Ask Yourself These Nine Questions Before Investing In A New Technology

This article was originally published on this site

New tech developments are constantly surfacing today, and many businesses scramble to keep up. However, just because a latest gadget or application is all the rage doesn’t necessarily mean your company needs to invest in it.

Before breaking the bank on a new solution, you’ll want to take a step back and analyze the needs of your business. To help you do this, a panel of Forbes Technology Council members shared some important points to consider when deciding whether a new tech is right for your organization. Don’t make your decision without asking yourself these nine crucial questions.

1. Does it fuel innovation?

There are certainly several factors to consider when evaluating new technologies for potential adoption. You have to consider how the technology really solves your business problem or helps to fuel further innovation. Businesses cannot just chase the shiny new tool without first having a clear vision for its core purpose and ability to adapt to the changing technical landscape. – Mark Pryor, The Seam

2. Is the security comprehensive, layered and integrated?

As a business leader or technical lead, there are several key areas that must be addressed before implementing a new security solution. First, having a clear understanding of your business’ vision, mission and operational function is critical to software exploration. Second, take a detailed look into electronic security specifications for hardware and software solutions and the purpose of each solution and determine integration capability. Do they work together with ease of use for the operators? Lastly, conduct a detailed electronic security design using Revit (3-D design software) and Virtual Reality to see the system holistically in the structures’ drawings prior to implementation. If all steps meet the business and technical leaders’ expectations, the security solution is ready for deployment and testing. – Bill Edwards, Thornton Tomasetti

3. Does it save you time?

Choose any tools and technology that open up new doors for your business or save significant time and effort for the engineers. Specifically, for us, it’s about any new innovation or tech in the AI, ML or NLP space. – Nutan Chokkareddy, KeyPoint Technologies (UK) Limited

4. Does it offer you a competitive advantage?

The deciding factor is whether the new technology helps to stimulate a strategic competitive advantage mid- to long-term. In principle, such a competitive advantage can be achieved in three ways: through automation and associated cost advantages, through better customer service with stable costs, and through novel products, which can mostly only be produced by learning organizations. In all cases, new technologies based on AI play a central role. We rely on mature technologies, but we are aware that a certain eagerness to experiment must also be brought into the mix of activities. – Andreas Blumauer, PoolParty Software Ltd.

5. Does the trial version meet your expectations?

I’ve been of the “agile attitude” for years now of “fail fast.” Nearly every “X”aaS vendor in the market provides a free trial of their SaaS product or hundreds—if not thousands—of dollars in PaaS capabilities to try out their technology. Set up a small marketing campaign on a Marketing Automation Platform to test out the capability. Build a quick prototype application using a set of PaaS capabilities on Amazon, Google or Microsoft. Then, decide which platforms are best for your company. What skills do you have available to implement, and what relationships do you have with the providers of these technologies and services? In the end, it comes down to reliability, relationships and results. – David Torres, Feedme Inc.

6. Does it perform the way it promises?

You have to be able to check almost immediately to see if it delivers on what was promised. Otherwise, you will end up with additional work evaluating an unknown technology or solution. – Robert Weissgraeber, AX Semantics

Read more in Five Software Buying Strategies For Today’s Deskless Workforce

7. Does it meet the ‘three Cs’?

Get through the marketing hype and look at real case studies from early adopters. Reach out and talk to both the vendors and the industry leaders on what the challenges will be and what benefits the technology will deliver. Focus on technologies that increase capability, reduce cycle time and lower costs (the three ‘C’s). – Thomas Caldwell, Techniche

8. Does it scale well?

New tech is a constant challenge. For our organization, the crucial aspects are “do we have duplication” and “can the solution scale globally to 150,000 employees?” – Michael McParland, Oracle

Read more in Scaling Presents New Business Opportunities For Tech Companies

9. Does it solve a particular problem?

From my perspective, the business has to have a problem that is appropriate for the technology being used. The problem should dictate the choice of the technology that needs to be used. In addition, the organization has to have the skills needed in order to deal with the technology. The crucial aspect is business need and organizational alignment with the technology. The main takeaway is that the business has to lead the technology, not the other way around. – Stuart Bailey, ModelOp