One thing strikes us when we hear business leaders talk about their technology buying trends; they buy based on the price tag and not the impact it will have on their time efficiency.
Quite simply, this seems insane.
Time is the most precious, most sought after and most valuable commodity there is. It can’t be manufactured, it can’t be stored, it can’t be transferred or put on pause, or reversed. It can only be treasured, and that can only be done by using it to the best of your ability. As such, technology should not be considered – or avoided – because of the price tag attached to it. Technology should be bought because of the value it offers the company, because of the ability it has to use time better. That is how expense should be valued.
This is a trend that has started to gain traction, but it hasn’t quite taken off just yet. There are plenty of articles out there that guide people on how to be more productive at work without working longer hours. There are plenty of technological advances to improve both productivity and efficiency, but people are still unsure of the rewards.
As such, we have spoken to business leaders, in a wide range of industries, and listened to why they believe an investment in the latest technology is crucial to business success, and how it can, in fact, be inexpensive.
Act Of Security
One of the most important reasons why a business needs to invest in tech is to protect themselves from any breaches. Data theft has become increasingly common, and research states that almost 75% of all businesses have been targeted in the last year.
As such, it is imperative for your success that you limit any damage. Of course, this can be costly.
One of the big trends among employees at the moment is this idea of flexible working, whether that be working core hours or working from home. This obviously leads to a higher risk. But instead of spending huge amounts of money on expensive tools that constantly require upgrading, or spending money on your IT departments R&D, why not start using IT outsourcing.
By outsourcing your IT support needs, you will have a team that are experts in the field of security and technology, and whose success is reliant on both their abilities and capabilities. This means that they need to constantly upgrade to the latest tools, ensuring you get the best software and technology without having to fork out for it.
Get Money Off
Another great way to get the latest technology at an affordable rate is to know where and when the best deals pop up. It could be that you have a great relationship with a supplier that you can tap up for discounts. It could be that you wait until Black Friday, or the January sales, before investing in a fleet of new desktop computers. Either way, this will allow you to make potentially huge savings.
But this isn’t the only money-savvy opportunity available to you because there are a lot of companies that will buy your old technology for a decent price. This could be desktop computers, laptops, tablets, and phones. But it could also be your old servers, or out of date software.
Basically, there is money to be saved everywhere, it is just a matter of looking at it from a new perspective. So, next time you’re looking at upgrading, consider ways in which you can reduce the costs by selling the very thing that is being replaced.
One man’s junk is another man’s treasure.
Time Is Money
Quite simply, just because your employees are busy, does not mean they are operating and full productivity. That is where upgrading your old technology comes in. The more you can automate, the more you will be able to free up valuable resources and boost the efficiency rates in other areas of your business.
One of the most misunderstood calculations regarding time and money is how technology stacks up against other costs within your company. Depending on what sector you work in, chances are you are paying your most qualified employees over $50 an hour to do a task that technology could do for less than $0.50 an hour.
Technology has seen huge advancements over the past decade, and the focus has been on streamlining the way we live our lives. Companies develop new technology to come up with the latest generation of cool and useful systems and gadgets, all of which they do with one aim in mind; efficiency. It could be that you start using an online accountancy tool, invoicing system, or even process-approval equipment.
All of these little pieces of tech will help you do simple, but lengthy, tasks in no time at all. It could even be that you start using your mobile capabilities better so that you and your workforce can be productive no matter where you are. Time is money, so make sure you are using your time efficiently, even if that is simply within an organizational capacity.
Have The Competitive Edge
If you are having second thoughts about the upfront costs of paying for new technology, then you are losing ground to those competitors that aren’t. The only way any product or service can be successful is if it offers something valuable to the consumer, which is where technology excels. Most of the time, technology saves money in the long run, improves the quality of the work delivered, works faster and more accurately than humans, and helps your business get noticed.
It doesn’t matter what industry you work in, the competition will be stiff. You could be the biggest company in the world, but the moment you fall behind in technology, you will fall behind in revenue and customers. Look at Nokia. Once it was the biggest phone manufacturer in the world, and now it is nothing.
It isn’t even second, third, fourth or fifth; it is nowhere, and that was because it failed to deliver the latest tech. The same goes for Blockbuster. It lost out to Netflix, who were able to streamline their service by staying up to date with technology. Don’t let this happen to you. Falling behind will be far more expensive that upgrading your tech, trust us.