Money For Lunch – Tech Business Technology Lightly At Your Peril

Tech Business Technology Lightly At Your Peril

March 30, 2017 9:12 AM0 commentsViews: 130

 

1File

 

Lots of businesses jump into bed with technology as soon as physically possible. The way people perceive tech today means they have no qualms about its effectiveness. After all, it’s going to cut costs and increase productivity, right? Technology can have all these effects, but it can also be harmful to the company. If the people in charge aren’t aware of the side-effects, the choice of software can do more harm than good.

The previous statement might be shocking, especially if you thought technology was infallible. So, to help below is a list of the biggest potential threats of business tech. If you know the following, you can avoid the pitfalls that cause many firms to go out of business.

Jumping The Gun

Because of the stigma, businesses rush in before they have all the information. The assumption that it works regardless means they fail to carry out any research. In the end, the technology doesn’t work, and they wonder why. One feature of tech that every boss should understand is that it’s unreliable. One day it can work, and the other it can take a sabbatical. So, when businesses fail to take the necessary safety measures, they take a huge risk. Just take a look at American Airlines. Their software crashed, and thousands of flights had to be canceled, costing millions. The solution is simple: ask questions. What are the strengths and the weaknesses of the software? Why will it help the firm? Do I know everything I need to know? They are fundamental questions, but they provide critical feedback.

2File

Integrating New Tech

Companies are unique in a lot of ways, yet they all have one thing in common. The one thing they all share is that they must invest in new technologies all of the time. As tech can be the difference between success and failure, your firm can’t afford to gamble its market share. Plus, it’s an easy way to keep up with the competition to ensure they don’t expand and prosper. The problem with this method is integrating new technologies into the company. For one thing, tech affects security as it isn’t always trustworthy. Do you use cloud computing? The cloud is an excellent way to be more productive, but it’s also a weak spot. Sharing digital storage with dozens of businesses means your data could be at risk. Then, there is the cost issue. To invest in new technologies, the firm must spend money. Although tech isn’t expensive, it adds up to a lot over a medium length of time. The trick is to pick the tech which has the most chance of succeeding instead of buying it all and hoping for results.

3File

Over Dependence

When tech does work, it’s an amazing feeling. All of a sudden, the company starts to improve in every aspect. Naturally, you want to add more technologies to maximize results and expand. But, there is an issue which you must address. The issue is that the company can become dependent on particular software to get the job done. If the software ever falters, the business will take a huge hit as there is no safety net. Until the tech comes back online, you will lose lots of money. The answer is to diversify to give the firm a better chance of succeeding. Sure, use the correct software to your advantage, but also think about outsourcing and training employees. Then, should something go wrong, the diversity will kick in and limit the damage.

4File

Signing On Dotted Line

Does this scenario sound familiar? You decide a piece of software will be beneficial, and you contact the relevant people to make it happen. In the process, you give them carte blanche to do as they please, and you pay them in advance. Most people will see this as a bad deal, yet not when negotiating technology settlements. Regarding tech, this is one of the most popular tactics across the board. So, when tech companies fail to deliver from time to time, you lose money. Still, you don’t change the way you work as that is how people do business. Clearly, there are issues with this method to avoid, and you can with a software escrow agreement. Think of an escrow agreement as a backup plan should the worst happen. If both parties don’t deliver on the agreement, the pact protects all everyone. Usually, a middleman holds onto vital data or code until a particular event occurs. With one of these, there is no need to waste money and resources. Unless you get what you want, you don’t have to pay, which is an astute way to do business.

Ignoring The Revolution

Whether it works or not, the one thing you can’t afford to do is ignore changing of the guard. In the past ten years, the landscape of every industry on the planet has evolved. Nowadays, everything from the free press to letting agencies are online companies. Even education is about to feel the force of the tide. What this shows is that there isn’t a company on the planet that can resist. The technological era is the unstoppable force that will gobble up the firm unless you adapt. That requires you to not only invest in technologies but to learn how they work. A basic understanding of their dynamics should help integration without too much hassle. And, it isn’t only in the business sphere where you must embrace the change. It’s essential to do it in your personal life too, as both home and work life overlap. People say ignorance is bliss – not in business.

5File

Smart Data Over Big Data

At first, every business wanted more data to help unlock the secrets of the industry. Nowadays, companies need to shift away from big data towards smart data. Numbers and statistics only help if you know how to speak the language. So, if you don’t understand what they have to say, the data is useless. By cherry picking the info, businesses can digest less yet become more insightful.

Businesses – please treat tech with respect.

 

Leave a Reply

You must be logged in to post a comment.