When it comes to your business’s long-term growth, identifying the right tech investments is crucial.
With the recent recession and financial challenges, there can be some hesitancy around making changes. However, to grow a future-proof and scalable organisation, you’ll need the right technology and infrastructure in place to respond to changes in your market.
That’s the view of Chris Weston, chief digital & information officer at Jumar.
“The process begins with a clear linkage between these investments and your company’s strategic goals,” he expands.
“This necessitates a thorough examination to ensure technology choices bolster key business objectives, whether that’s driving operational efficiency, enhancing the customer experience, or enabling innovative product development.”
Embracing a digital transformation becomes essential for businesses grappling with legacy systems that no longer meet their needs effectively.
Every investment initiative should start with research. Keeping up with technology trends in your industry is essential to ensure you don’t lose your competitive edge. Given the continuous evolution of technology, falling behind competitors who are ahead of the curve could lead to potential loss of business.
Weston says: “Staying informed about industry trends and technological advancements is critical. Businesses must engage in comprehensive market research and industry dialogue to anticipate and strategically prepare for the technological shifts on the horizon.”
Evaluating the maturity of potential technologies is equally important. Decision-makers should seek a balance between innovative technologies that offer competitive advantages and those with proven stability and reliability, ensuring the selected technologies are not only forward-looking but also grounded in real-world applicability.
Validating with stakeholders
The right investment mustn’t only pass through your approval or even your CFO: it’s crucial to secure approval from all stakeholders for the best chance of successful implementation. You’ll need to make sure you present a business case for the change and get the necessary approvals.
“Selecting the right technology involves collaborative input from across the organisation,” says Weston. “Engaging with IT professionals, end-users and other stakeholders is vital to understanding the practical needs and ensuring widespread adoption and satisfaction.
“A proof-of-concept phase is essential for testing the technology in a realistic setting, assessing its performance, and determining its fit within the company’s current technological ecosystem.”
Integration
Difficulties with integration can lead to many problems for your business, such as wasted time, resources, and productivity. You’ll want to ensure you can integrate your chosen systems seamlessly to minimise disruption in your workplace.
For example, if you plan on implementing a new customer relationship management system, choosing a CRM with extensive API support allows your company to integrate it with existing sales, marketing and customer service tools.
This ensures a unified platform that can evolve by incorporating new functionalities or connecting to emerging technologies, such as AI-driven analytics tools, without requiring extensive overhauls or compatibility issues.
“A critical factor in the selection process is assessing a technology’s flexibility for future integration and scalability. Businesses must prioritise technologies that can seamlessly integrate with existing systems and adapt to future technological advancements,” says Weston.
“This means looking for solutions with open standards, robust API support, and a track record of compatibility with a range of software and hardware environments.”
He adds: “Once the decisions have been made, having a smooth integration is key to acceptance and performance of new processes and systems. A trusted technological partner who can migrate your infrastructure, technological ecosystem, or cloud solutions is vital for your business growth. You want to start off on the right footing and ensure you have the right support necessary for this change.”
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Refining your technology
Achieving sustainable long-term growth isn’t about implementing a one-time solution. In reality, technology is constantly changing and developing, so your business should be too. You should invest in technology that can scale with your business while also actively horizon scanning for future developments that could enhance your business.
Weston says: “Adopting a continuous review process is essential for maintaining technological relevance and responsiveness. Regularly revisiting technology strategies in light of new developments and feedback ensures that investments remain aligned with business goals and industry standards.”
As well as the future scalability of your business, refining and testing your technology regularly is essential for the safety and security of your business and data.
“Developing comprehensive risk management and contingency strategies is also critical, ensuring the business is prepared for any disruptions and remains compliant with regulatory changes and security standards,” explains Weston.