Observing closely to the rapid development of technology and automation today, we will discover a myriad of options from the latest to the most advanced ones. These inventions are proven to be highly beneficial when adopted in a business organisation as it can boost performance and improve productivity. However, with all these choices, which one do you think is the most suitable for your business? And how do you make sure that your choices are right?
Research from the Queensland University of Technology found that businesses at large have a poor understanding of what to invest in and how to use technology in their business. Despite investing heavily in technology, the report showed a decreased ROI in business. The research also mentioned that there is a poor connection between technology investment and productivity between 2013 to 2015.
A Survey by Andrew Ross showed a similar finding that companies are investing poorly in technology and automation. Ross found that companies do invest but their ROI is decreasing gradually by the time they invest money in technology. Roughly £2.5tn was spent on innovation worldwide, as cited by Ross, but there is little to no profit from the investment. It implies that businesses aware of the latest technology trends and they want to be an emerging firm to stay competitive. However, the biggest problem is they don’t know how to grow from their investment and how to benefit from their technology investment.
Therefore, to avoid adopting technology and automation that is not suitable for your organisation, here are tips for you to know where to start investing your money in technology and automation.
You should identify your current business pain points – Create a data and survey of which sectors in your business that is too weak. Then, seek solutions by maximising innovation to make the sector stronger.
You can seek advice from the professionals – Executive people in your organisation usually know better about weaknesses within the management. They might also have better insight on where to begin and why. Ask their advice and match it with the data from the first point.
You should make a predictive calculation for the following years – It can be your next concern after improving your business pain points. A predictive calculation can help you thrive in a very competitive technology that is continuously developing. But you also need to remember to make your investment count. Be sure to invest in what matters only and dig deeper potential of the existing technology you have.
Ask your employees for more insight and what they need to ease their job – Employees, especially HR team, are a valuable source of insights when it comes to business development. Therefore, they could be the first key to know where to invest in technology. In addition, the technology invested should able to help ease the job of your employees.
Continue developing and be mindful with your money investment – Jonathan Herrick, the CEO and co-founder of Hatchbuck, said, “Trying to be on the cutting edge of technology is a great ambition for any business, whether big or small. But as you sleuth out your options, make sure to spend some time actually evaluating whether this tech will move your company forward.”
Herrick reminded us that as technology does not stop and will never stop developing, and so does your job. Although jobs can be done easier by technology and automation, however, you should remember that advance technology requires more than a financial investment. It needs a human component to create a synchronised communication for business success. In other words, you should not only rely heavily on automation and technology but rather balance it with human capabilities as well.
In order to not rely heavily on your technology investment, the research from Queensland suggested that business should remember these key points when they adopt technology in their industry.
o Stay focused on your customers and solving their problems
o Use technology across your business models
o Use technology that is not complicated to implement
o Incentivise creativity and build technical capabilities surrounding the technology
“Instead of using technology to automate processes, think about using technology to enhance human interaction.” – Tony Zambito