{"id":3224,"date":"2021-12-31T16:05:49","date_gmt":"2021-12-31T10:35:49","guid":{"rendered":"https:\/\/www.cloudnowtech.com\/blog\/?p=3224"},"modified":"2021-12-31T16:05:49","modified_gmt":"2021-12-31T10:35:49","slug":"avoid-disastrous-tech-investments","status":"publish","type":"post","link":"https:\/\/www.cloudnowtech.com\/blog\/avoid-disastrous-tech-investments\/","title":{"rendered":"Avoid Disastrous Tech Investments"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In a <\/span><a href=\"https:\/\/www.hcltech.com\/digital-analytics-services\/campaign\/digital-acceleration-report-2021\"><span style=\"font-weight: 400;\">digital acceleration report<\/span><\/a><span style=\"font-weight: 400;\"> by HCL Technologies, it was found that 89% of organizations feel <a href=\"https:\/\/www.cloudnowtech.com\/blog\/the-5-leading-drivers-for-digital-transformation\/\">digital transformation is currently a priority<\/a>, 87% have a formal digital strategy in place, and 50% have a tactical roadmap for digital planning and prioritization. Only 40% of respondents have a robust data strategy in place.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, if you haven\u2019t begun to reprioritize your digital investments, the time to start is now. But what is the number one priority? Is it to\u2026<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Improve operational efficiency?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enhance customer experiences?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Launch new products and services?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Each enterprise has a different answer,\u00a0 based on their organizational needs. Unplanned tech investment is a high risk, so you\u2019ve got to optimize your investment with the right decision-making and implementation strategy. Avoid &#8220;shiny object syndrome&#8221;, where you feel that every new idea must be the most valuable! Here are some points to consider when making a tech investment<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Competitive advantage<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It\u2019s getting harder to outpace competition. This means that every investment must be geared towards creating a competitive advantage for the organization.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ask yourself: how will this tech investment improve customer acquisition and retention? For instance, if customer care is considered a major differentiator in your industry, opt for tech that directly relates to customer support \u2013 a chatbot might be a better investment than record-keeping software, in such a case.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Make tech investments that are geared towards gaining a competitive advantage and make those choices based on honest self-audit and customer feedback. Map out key business processes that most impact customer satisfaction, and analyze tech requirements to support each one.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Analyze the risks<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Risk management is a crucial step in making the right investment decisions. The process involves identifying, analyzing, and forecasting the risk involved in an investment, and adopting processes to accept, avoid or minimize that risk.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before making a tech investment do analyze all risk categories \u2013 upfront costs, risk of slow adoption, long-term operational sustainability, and so on.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Measure and report on success<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">From the outset, whether you are looking to innovate or solve a problem, set clear goals and realistic timeline expectations. Establish a baseline for key metrics you\u2019re looking to improve and measure them against future outcomes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Measure real against expected on a regular basis. Keep the team engaged and enthused by keeping them in the loop.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Plan a sustainable operational model<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Every level of the organization should support the <a href=\"https:\/\/www.cloudnowtech.com\/solutions.html\">digital transformation<\/a>; if you have to waste time forcing your team to cooperate, it&#8217;s not going to work!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While there may be initial resistance, technology investments depend a great deal on the strength of team support, so don\u2019t be shy about being evangelical about the ways the technology will help them in their daily work routines!<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Don&#8217;t succumb to the sunk-cost fallacy<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If it&#8217;s not working for you, be flexible enough to pull the plug. Do an honest self-audit, analyze tech issues and its shortcomings. With this analysis, you can find a technology solution that suits your needs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tech requirements in today&#8217;s environment change constantly. For instance, you may find that after your initial investment in, say, a customer engagement platform, you need more resources than expected, to maintain the platform. Don\u2019t try to save money by solving problems with a \u201cquick and easy\u201d tech fix. Invest in the right technology and resources after a thorough cost, risk and performance analysis.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">If you want to set yourself up for maximum returns on your technology investment, <a href=\"https:\/\/www.cloudnowtech.com\/contact-us.html\">get in touch<\/a> with <a href=\"https:\/\/www.cloudnowtech.com\/\">CloudNow<\/a> today.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a digital acceleration report by HCL Technologies, it was found that 89% of organizations feel digital transformation is currently a priority, 87% have a formal digital strategy in place, and 50% have a tactical roadmap for digital planning and prioritization. Only 40% of respondents have a robust data strategy in place. So, if you [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":3225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[37],"tags":[137,324,323],"class_list":["post-3224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-transformation","tag-digital-transformation","tag-risk-management","tag-sustainability"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Avoid Disastrous Tech Investments - Discover Better Value Faster<\/title>\n<meta name=\"description\" content=\"Unplanned tech investment is a high risk, so you\u2019ve got to optimize your investment with the right decision-making and implementation strategy. 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