Technology is constantly changing the way we work. New innovations and trends have shaped and reshaped the workplace to the point that it is almost unrecognizable from the start of the millennium. Technological developments are happening faster than ever, and businesses must be willing to adapt the way they work to stay current and rise above their competitors.
Whatever your industry, there is a wealth of software and hardware designed to make your company more efficient, productive, and profitable. But technology adoption is not always a success. Often, decision-makers are so desperate to be at the forefront of new technology that they adopt new systems without assessing their impact on the bottom line. If a new technology costs more money and time to implement than it ultimately saves, it is not worth the investment no matter how impressive it looks.
For companies looking to adopt new technology, you must weigh the pros and cons to determine whether it is what your business needs. Will it make you more money and make processes more efficient, or will it be a productivity black-hole, expending valuable resources for little return? If you are looking to undergo a digital transformation, here are some tips to help you make the right decisions.
1. Assess your current processes
The first step in digital transformation is taking stock of your existing business operations and identifying areas you need to improve. Technology implementation doesn’t necessarily have to overhaul your entire business, but it should help you to streamline the way you and your employees work. Pinpoint a few key processes that need development and then start thinking about how technology could make a difference. Prioritize the changes that are most urgent and target those first.
2. Do your research
Once you have created your list of priorities, it’s time to do some research and find out what your options are. There is so much new technology out there that the choices can be a little overwhelming. Take your time and weigh all the pros and cons before making your decision.
3. Align technology and strategy
The technology you adopt should support your existing business strategy and help you towards hitting goals and meeting objectives. When evaluating a particular piece of technology, the big question should be whether it is strategic to adopt it. If not, then you can immediately disregard it. Many companies opt for popular technologies based on name recognition, with the mindset that if other successful firms are using it, they should follow suit. This is flawed thinking. The purpose of adopting new systems is to improve performance and help you execute your business strategy. In fact, some technology, such as i-nexus, is designed with successful strategy execution in mind.
4. Get people on board
One of the biggest hurdles to technology adoption is resistance from your team. Often, workers who have been using the same systems for years will be reluctant to change the way they operate. If it’s not broken, why fix it? This mindset can be damaging to a business’s growth, so it’s imperative that you get everyone on board before you adopt. Ensure everyone understands the reasons for the changes, how it will impact their work processes, and how the new system will improve your business’s key metrics. Get feedback from employees and find out how you could make their lives easier while this adoption is taking place. Some people may struggle to adapt, while others will find the transition a lot easier. Ongoing training and support will be necessary to speed up the new technology uptake and identify potential issues in the early stages.
5. Monitor and review
It is not enough to simply adopt new technology and hope for the best. Once it is up and running, you will need to continually measure its performance and make sure it is working as intended. Track the improvements and monitor areas in which it is underperforming. Constant evaluation will allow you to either confirm its success or identify any glitches that need tweaking. Don’t be afraid to pull the plug if you don’t see any results after a while. Not every digital transformation is a success. If the new system turns out to cost more in time and resources than it is worth, you may need to revert to the old ways or find another solution.
Successful digital transformation is a significant challenge for any business. Still, by following this advice and taking sufficient care with your decision, you should see a substantial return on your investment.
