Investing In New Technology

The availability of data and analytics across many companies – large corporations and small enterprises, alike – is becoming increasingly more common. While there may be data available to assist in decision making, it is important to point out that human beings are still behind the final choices. Investing in new technologies could likely be the answer when reviewing company data, however if the leadership is reluctant to change some companies may find themselves in a pickle. Below, we outline a few alternative viewpoints to consider when making choices for your company regarding investing in new technologies.

Understanding Resistance

Many people avoid change, out of a fear of the unknown – and there is no exception in the workplace. In the wake of the 2020 (and 2021) Pandemic, many companies are having trouble keeping their footing. While updating their technology (including processes and interfaces) may improve the overall health of the company long term, accepting that a few weeks may be uncomfortable as the team learns and adjusts is not a choice people are willing to make in the midst of so much other unknown & uncertainty.

Although 60% of companies stated that they are confident in their ability to embrace new technologies, only 30% believe their company would be worse off if the adoption was not made. That is, while companies may not be totally afraid of change, and new integrations, they do not believe their company would suffer if they did not adopt new technologies.

Decision Making

When making decisions about updating data or technology resources for a large company, leadership teams often spend time during company wide C-Level meetings, or meetings with the Board of Directors reviewing topics such as these. While leadership teams do carry a majority of the weight when making large decisions, failing to engage individuals from other departments can create a sort of default answer of remaining at status quo. If these discussions are taking place during an uncertain period or time of crises, other team members (although included) may feel like speaking up, especially with a differing opinion, could be detrimental to their personal growth or success and may remain silent out of fear.

On the contrary, at a smaller business or company, a decision may rest on the shoulders of a sole owner or 1-2 individuals, which also is not ideal when suggesting large organizational change. Similarly, in recent times, many smaller businesses and organizations are working overtime to simply stay profitable. While newer technology and software upgrades may enhance their day-to-day operations, both internally and for the client experience, spending outside of their means in today’s market will necessarily be a difficult decision to make.

Overcoming Barriers

Looking around at competitors and other businesses in your market is a great way to determine what is working, and what may be overkill. If there seems to be a widely adopted software or technological advance, it would do greater harm for your business to fall behind and be the only