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Optimize Your Organization’s Technology Investment

  • November 29, 2021

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The recent pandemic has left an indelible impact on the country’s economy. Recent data indicates that 87% of companies are rethinking IT investments for 2022 and going forward, thanks to the significant shifts in consumer spending and market uncertainty. Moreover, 93% of respondents said that in rethinking their IT investments, they are likely to focus on modernizing cloud architecture, improving data management and analytics to spur their digital transformation efforts.

As a decision-maker, how often do you come across the words “next generation, cutting edge” capabilities? You are always promised an enticing end result of “improving your company’s bottom line” or “disrupting the business landscape” and more. And yet, only a handful of technology investment opportunities actually bear out any significant desired result. The problem is that technology is often applied indiscriminately, without any regard for the company’s strategic direction, core values, opportunities, or challenges. This is why finding the best fit for a particular technical logical solution to the business it's being applied to is so critical. Since decision makers are forced to choose from a seemingly countless variety of different vendors, technologies and add-ons, they need to be extra careful in evaluating the value proposition of the technology and deciding on the best fit for their operations. While many technologies promise to enhance convenience in the short term and may elevate base productivity levels by a few points - it is also imperative to evaluate its long-term business capabilities and value addition. The technology should ultimately feed into your overall business strategy and not the other way round. For more on this, you can refer to IT Support New Jersey for additional resources.

Top 6 best practices to make the most of your technology investments

Agile planning and budgeting

Adopting agile practices into rapid prototyping, design and testing, and iterative development can be of great benefit to businesses looking to effectively cut down on time to market. Agile processes can also help your team to efficiently incorporate customer feedback and fine-tune the product or service according to market demand. This is why investing in technology that enables more autonomy to cross-functional teams makes sense to deliver better value. For better ideas on implementing agility in technology development, you should seek the help of an Advanced Technology Investment Company like Managed IT Services New Jersey.

Joint ownership and accountability in delivering technology projects

Siloed technology projects where the technical team has the sole responsibility of project delivery can be limited in scope and reach. Organization should encourage cross functional ownership of business solutions in Technology Management. This encourages innovation and helps the company adopt a more holistic outlook towards implementation of technology in the future and share project success and failure across teams.

Leverage the power of cloud investments

While cloud migration is always touted four its ability to accrue incredible cost savings for organizations, much of its potential is actually yet to be realized. The better visibility that an organization has into cloud usage across the length and breadth of the enterprise, the more it stands to gain out of it it's cloud investments in terms of cost savings. Visibility into cloud usage can allow organizations to continuously monitor and tweak variables in resource usage and allocation to better manage costs, monitor workloads, and gain optimum value. IT Support New York City can offer significant guidance on how to leverage the power of your cloud investments.

Achieve a degree of balance in capital allocation

While it may be tempting for companies to solely focus on building more resilient technology environments in Technology Development, including security, and collaboration tools, recent data shows that companies that register the most growth are actually investing more in innovation and growth-focused technology spending. This has actually enabled them to make use of new opportunities, build more creative business models and entirely new revenue sources. This is also supported by the findings in a recent survey where 3 out of 4 IT decision-makers agreed that their organization’s digital transformation efforts (or the lack of it) could potentially hamper them from realizing the full benefits of key emerging technologies, such as, AI and machine learning.

Be more inclusive of different skill sets

In order to achieve a more holistic outlook in your Technology Advancement implementation team, you should ideally try to include a variety of roles from different functions across the company. This helps avoid tunnel vision when team members from only one function are in charge of implementing the technology vision of the entire organization by setting up systems. The goal should be to include the different points of view across functions and roles in the organization.

Achieve a level of balance between Humans and Technology

While technology can always enable a degree of convenience that makes it easy for us to overlook the human element, it could be a mistake to do so. At the end of the day, a lot of core customer experiences and even internal team experiences can be reliant on a degree of efficient human involvement at the right touchpoints. Technology Investment can enhance productivity, communication, enable better collaboration, help build more streamlined processes and ultimately contribute to the bottom line. But ultimately, technical solutions are only a tool dependent on human ingenuity to leverage the best use out of it. This is why achieving a balance between the human and the technical elements in your organization can only lead to better results for your company with the maximum leverage out of both digital and human capabilities.

About Chris:

Chris Forte is the President and CEO of Olmec Systems, which provides specialized services of IT Support Atlanta, New Jersey & New York area. Chris has been in the MSP work-space for the past 25 years. He earned his Master’s Degree from West Virginia University, graduating Magna Cum Laude. In his spare time, Chris enjoys traveling with his family.

 

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