Seven Questions To Ask Yourself Before Investing In That New Tech Solution

February 22, 2019 editor

While it may be tempting to jump on the bandwagon of the latest and greatest tech developments, implementing every new solution on the market is not always wise. Technology can be expensive, so you’ll need to make sure that the products you choose are truly worth the investment for your business.

Below, members of Forbes Technology Council share some important questions to ask yourself when you’re deciding if a new technology is right for your organization. Here’s what they said:

1. What Do Our Key Stakeholders Think?

It’s crucial to be extremely well informed about emerging technology, directly from the source. However, you should balance that with realistic pragmatism, a strong thesis, a plan and, most importantly, perspectives and input from stakeholders. This will help you avoid extensive gaps between innovation triggers and real adoption. – Dean Sutton, Northstar Venture Technologies

2. How Will It Impact Our Top Performers?

While return on investment will be an eternal consideration when examining the adoption of new tech, I believe the bigger focus should be on how it affects the dynamics of your top players. If a piece of tech can automate enough functions to free up your top performers to be more creative, then the benefits reaped from it are not immediately evident if ROI is your only calculus. – Eranga Devasurendra, Twin City Clarage

3. Will It Improve Our User Experience?

The crucial aspect of considering a new technology is to first understand how the new technology will impact on customers or user experience. A thorough review of the new technology is a must before thinking about implementing it. Other questions to ask include: Is it hype? Does it fit with your products and services? Is it cost effective? – Saiful Khandaker, Fama Cash

4. Will It Bring More Business Value Than Sticking To Our Current Tech?

What we typically consider when evaluating new technology is the business value this technology would bring, versus keeping the old tech. This alone encompasses things like performance, ease of implementation, learning curve, maintainability, ability to hire experts, cost savings, its ability to accomplish the tasks at hand. – Masha Sharma, RealAtom

5. What Is The Company Behind The Technology Like?

We look for well-documented API calls that work seamlessly. We look for responsive, customer-focused support teams that look after issues nearly in real time. We look for technology that is continuously improving and charging forward rather than expanding horizontally. We also look for technology that is cutting edge from a security standpoint. – Gabriel Fairman, Bureau Works

6. Does It Align With Our Organizational Values And Strategies?

Estimate the long-term viability, potential return on investment and organizational buy-in. I begin by having the organization define what it values. It could be a number of factors, such as productivity gains or efficiency, usability, and innovation. I look at what is offered, and then measure it against my organizational values and strategies. – Michael Dawisha, Michigan State University

7. Do We Have An End Goal In Mind?

When considering new technology, you should fully understand and be able to articulate the end goal and value proposition of implementing the new tech. Often times things are done just because it’s the new trend, with no future vision of how the tech will be used. – Al Torres, SummitSync

Source : Forbes