’s akin to taking a horse drawn carriage onto the Autobahn and expecting it to compete. Old tech may "work" but causes excess labor and expense. https://www.forbes.com/2010/02/12/saving-time-technology-entrepreneurs-technology-mckinney.html
Solidly tech invested organizations have value. Investors want to invest in value, and we haven't mentioned what tech investment does for sale value.
The Fast Track
One of the primary reasons you should seriously examine technology investment is because your competitors are. Leaping right onto the fast lane when the new tech flag drops is what makes startup companies competitive right from the jump.
Competitors you may not know exist.
An ordinary person anywhere in America can start a lucrative drop-ship business from a home office with current, updated technology available on the web. Suddenly the nice Mrs. Twitty from the Rotary Club is an up-and-coming contender to think twice about, especially when she begins to invest in custom software made specifically to make her company more competitive.
Not today when teenagers are day-trading with mobile apps (with parental permission, of course) or have part-time jobs after school as computer repair people. We often forget, but technology also means knowledge, a free education seized upon by folks who were previously not regarded as technologically sophisticated at all. Like farmers. Talk to any farmer who has adopted GPS software to make use of every square foot of their acreage. The extra yield pays for the technology investment in a few harvests.
That’s the competitive edge; agile vs non-agile. Do it before you need it. Half the time we don't think we need a mechanic doctor...until we do.
Model T (for technology)
Think you may need to take a closer look at a new technology investment for your organization?
Has your business technology kept scale from when you first opened your doors until today?
Does hardware and software become increasingly difficult to integrate?
How’s your energy bill looking these days? Old tech uses a lot more resources.
Do your employees work harder but less productively?
Technology investments your business should be implementing now:
SaaS (Software as a service)
App development, mobile and web.
If you are really looking to the future, virtual reality and augmented reality are projected to take up their respective places in the workforce in the not so distant future.
If you are looking for innovative ways to make a technology investment for your company, contact the Intellection Group. They can help, especially in these economically tense times when new technology investment may seem an uncertain proposition. Or give a call at 678-283-4283 for all your software development and business needs.