Are you using your technology stack as it was intended? When was the last time you reviewed your technology stack and assessed its value to your business?
As a passionate enthusiast of the benefits of technology and how the right technology can benefit, I am often surprised when I hear clients tell me that they don’t have a strategy around optimising the use of their technology.
Finding the right balance of either having too much or not enough, both of which can be costly for your business, can often be challenging.
So how do you find the right balance? Here are my top tips for investing in and reviewing your current technology stack.
1) How is the technology you are looking to deploy solving a business problem or helping your business?
When exploring technology to help your business, it’s essential to review how it addresses a problem for you, fills any gaps you may have, and offers solutions that help you achieve your goals.
2) Is the existing technology deployed being effectively utilised? If not, why? Is this a training issue? Is it a cultural issue or something else?
I recently reviewed solutions for a firm and found that a particular software program had only ten percent utilisation and was costing the business a large amount of money that could be invested in other areas of the company or on technology that may be better suited.
Often, we invest with good intentions; however, we don’t have a plan around ongoing utilisation and determining its return on investment. If you are investing in a product that your team will be using, engage them early on in the process to ensure buy-in. Often, they will ask questions and raise concerns that can help facilitate a better outcome and save you money and time.
3) Does the technology you are looking to invest in have adequate security measures in place to protect your firm and your customers’ data?
Too often, we hear of data being compromised due to poor security measures. Whilst many technology systems have improved in this area, some still do not have sufficient measures in place and therefore leave you vulnerable. Consider ongoing support as part of your initial assessment, and ensure that the software you choose has a clearly documented policy on data protection and storage.
4) Explore the market and choose what fits in best with your business. Most companies offer free trials and demos that will guide you in ensuring you are purchasing the right solution for its intended purpose. Take advantage of this and make the time to do the assessment based on your criteria.
When selecting technology, ensure that you not only conduct thorough research but also that it is fit for purpose, addresses your needs, and helps you scale as a business. Use artificial intelligence to help you with your research into technology that supports your requirements.
Finally, we recommend reviewing your technology at least twice a year to ensure you are getting maximum value.
If you need help assessing your current technology stack and/or would like help around finding technology to support your business, don’t hesitate to contact me at hello@eyb.net.au
