Regardless of whether you are an early-stage startup organization with limited capital or a large company suddenly facing financial uncertainty, the ability to use innovative technology to improve your team’s ability to serve client needs will propel your organization forward; however, this can be difficult to accomplish when working with a limited budget.
However, there are still actions you can perform. Members of the Fast Company Executive Board recommend implementing the eleven methods listed below when seeking for the appropriate technology to invest in, regardless of budgetary constraints.
EDUCATE YOURSELF ON THE TECHNOLOGY NEEDED.
Ensure that you comprehend the value of the technology you are purchasing. Don’t let others prevent you from comprehending how and why that technology is necessary. – First National Bank of Omaha (FNBO) President and CEO Marc Butterfield
SPEAK WITH YOUR TEAM.
Speaking with your team is often the most neglected strategy when evaluating your tech platform, despite its apparent simplicity. Your team members are the ones utilizing the technology on a daily basis; they will provide you with the most accurate feedback regarding which technologies are beneficial and which can be eliminated without negatively impacting workflow. — Geri Johnson, Following PR
IDENTIFY YOUR BUSINESS’S LIMITATIONS.
Work to determine the limitation. What is the single obstacle preventing the growth of your business? If a technological solution exists, it would be a wise use of your limited budget. If not, you should spend your money elsewhere. Snowplow by Yali Sassoon
Utilize cloud computing and cloud-based applications.
By utilizing cloud computing and cloud-based applications such as Google Workspace, businesses can begin at a fraction of the cost of traditional software licenses. A cloud-based strategy has the ability to scale rapidly as the business develops, with only a minimal increase in cost. However, businesses should be selective with software licenses and evaluate ROI frequently to ensure that the software remains relevant. – Stephen Feline, London & Partners
CHOOSE A TECH SOLUTIONS LINE FOR INVESTMENT.
People are the ones who solve problems, not technology. Understand the problem you’re attempting to solve and the core of the issue before proceeding. I prefer to choose a product family. Whether it’s Adobe, Oracle, or something else, it’s in a company’s best interest to choose a path and invest in an enterprise solution, as purchasing bits and pieces can be costly and difficult to deploy. – Kristi Melani, Telesign
CREATE AN INNOVATIVE CULTURE.
Create a culture that embraces rapid development, testing, and learning. Provide your teams with the permission to “fail” so that the organization can learn from the investment being made, make intelligent future investments, and adapt to the market’s rapid changes. Large up-front designs and the development of a large business case up-front will only drag down the inevitable process of learning. – Craig Gorsline, Avanade
Determine the required level of integration and management.
The decisive factor is the technology choice and appropriate evaluation. The majority of validated technologies will have a viable application for your business. The challenge is integrating and managing the solution while maximizing its effectiveness. Most technologies, such as CRM solutions, will have extensive features, but you only require a few. A appropriate and exhaustive selection procedure is essential. – Jimmy St. Louis, Franchise123
DO A COST COMPARISON FOR EFFECTIVENESS.
Open-source software can provide the same functionality as costly proprietary software at a fraction of the price. Consider the potential ROI and long-term benefits of the investment. While a particular solution may necessitate a substantial up-front investment, it may provide substantial cost reductions or revenue growth in the long run. – Leigh Dow, Agency 48 West
LOCATE THE SUBJECT EXPERTS.
It is crucial to identify subject matter experts and invest in evaluating multiple options. Specialists have the necessary knowledge and extensive networks to facilitate multiple avenues of verification. Bluedog Michelle Hayward
FOCUS ON YOUR TOP PRIORITIES AND FOLLOW THROUGH.
Ensure prioritization and persistence. Many businesses commit the error of investing in technology without properly implementing it. Thus, it becomes another expense without producing the intended value. Leaders can still find useful tools despite limited funds by conducting extensive research and providing employees with extensive training on the new technology. Red Fan Communications’ Kathleen Lucente
RESIST THE URGE TO FOCUS ON SHORT-TERM CASH EXPENSES.
Even if your budget is limited, resist the urge to make technology decisions based on short-term financial outlays. Work backward from the business’s projected position at least 24 months in the future. This will ensure that your organization can reap the benefits of integrated, scalable offerings and avoid the pain of unexpectedly adopting new technology because it outgrew starter solutions too rapidly. — Karen Starns, OJO Canada