How to Tell if Tech Will Help Advance Your Business

By March 21, 2017News, Your Advantage

Associate Contributor (6)

Technological innovation has become a core value at Pacesetter, and we have implemented it on all levels to drive efficiency so our services become even better with age.

We’ve found that the implementation of great new tech doesn’t halt or replace traditional processes. It streamlines them, and this in turn increases efficiency, helping out bottom line and that of our partners and clients.

Whether you’re a leader in the manufacturing industry or an associate with bright ideas, it can be difficult to know when technology is worth the upfront investment. Here’s a few pointers to help you determine if technology will advance your business and create value in the long run.

Does it make your business more efficient?

Efficiency should be the number one reason to adopt new technology. But it’s difficult to know off the bat exactly how efficient certain technologies will be, once implemented. This isn’t something you want to take chances, with either. So when considering new technology, do your research. Find others who have used it and evaluate its success. Has it made business more efficient for others in your industry?

Asking this question, researching to determine the answer, and weigh your options are all critical steps to take before implementing new technology, not after.

Does it help your company’s reputation?

Great technology that streamlines business can be a fantastic selling point. You might consider talking to your existing customers about technologies you’re considering, and see if it’s something that they respond to. You might also consider looking into your biggest competitors and see if their tech adoption is giving them an edge. It could be that new technology gives you the edge you need to get ahead, and attract new customers and partners.

Additionally, tech can be utilized on the promotional end. Investing in a great website and social media presence, for example, will help your business (and industry) cultivate an alluring online reputation that accurately reflects the innovations within.

Does it create value for your customers?

Finding ways to use technology to create new solutions that create value for your customer can solidify your relationship. In this connected world we live in, B2B is an ever increasing requirement for businesses to grow. A flexible architecture with regard to both software and hardware is required to support customer or vendor interfacing. Keep in mind each customer is going to have different requirements based on their environment. When considering a B2B solution you need to determine if it is a win/win for both organizations. Typically a successful implementation ensures a strong relationship and provides value to your customer that your competitors do not offer.

Does it help the bottom line?

Another obvious consideration is cost. If technologies cost more than they will save you in the long run, they probably won’t be worth your while. So run the numbers with your financial team. What’s the upfront cost? How much money will improved efficiency save? Will this attract more clients and increase revenue? Will it help your customers’ bottom line, strengthening your business relationships? These are the questions you’ll need to ask in order to make an informed decision.

Does it make things easier or harder for associates?

Lastly, new technology requires some getting used to, so you’ll need to take your associates into consideration before adopting technologies. If learning how to use a new tool makes things harder for your team, it may not be a great investment. At the end of the day, you want to make things easier for your associates and customers, not harder—so the more intuitive the technology is, the better. Whatever the case, keep in mind that some basic training may be necessary, which can be costly as well. I hope that these tips will help your business just like they’ve helped us here at Pacesetter.