Technology in a business is often categorized as an expense or a cost center. But most successful companies see technology as a strategic growth enabler, and they align their IT investment with their business objectives.
“There are a lot of driving factors in a technology investment,” says Lauren Hanna, President, Blue Technologies Smart Solutions. “Those include compliance, customer experience, modernization and improved efficiency. Companies that proactively plan their technology decisions can realize a positive impact on productivity and profitability.”
Smart Business spoke with Hanna about categorizing tech not as an expense, but as a driver of business initiatives.
What helps business leaders see technology as a strategic investment?
Companies that are able to create a technology roadmap that aligns with strategic objectives can avoid the siloing that tends to happen between strategy and spend. A big part of the success of that strategy is communication between the C-suite and the company’s various departments. That involves communicating the strategy down through management, listening to the challenges each department faces in helping to achieve that strategy, then mapping it all to a technology strategy.
It’s important to get different people in the room to discuss business planning. Executive leadership should be in the room in the planning conversation because leadership sets the destination. Have someone from finance in the room to ensure that the technology spend is driving measurable results, and to also evaluate the tax advantages and any budget strategy. It’s good to hear from different departmental leaders or a representative of the operational side because they drive the strategy every day. Having their voice in that conversation can also help with adoption of the tech to make sure it has the impact needed for ROI. An IT partner should also be in the room as they’re able to translate the business goals into a technical roadmap, explore any risks and build out implementation plans.
What issues should be discussed when planning a technology investment?
When planning, it’s prudent to discuss potential fiscal incentives, such as Section 179 expensing, which gives companies the option to deduct the full cost of qualifying technology purchases made in a given year rather than depreciating those costs over the course of up to five years.
Artificial Intelligence is another area that should be explored. Companies should look to determine if and where AI fits within their business, whether and how it could help, and what risks and opportunities it might bring.
As businesses grow, they should align their technology with layered security, especially if they’re legally required to use a compliance framework.
It’s important to discuss how users are using software and understand the impact it has on the network to have a clear view of the security risk and the implications from a networking standpoint. These can be unknown obstacles that would delay potential business initiatives.
Where can business leaders find broad technology expertise?
A Managed Service Provider can act as an interpreter to companies that have no full-time, dedicated IT person or CIO, or companies that have a team and want a partner with a fresh perspective, helping to translate the business priorities into the tech roadmap. An MSP can offer best practices and can research multiple options. They typically have broad knowledge because they work with a plethora of clients who have encountered the challenges most businesses tend to see in tech. They also know how to implement technology in the most cost-effective way.
Having an MSP partner also offers access to a range of specialized expertise across domains — software, workflow, network, AI, hardware, communications, etc. It means a company can tap into a bigger bench of talent than most have in their organization.
Ultimately, tech decisions are business decisions. Having the right perspective, as well as the right voices in the room, leads to the best results. ●
INSIGHTS Technology is brought to you by Blue Technologies, Inc.
