Investing in new technology is tricky if you are expanding your business and it comprises of a significant chunk of your infrastructure spending. Before spending a lot of money in investing technology you don’t really understand, but simply got drawn in by the technobabble, these are things you should be asking yourself.
- The technology should be scalable
When you invest in technology, you must have a future plan to base the framework on. Consider not only the implementation cost, which can be much less for a technology which seems lucrative but does not have scalability potential. Which means this investment will become a waste in time if you continue to grow your company. Choose the right technology based on your plans for the business.
- Integration potential
If you already have an infrastructure in place and thinking of investing in expansion, the new technology should be aiming to integrate well with your current, existing technology. Without that, you end up with a technology without a framework and will have to opt for costlier options to work it out.
- Understand your needs
Probably one of the most crucial decisions to make when undertaking new technology is how knowledgeable you are in this new technology you have decided to spend money on. Take into consideration the expense for hiring expert help if you don’t understand the technology as well.
- Do you really need it?
The measure of understanding how crucial the technology is to your business will be through how much your business needs it. Take a look at 4yacht.com, a company that transformed its sales method with efficient use of technology that was crucial for business growth. The money you spent must be tantamount to the benefit your business derives from this technology.