3 Critical Steps To Getting More From Your Technology

improving-technology-investment-ROI | Photo Courtesy of	 jared	http://www.flickr.com/photos/generated/1164824075/sizes/q/Companies must make technology investments in order to stay competitive.

Yet making a successful technology investment requires that companies take a different approach than they have in the past, according to a CIO New Zealand article.

By following three steps, companies will ensure they gain the most out of their technology investments:

  1. Determine priorities. Value is all about prioritization of investments and understanding cost and benefit. If you have a BYOD policy, for example, what benefits does that bring your users? If you’re going to invest money, you want to know what your ROI will be. Granted, sometimes it might not be easy to obtain. And sometimes it won’t be measured in dollars and cents. But you must know what you’re shooting for.
  2. Consider current architecture. The key element here is about understanding what your organization wants to focus on. It’s about understanding the needs of all your departments and what you can do for them.
  3. Determine the preferred funding method. Again, this is about understanding the investment and the ROI. If you paid $100K for a support system, at what point do you regain your money? What are the other benefits for the organization?

It all comes down to the idea that companies need to define their goals, outline their scope and avoid cost overruns.

Source: CIO New Zealand, September 2012