Selecting the right tech for your business is an investment. Just like you wouldn't buy a house without conducing the proper research, it's equally important when you are sourcing technology. Below are six key considerations that each business should think about when investing and implementing new technology.
Step 1: Questions, questions, and more questions.
Before you even consider a new piece of technology, here are some questions to ask:
- Is there a strong business case for this piece of technology?
- Is the company and its people ready for the change?
- Can your business fully utilise the technology?
- Does the tech integrate with your existing ecosystem?
- Is it sustainable?
Having the latest tech will not immediately result in the best business decisions or an increase in ROI. It also won't make your workforce happier and more productive. Ensure that your business completes due diligence. If all signs point to needing new tech, then proceed to the next steps. However, remember: not investing in tech can also be a very solid strategic option, especially if your business is not ready for it.
Step 2: Planning
At this stage, you will need to:
1. Go deeper into your analysis
2. Plan for any change management activities
3. Start to pull your project team together
4. Bring your legal/procurement teams into the fold
5. Start to consider the best tech provider
Remember the market leader may not fulfil your needs whilst a smaller more nimble player may be just the ticket.
If you are willing to put the hours in at this stage and ask the difficult questions, it can save you a lot of time and effort in the future.
Step 3: Develop internal change plan
You are going through the procurement process which is highly valuable. At the same time, you should develop and execute a strong internal change communication plan. This is often overlooked but incredibly important. By having a strong communications plan in place, this helps those that will be impacted by the introduction of new tech to understand the purpose as well as reassure them. It will also limit rumour mills and weed out any resistance early on, which impedes operations and BAU. It is therefore vital to think about the people impacted and their needs.
Step 4: Ensure Strong Project Management
I think this goes without saying but you must ensure that you have goals, milestones, and a solid team in place to fulfil the project needs. It is also important that you have touch points from all sides. This is especially the case if you are using a third party consulting firm to make sure that you are aligned and singing from the same hymn sheet. Finally, strong project management will reduce scope creeps, which could delay implementation.
Step 5: Develop measures
How do you know if the implementation is successful or heading in the right direction? What metrics do you have in place to drive towards? It is important to develop a report card that the team, the steering group and the business can regularly review the ongoing validity of the project to ensure you are on track.
Step 6: Embed and Feedback
The project was completed on time, to budget, and is running as it should… HOORAY! But that is not the end of the journey. It is vital to continue the change management activities to ensure that the new tech is embedded and that people are happy and encouraged. This will help trigger ongoing success. It is important to monitor the system not only to ensure it is working effectively (there may be bugs, glitches or adjustments), but also to see if you are yielding the desired impact and results.
In today’s competitive market place, the companies that are at the forefront of industries are the ones that can adapt, pivot, and implement change at a fast pace. Investing in the correct technology can help your company become agile and swift. Ensuring that you have the correct tech that you are ready for and can handle will be crucial to success. Follow the steps above and you will be on your way.
Get in touch with our dedicated Consult team if you want to learn more.
