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Should I Invest in Newer Technology?

Constance Knieper

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Technology is wonderful however it can also be damaging to the business. The ability to complete minute by minute accountings encourages more attention to details rather than the overall objective. Certainly, the details might be important, however if they hinder effectiveness, the results may be damaging to the business.

It is definitely worth the time to evaluate the different business operations and the tools used to monitor results. Although more detailed monitoring methods are available, it is not always in the best interest of the business to implement them.

Some important points to consider when looking into detailed monitoring include:

1. How simple is the process and how easy is it to learn?
2. Is it automated and does it require new or different technology or will it work with existing technology?
3. Is the same information available with our existing technology?
4. How will this information be helpful to identify problems, facilitate solutions, improve management, decrease costs, and above all increase profits?
5. Is the answer to number 5 worth the expense?
6. Will it be used to objectively solve problems and facilitate growth?
7. Is there a way we can accomplish the same result utilizing technology present in the business?
8. How will people respond?

Before purchasing and implementing newer technology, answer objectively the above questions and any others that might be important to the overall purpose or intent of the business. Just because new technology becomes available does not necessarily mean it is appropriate for your business.

The bottom line is does this technology and the benefits gained contribute to business growth and profits. All too often, the actual results achieved are opposite and the business suffers. Usually this is recognized too late; after the investment is made.

Whenever implementing new technology, monitor carefully the differences before and after implementation. Never forget that the intent is to improve growth and profits, if the opposite is occurring, eliminate it - regardless of the cost. Do not make the mistake of continuing its use after it has proved unsuccessful.

Successful strategies to achieve goals. A customer focused approach to increasing growth and profits. Supplying standardized systems that unite your goals with client goals capitalizing on customer service.

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