Do you consider business technology as a necessary evil or as an opportunity for growth? If you want to increase productivity, gain a competitive advantage, and generally improve the quality of human life, you need to think strategically about it. A company cannot simply spend money on a piece of technology equipment without a plan in place and assume it will forever fix all your business problems and needs. Here are our top 3 ways you can think more strategically about your technology so you can achieve your company’s organizational goals and realize your best possible ROI.
1) Leverage IT as An Asset
The global technology industry is forecast to reach $5 trillion this year. Its obvious technology isn’t going anywhere and in fact, will continue to grow at an exponential rate. That’s why in today’s modern age, you need to leverage IT as an asset to identify how it can be used to solve your business problems. Think outside the box and take advantage of technological and modernization opportunities that can better your business. From automation and business process optimization to artificial intelligence and satisfied customers, technology has tremendous potential to advance your business operations and future.
Use a data-driven approach to determine what areas of your company need the most improvement. Look for ways to streamline business processes by automating or leveraging technology to simplify common business tasks so people can focus on bigger issues. Identify outdated or legacy systems that your company utilizes and research more innovative digital solutions. For example, 93% of workers say that trying to operate outdated technology severely affects their overall job satisfaction, and 33% of all employees said they would look for a new job due to their workplace’s outdated technology. Modernized business technology doesn’t just make your staff happy, it builds trust and loyalty with your customers, and puts your company at a competitive edge within its industry.
2) Give IT A Seat at The Table
Make sure to partner with your IT staff and involve them in the conversation so they better understand business priorities. To ensure they’re aligned with the company’s overall strategic goals, they must have a seat at the table for any strategic business initiatives. As technology’s subject matter experts, they should be engaged right from the get-go, so they can help navigate your company’s digital transformations with fewer snags and larger profits.
The consequences of not including IT in your planning discussions can lead to resentful employees who fall silent and fail to offer their invaluable expertise. This potentially could result in your business implementing a new digital product that does more harm than good. At the end of the day, IT knows what works and what doesn’t, so it makes sense to include them. Not only can they provide you with the best support and guidance, but they can give you advice on how to grow your ROI in the future.
3) Be Proactive
Don’t wait until something breaks before planning to invest. If you are proactively budgeting for the future, you can manage change and business needs better. Business technology can be explained in the same way as buying a new car. You wouldn’t buy a car and not factor in the additional costs and regular maintenance, like gas mileage, oil changes and tune-ups. Once the car is yours, you want to ensure its longevity and health, so it won’t break down on the side of the road in the middle of the night. The same idea applies to your business technology. Putting the effort and budget upfront into sustaining and improving your company’s technology as the years go by will ultimately give you the highest ROI.
A bonus tip – strive for continuous improvement with your business technology. Constantly seek ways to add value and decrease inefficiencies. It’s never wise to stay status quo just because everything is running smoothly. The global AI market size was valued at $62.35 billion in 2020 and is expected to increase 40.2% from 2021 to 2028. Technology is constantly growing and changing but being proactive and anticipating and adapting to new innovative technology trends, ensures you won’t miss out on opportunities. Create and nurture a continuous improvement mindset with your staff. They likely have the best ideas for improvements as they manage the day-to-day tasks. This is the only way your business will keep up with the market and industry changes and stay ahead of competitors.
Our managed services team works with clients to help with technology strategic planning, review current systems & processes, or simply answer any questions on how a company can boost its profits using its technology.