A lot of companies are making large technology investments and here’s why. One problem that growing companies have is identifying and investing in the right technology. Today, we’ll give you a couple of tips on how tomake advantageous technology investment decisions.
Why Invest in Technology?
Small business owners often feel they’re falling behind without continuous tech upgrades. A 2021 poll revealed over half believed they spent too little on technology, while only 20% thought they spent too much. This highlights the constant game of catch-up many small businesses face. Some of the reasons small businesses invest in technology include:
- Integration of new systems/applications to advance efficiency
- Cybersecurity
- Managing and analyzing data
- Upgrading systems
- Upgrade for younger workforce
- Expanding reach/commerce to Internet
- Managing building IT complexities
Many small business owners believe tech stagnation equals business stagnation. Finding the right technology is crucial to avoid wasting capital. Let’s take a look at three strategies that work to identify the technology your business needs.
Look Inward
Before investing in technology, assess your business problems. Identify areas where new tech could reduce costs or improve efficiency. Determine your pain points and the best investment to address them. If you need a rapid ROI, plan carefully to ensure technology solves issues rather than creating new ones.
Look to Deliver More Value
Your company is unique, and if you consider it, it has a unique offering. Identifying what unique value your business presents to your customers is a great place to start when looking to implement technology to help your business. You will want to explore how new technology could help you differentiate your product and service delivery and then make decisions on those investments to improve your value proposition to customers. After all, if your customers won’t pay more after a massive innovation project, other than market sustainability, why would you want to put that kind of stress on your business?
Get Creative
You are in the business of creating great outcomes for your customers so that they continue to buy your products and services. Why then would you try to develop and integrate technology that could end up costing you a lot of money? Nowadays, there are many technologically-based organizations that your business can partner with to ensure that you are able to move operations forward. Whether that be organizations that specialize in virtualized hardware, managed software, or simply getting your team the coffee they need, there are technology-based solutions to nearly every business problem.
That’s where the IT professionals at VISTECH come in, we handle all manners of technology-related issues that you can have with your business. Give us a call today at 860.251.8003 to have a conversation about how to get your technology working for you.
VISTECH is here to help you make the most of all of your technology, productively and securely. Give us a call at 860.251.8003 to learn more about what we can do.
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