Technology Procurement

Questions to Ask Before Investing in New Technology

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21 May 2024

With technology constantly evolving, hardware and software that is considered the best today may become obsolete tomorrow.

The one thing that can help you weather through this ever-changing landscape is investing in the newest technology.

The process of adopting new technology allows you to use it to its maximum potential in an attempt to improve your business operations.

Yet, adopting new technological solutions just because they’re new can seriously drain your resources. The benefits of investing in new technology are many, but the process can also be quite risky.

While you may be hesitant to invest in new technology, you need to do so to allow your organisation to grow.

Different businesses and organisations go about investing in new technology differently. However, one factor that remains constant is the need to ask questions before adopting any new tool.

In this article, we will look at some crucial questions you need to ask yourself before investing in any kind of new technology.

Let’s begin!

1) Is It Within Budget?

When investing in new technology, one of the main things you need to consider is whether the cost of purchase fits within your current budget.

If the technology you want costs more than what you’re currently using, you may also want to look at alternatives that are on the same level as what you’re already paying for.

If you select a tool that is costly or that puts too much of a strain on your budget, it could result in cuts within other areas of your business.

2) Can It Help Solve a Problem?

When you’re looking for new technology, it’s often because you are trying to solve a specific problem. As such, to decide if new technology is right for your business, you need to think about the problem that you’re trying to solve. Alongside this, you also need to understand how your new technology will fit into the solution.

Whether you want to improve internal operations, streamline communication or enhance customer satisfaction, you need to source a product that can help solve that problem.

Asking yourself this question helps avoid going down an endless rabbit hole of new tools and technology, without them actually benefiting your processes.

3) How Big Is the Learning Curve?

When implementing anything new, there is often a learning curve. As such, when thinking about buying new technology for your business there are various factors to consider. Yet, the main factor remains how difficult the technology is to use.

It is vital to consider product usability as everyone within your business will have to figure out how to incorporate this new tool into current systems and processes. If the technology is difficult to use, your employees may not be too eager to adopt it.

4) Is It Secure?

When investing in new technology, one of your biggest concerns ought to be cybersecurity. To avoid any potential security risks, you need to put a lot of thought and research into it.

While considering potential risks is essential, you also need to identify what steps you will be taking to ensure everything is secure. You will need to carry out regular vulnerability assessments, create an incident response plan and aptly manage user access to keep your data safe.

5) Will It Help Boost Productivity?

Another reason so many are eager to invest in new technology is due to wanting to boost productivity.

Although new technology can increase productivity, you also need to factor in the integration of that technology and establish if the pros outweigh the cons.  Know that new technology may interrupt ongoing operations initially and prepare for this accordingly.

Remember – if the learning curve outweighs the increase in productivity, you might need to rethink your investment altogether.

6) Can It Be Integrated into Current Workflows?

Your workflows are not built overnight. That’s why you need to take into account all factors that could interrupt your workflow.

When investing in new technology, analyse how it will impact your current workflows and operations. If it can be easily integrated with minimal disruptions, it may be worth investing in.

However, if you find out that the technology you’re in is difficult to integrate and may result in stress on your current workflows, you may need to look for alternatives.

7) Is It For The Long Term?

Do you believe that your new technology will last? New technology often pops up for undeserved needs or due to something being considered trendy.

Before new technology procurement, you need to make sure that it has staying power and will not be made obsolete shortly thereafter. As a precautionary measure, you’ll also want to ensure that the new solution is as easy to maintain as it is to use.

8) Have All Options Been Considered?

It’s easy to get swept up in excitement and make rash decisions when it comes to investing in new technology. As such, before making a final decision, thoroughly evaluate all your options.

Take a step back and ensure that you’ve reviewed all your options. You may find that there is a more cost-effective alternative or want to talk to others in your industry to get their honest opinions.

For Expert Technology Procurement, Contact Redpalm Today!

Investing in new technology is a very meticulous process that requires a lot of thought and research. By asking yourself the above questions, you can make sure that you make a good choice that is well-suited to all your business needs.

If you would like help in your technology procurement journey, we can provide some assistance.

Redpalm is a managed services provider (MSP) that provides you with the IT and cybersecurity solutions you need to protect your business from internal and external threats.

At Redpalm, our Microsoft-certified experts are equipped with essential skills and expertise to help you swiftly identify and mitigate any and all risks.

We also offer services like endpoint management and security, proactive monitoring, cloud services and hosting and so much more!To learn more about our services, click here or contact us to schedule an appointment today!

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