When it comes to getting ahead, technology is key. Leaders seek to adopt the latest technology, hoping it will establish their business as industry leaders. But is every piece of technology worth it?

CIOs must look beyond adopting technology that ‘keeps up with the Joneses.’ They must adopt technology that makes sense in their organization based on efficiency and cost. With the right approach, they will identify the tools that make them rise to the top.

What to Consider When Choosing Technology for Your Company

CIOs should always have an eye on the competition. They should be familiar with competitors’ tools to determine if they will produce an advantage in their organization. In doing so, they must consider the following elements.

Cost

The cost goes beyond the initial investment in the product. CIOs must consider long-term goals. Will the product increase the company’s efficiency, resulting in savings over time? If not, it might not be the right product for your company.

The product’s cost also includes training expenses, productivity losses, and other possible tools you may need for integration. Think of the big picture before saying yes to any product.

Pain Points

Each company has unique pain points, such as bottlenecks in productivity, extended review processes, cash flow problems, high operating costs, or customer-related difficulties. Organizations must consider how the technology will solve these pain points. If the technology doesn’t effectively address significant organizational issues, it may not be worth the investment.

Productivity

Hopefully, your new technology will increase productivity, but what are the short-term impacts? Does adaption require long-term training? Will it take your staff’s focus away from more pressing tasks? Choose technology that does not cause company-wide disruptions to ensure a smooth adoption process.

Customization

Your chosen technology should offer several customizable options to suit your unique company needs. Customization features vary, including changing interface themes, settings adjustments, custom dashboards, and integrations. Ensure your system can support an optimal business environment.

Integration

The new technology should seamlessly integrate with existing systems. It should be user-friendly to avoid extensive training and operational issues.

Risk

Consider possible risks, including security and privacy. Ensure the system has built-in features that safeguard sensitive data.

Legal Compliance

The system you choose must comply with legal requirements. Identify the regulations applicable within your industry and assess the system against those standards. Conduct risk assessments to identify potential issues and ensure you are protected.

Sustainability

Many organizations will opt for sustainable systems that provide energy and cost savings and may delight environmental employees and customers. Review your system to determine how much energy it uses and whether it will result in other types of waste. Choose a system you can trust to support your company’s environmental goals.

Scalability

Technology should scale with a company expanding with growth and scaling back in slow times. A scalable system will customize to company needs and ensure you don’t pay for features you don’t require.

Establishing a Process for Technology Integration

CIOs must establish a process for technology integration. The following outline should guide you in the right direction.

1. Assess your Current Situation: Assess your current system and identify pain points. Determine which technology needs to be replaced or upgraded.
2. Research: Research carefully to determine the systems best suited to your organization. Consider customer and expert reviews. Check out what the competition uses, but don’t let that be the primary factor in guiding your decision.
3. Weigh the Pros and Cons: Consider how the system will benefit your company’s costs and productivity and how it impedes operations.
4. Present Findings to Stakeholders: Once you have all the relevant information, present it to stakeholders for review. Discuss a few systems to provide options. Make the information clear and concise. Consider using visual cues for increased understanding.
5. Adaption: Work out a plan for seamlessly adopting new technology, including training, feedback, and integration. Review processes regularly to ensure they align with company operations. Adjust as needed.

Once you have a system in place, create a framework for technology evaluation. You may base it on the Technology-Organization-Environment (TOE) framework, which looks at factors like:

• Cost
• Risk
• Usability
• Interoperability
• Integration
• Legal compliance
• Security and privacy

Adapt this framework to your business needs to ensure your systems benefit your organization.

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