What CIOs must be mindful of when investing in new technologies in 2020

BUSINESSES are now far more reliant on technology than they were ever before.

Leaders are aware of the need to revolutionize business strategies and processes to meet the ever-changing demands of the marketplace.

Not to mention, there is a constant push to invest in new technologies and develop better digital capabilities to stay relevant in the global market.

Ultimately, a big part of the technology-pursuing and adopting responsibilities fall upon the shoulders of a chief information officer (CIO).

While CIOs generally have to structure their technology adoption strategies along the lines of a business’s opportunities and resources, some universal key considerations can help drive better decisions.

This is because technology solutions can make or break an operation, and pursuing a particular solution must be heeded with a strong business case to not only secure the trust of operational teams but also help shape the new working dynamic of the business.

One thing is for sure, CIOs now need to have a holistic overview of business goals, operational strategies, and brand culture before making an investment.

Sometimes, only certain processes and areas need to be improved or enhanced with viable solutions – particularly those that greatly affect operational efficiency and productivity.

A common mistake that is many CIOs make is they don’t realize that they are being influenced to pursue solutions that are in vogue or simply those that are actively being pursued by the competition.

If the aim is to gain an edge in the market, it is best if CIOs observe and learn from peers instead of replicating their actions.

Not to mention, a lot of the times, going for solutions that are not necessary but perceived as valuable additions to the operations simply because it paints an image of being advanced, may end up negatively disrupting operations.

Next, CIOs must also be wary of the technology’s deployment feasibility — especially its scalability and effectiveness — when integrating into current systems and work processes.

While going for the latest technology offerings seems like a reasonable thing to do, it is better to value the tools for its maturity, success rate, outcomes, and ability to make smart business choices.

This goes without saying that the technology must not compromise the security or the stability of embedded systems.

Finally, businesses must seek solutions that offer operations a scaled business advantage and growth opportunities because, at the end of the day, the only reason these solutions are sought after is to harness revenue potential or boost overall productivity.

One simple tip is to look for processes that are handled manually and explore how automation could benefit them.

Tasks that are repetitive, administrative, and in the back-office are usually perfectly suited for automation helping gain efficiencies through strategic deployment.

Investing in automation tools will greatly benefit the business as it overtakes tasks that are initially time-consuming and talent-limiting for employees.

Simple use of technologies can help improve productivity, upgrade workflows, and reduce human errors.

CIOs must, therefore, be more critical of solutions they wish to integrate and implement because their investments must be goal-oriented and contribute towards expanding of revenues.

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