Questions You Should Answer Before Investing in a New Business Technology

Questions You Should Answer Before Investing in a New Business Technology

Are you thinking about purchasing a new software system or some other new technology for your business? The latest technologies can make a business much more productive and efficient. However, before you take out your cheque book, make sure you answer some important questions about this type of investment. Below are some of the questions every business owner or business decision maker should answer before they invest in a new business technology.

Who Should Decide What Technologies to Introduce?

You may be the leader of your organisation, but you may not be the person who will use the technologies you introduce into your company. This is why it’s essential to get the people who will use a particular system involved in the buying process.

Their input and views are invaluable and will ensure that any new system you buy will be accepted by its users, and that they will have knowledge of that system before it’s installed in your business. For instance, when you purchase a HR system like the one found at, it’s important that those using it become familiar with it and check that it’s the right solution for your business.

Will the New Technology Be More Efficient Than the Existing System?

In many cases, if something’s not broken, don’t fix it. However, many decision makers make changes in their organisation just for the sake of it. This can be a huge waste of money, so you should make sure that the new system you intend to install will be more efficient than your current system, and that it will make life easier for everyone it affects in your company.

What Will Be the Cost of the New Business Technology?

Most new business technologies are not cheap. You need to understand the overall cost of a particular system. Typical costs you should be aware of include analysis costs, consultancy costs, design costs, implementation costs and support costs. After a new system has been installed, there may also be additional support costs that you will have to address.

What Training is Required?

Some technologies are straightforward to use and it won’t take long for your employees to get up and running with this type of system. However, more complex technologies are not so easy to manage or operate and you and your staff members may need some training and support, so that you can use the new system to its full potential.

If this is the case, make sure the company providing the particular technology provides clear, easy-to-understand instructions and training. You should also be aware of the cost of this type of training and support.

What Additional Equipment is Needed?

In order to operate or run some types of technology or systems, you may need additional systems or equipment. This is something you should investigate before you approach any suppliers of the systems or technologies you are interested in. For instance, if you want to install a new software package, it’s vital that the necessary hardware is in place. If it’s not in place, you may need to reassess the situation.

It’s vital to answer each of the questions above. Once you do this, you will be more likely to obtain a system you are more satisfied with.