How to Determine Which Tech Innovations Suit Your Company

Every business wants to be the top dog in their respective field, but in order to do so they need the assistance of software systems. If you want to stay ahead of the competition and maximize efficiency within your office, making the most of the technology you already have is important, but you also need to remain cognizant of when it’s time for an upgrade. Innovation Management reports that while businesses may recognize these cues, studies show that 63 percent of businesses feel intimidated by the number of options they have for upgrades. Here are a few ways you can stay in touch with your company’s functions and how to improve them with the latest innovations and updates.

In what ways could you increase your company’s efficiency?

Efficiency separates strong companies from the rest of the pack. If you can deliver your services well and in a timely manner, your business is sure to stand out. You need to assess your business and identify your strengths and weaknesses. For example, if your employees are spending too much time sifting through data to come up with analytical evidence, it might be time to invest in a cloud system that will help to quickly analyze data. According to Oracle CEO Mark Hurd, for many companies, “the move to the cloud is not just a technical thing; this is a business model, a generational change about how we think about IT.” Your financial department may also need a better way to track employee hours, like using technology such as Tsheets.

Do you have collaboration issues?

Collaboration and the sharing of information is a pain point when there isn’t a proper system in place to manage it. Chatting in person or over chat software is typically the go-to for many companies, but every company deals with miscommunication and information that slips through the cracks. If your company is struggling to communicate and designate project roles, digital organization tools like Asana can be helpful for everyone involved.

Are you worried about cybersecurity?

For any company using technology, whether through a cloud-based system or an on-premise system, security is always a concern. Building a thorough and effective security system is one of the most pressing issues for companies in every industry. While most systems offer regular updates, it’s still a good idea to monitor how well your system is working to protect important company data. While none of these systems can be 100 percent effective 100 percent of the time, updating to a top-of-the-line security system is vital to keep your company running as smoothly as possible.

What is your budget?

Another tip for determining the proper technology for your company is to stay within your budget. If you think you need a premium operating system but can only afford something more in the middle of the pack, that’s okay. It’s better to be realistic about what you can afford. It would be far worse to overspend and possibly bankrupt your business. A good rule of thumb is to gain the approval of your CFO or finance department before presenting your suggestions to the President or CEO, and if you’re the President or CEO, consult the finance department before purchasing software for which you’re not financially equipped.

Determining pain points that require software updates is tricky. According to Bill Gates, “Software innovation, like almost every other kind of innovation, requires the ability to collaborate and share ideas with other people and to sit down and talk with customers and get their feedback and understand their needs.” With that in mind, it’s important to have open and honest conversations about what a company might need to make it more efficient. However, if you remember to keep your organization’s best interests in mind, you’re sure to find the tech that would best enhance your company’s operations.