Why You Should Have a Technology Plan for the New Financial Year
It’s common sense to have a gameplan for your company’s technology in order to maximise the efficiency of existing business processes, and to have your decisions made well in advance. When upgrading or modifying your existing technology you need to know precisely when the old is out and the new is in, and how much of your budget should be set aside to accommodate this, as well as the optimal time to implement changes.
As a business, it’s crucial you have a solid technology plan.
But despite the benefits of having technology plan, it’s quite common for many businesses not to have one. Don’t fall into this category! To convince you, here are a couple of reasons why you need a business technology plan.
New advances won’t pass you by
Differentiation in the market can take many forms, and providing an efficient and cost-effective technology strategy will always make one business perform better than it’s competitors.
With a technology plan you’ll be scouting out new advances and the latest digital techniques before slower adopters even have a chance. New advances in automation on both a mechanical and electronic level have made it a lot easier for many businesses to streamline their work, make everything run just a little bit smoother, and iron out the remaining kinks in their models.
Remember – technology means data, and data is information which can benefit you. Technology can be used to analyse and predict customer behaviour, streamline production, and entirely reinvent the ways of conducting business. It significantly affects traditional marketing and product distribution practices, while constantly improving the workflow of an office.
Being tech savvy and aware of the latest advancements is one thing, but being able to afford it is another. Your company needs to carefully analyse and understand the cost/benefit aspects of introducing new hardware or software. New implementations only make sense if benefits outweigh the costs.
Without a plan, you won’t be able to factor in hidden costs and find savings
A wireless headset might enable a worker in a sales role to work 20% more efficiently than if they were using landline. An upgraded fleet of efficient cars might save you thousands of dollars on fuel expenses, as well as give your business a more professional appearance. You might be saving more money in the long run upgrading to new software, rather than working around the old one’s limitations.
These are all factors you need to research and plan for. Not being able to answer and account for simple things is a fundamental failing of any company relying upon technology to sell or service a product. Creating a cohesive technology plan is the only way to accurately control this without relying upon blind luck.
You’ll avoid obsolescence
Don’t be too late to approach change, as your competitors utilising technology to revolutionise their businesses will quickly outstrip you. You always need to make sure you’re ahead of the curve.
It means that no department gets left behind
Technology should be prioritised in every department of your firm. Remember, a good technology plan examines every arm and leg of your business, and figures out how gaps can be filled and workforce efficiency increased over time.
Most businesses behave as one large organism, with every organ contributing to survival and overall performance. If there is a broken cog in this workflow system it needs to be assessed and quickly fixed. Your technology plan should review how departments that are poorly performing need to be remedied, so they can start working at an optimum level.
Your technology plan should consider underperformance, and weigh the cost/benefit aspect of upgrading or changing a particular business process by analysing to what extent technology will remedy the issue.
Issues such as these should be analysed through technology as opposed to human judgement, which can be influenced by sentiment. You want the best for your business and it’s growth!
You’ll stay secure
In the ever-expanding world of technology, new vulnerabilities in business processes are constantly being discovered and replaced. With the such a wide availability of new programs and software, you’re spoiled for choice. Your technology plan should analyse the core weaknesses of your organisation, and determine what software or products will best suit to fix this.
Finding the right match for your department and business processes will safeguard your company’s future.