In a world where businesses rush to adapt to emerging technologies to improve their operations, it also calls for caution and consideration before hopping into trending innovations. Some technologies are not one-size-fits-all, implying you need to figure out if a technology you are about to adopt is suitable for your business. For example, cloud computing solutions are in high demand, projecting growth in global market value of $168.6 billion by 2025 from $133.6 in 2021.
However, a cloud computing technology that works for a specific business may not work for yours. An IT consulting company is better placed to advise you on the most appropriate technologies for your business. In the meantime, you can rely on this article’s coverage regarding critical questions you should ask yourself before embracing new technology.
10 Questions to Ponder Before Adopting New Technology
Why invest in technology because it is trending, only to realize it wasn’t meant for your business later? You can avoid wasting resources on technologies that won’t return value by assessing their viability through the following questions:
Does the new technology guarantee our business’s data safety?
You must establish that the technology has desirable security features guaranteeing customer data and intellectual property protection. Some technologies may appear sophisticated but may contain several underlying vulnerabilities compromising your data’s safety.
Since customers’ loyalty largely depends on how safe they feel transacting with you, you wouldn’t want a new technology to erase years of building trusting customer relationships. Before adding new technology to your existing infrastructure, ensure it has a robust safety feature that makes it impenetrable by unauthorized third parties or hackers.
Is our IT infrastructure compatible with the new technology?
Investing in technology that can’t pass the compatibility test with your existing system would waste resources. Determining if a new technology you are interested in will function well when integrated into your business’s infrastructure without affecting its performance is crucial.
If a technology shows compatibility promise, it will help you achieve better results after cooperating with the current business applications. Drop it if it doesn’t show compatibility capacity, and find one that does.
Does the new technology allow employee collaboration?
If your business or company has several employees, consider getting a technology that allows them to work together by facilitating task sharing, joint communications, and other collaborative features. Such technologies improve productivity because tasks are shared, deadlines are met, and employees are out to give their best.
Which problem is this technology going to solve?
When looking to adapt to new technology, let it be because there is a gap in your business it promises to fill. Will it lower hiring costs, increase turnaround times, or help bring in more customers? Look at the bigger picture: the problem it aims to solve in your business. If your business is doing okay in all aspects, then there isn’t a need to add new technologies that have no value to add.
How much does the new technology cost, and does it guarantee greater ROI?
The capital needed to adopt a new technology also requires consideration because you want your investment to offer great returns. Consider all the expenses you will likely incur to establish if the total cost is worth what the technology promises to deliver. The costs include the initial investment to acquire, install, and subscribe to the new technology.
Another cost to consider is the routine maintenance and upgrading expenses, not forgetting training fees, because employees need training to operate complex technologies. It is critical to assess the total costs to determine if the value the technology is expected to bring is worth investing in.
Will the new technology give my business a competitive advantage?
If you are operating a business in a competitive environment, you must settle for technologies that offer you a competitive edge. Customer attraction and retention are challenging in a competitive environment where every business is out to give its best.
You wouldn’t want to lose your hard-earned customers to your competitors when you can leverage technologies to help you stand out and maintain excellent customer rapport. Before embracing that enticing technology, ensure it will help you improve customer service and support, which is vital in retaining and attracting more prospects.
Is the new technology scalable or flexible in accommodating business growth?
If your business has been experiencing steady or exponential growth, you should embrace technology that can accommodate the precedented expansion. Is your customer absorption or daily operations on an upward trajectory? You need a technology that can accommodate data and information growth without succumbing to the pressure of crashing or experiencing glitches.
What are other businesses that have embraced the technology saying about it?
Finding what other businesses say about a technology you want to acquire can help you make an informed purchase decision. The feedback in the form of reviews and testimonies from other users will help you determine if the technology is worth investing in.
While at it, ensure the feedback is truthful and not manipulated to avoid falling for fake promises. Balance the positive and negative reviews to find out which outweighs the other. The more positive reviews, the more authentic and reliable the technology is.
How long will the integration and implementation of the new technology take?
The new technology implementation timeline matters because taking longer than expected may bring implications such as disrupting normal operations, making it difficult to meet market demands, straining resources, and delaying employee training.
Also, the longer it takes to integrate new technology into your business, the more you risk losing current customers to the competition. Additionally, there is a chance the technology will have lost relevance by the time you are implementing it.
The checklist of questions above will prove helpful in helping you gauge the necessity of incorporating new technology in your startup, small, or medium business. While technological breakthroughs aim to streamline operations, not all are suitable for all businesses. You need the tech-how to pinpoint new technologies to elevate your business and register impressive returns on investment.
If you still need help settling on a suitable innovation, contact a reputable IT consulting firm to help determine the options that could work to your advantage. There is always an appropriate technology or several for every business; you just need to know how to settle on the most rewarding.