We previously discussed the five core business elements leading up to the last enabling element, Technology. Let’s discuss the importance of having the right technology to support your business. And what to look for if you’re considering changes. Technology plays a key role in the success of your business.
Choosing and correctly installing the right technology aligned to your business will enable your operations to work better. While providing better information when you need it, and set your business up for success. Alternatively, a poorly chosen technology solution can greatly hinder your business. Costing more than you anticipated in lost productivity, frustration and lack of information leading to poor decision making.
Take a step back and assess if you have the right technology to enable your business to be a success or if you need to make changes.
Requirements for Technology & Software
To figure out if you have the right technology and software in your business, you need to start by considering each of the 5 previous core business elements we’ve covered in this blog series.
- Reporting / Information – Are you producing regular reports with the right information you need to manage your business? Do you have insight into all aspects of your business from these reports, or are there gaps?
- Operations – Can or does your operations leverage the information and technology to identify inefficiencies and make improvements? Are there gaps?
- Marketing & Sales – Do your sales staff have a method of tracking marketing efforts and sales leads? Do they have insight into production capacity/lead times and product margins?
- Products & Services – Is your business able to optimize the products or services it offers based on analysis of sales and financial data?
- Strategy – Is your business meeting its strategic goals? If not, where is it falling behind?
Consider your answers here, they will give you a good idea if there are gaps in your current technology setup. If you answered “No” to more than a couple questions, you should consider digging a bit deeper.
Off the Shelf vs Custom Built
If you’ve identified a gap in your technology solutions, and are considering software solutions to fill that gap, you typically have two main options. Buy an off-the-shelf software or develop something custom (either in-house or outsourced to a software developer). There are pros and cons to both options:
At Rise Advisors, we recommend before making any decisions on pursuing particular software, you first analyze and clearly articulate what your business needs are. By creating a list of business requirements, you can then use that as a checklist to match against each software solution and ensure you will have an effective solution in the end that does what you need it to.
If you’re about to embark on a technology purchase, upgrade, or not sure if you’re current systems are the right ones for your business, give us a call. We would be happy to discuss your technology situation and recommend the best path forward. Taking your business to new heights is what we do, by setting up a meeting with Rise you will open up the doors to our knowledge and experience. Our councilling has helped many local companies to reach new heights and unleash their potential, let us help you too.