How to find and implement the right technology for your business

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Not long ago, much of the business world still ran on Rolodexes, fax machines and file cabinets. Today, most of those once indispensable tools have been rendered obsolete and replaced by modern technology that has redefined the way we work. This integration of technology into all facets of business operations is widely known as Digital Transformation (DX), and it’s happening across nearly every industry today. In fact, 74% of organizations now consider DX initiatives a top priority, with global spending projected to hit $3.9 trillion by 2027.

While modern tech solutions offer significant benefits, the race to keep up with emerging trends can overwhelm decision-makers and lead to costly mistakes. But technology doesn’t have to be daunting. By asking the right questions of your team and vendors, you can identify, vet, and implement solutions that deliver real ROI for your business and customers.

The following framework will guide you in developing a strategy to cut through the noise, mitigate risk, and empower your team to make technology investments that set you up for long-term success. So, whether you’re just starting, stuck in neutral, or somewhere in between, read on.

The Wrong Solution Can Create New Problems

This may sound elementary, but it’s critical to understand your problem before investing in a solution. For example, AI can drive efficiency by automating manual work, but it’s useless unless you know where to deploy it. So, audit how your team spends its time. Data is helpful here, but frontline team members can also provide invaluable anecdotal feedback on productivity bottlenecks that automation could solve. Plus, engaging your team early on builds the buy-in necessary for smooth implementation later.

That audit might also reveal multiple issues, but that doesn’t mean you can or should try to solve them all at once. Instead, create a road map to help prioritize the most pressing challenges and then systematically work through others as time and resources allow.

Once you’ve determined a problem, define the specific outcome you aim to achieve by implementing technology—like increasing role efficiency by 25 percent or decreasing cost per order by $1. Precision is key here, as vague objectives can lead to misguided investments in tools that fail to deliver results.

Research Possible Solutions

Now, you can start solutioning. Begin by reviewing potential vendor solutions and understanding their commonalities versus differentiation or even how industries outside your own address similar objectives. Though you work in fintech, you might be surprised by what you can learn about predictive analytics by studying how logistics service providers use data to lower shipping costs and improve efficiency or looking at how retail brands leverage AI to create hyper-personalized customer experiences. Keeping an open mind will always pay off.

Make Data-Driven Decisions

Next, conduct comprehensive due diligence on each potential solution. Go beyond the marketing materials—understand how the features apply to your specific problem, weigh costs against expected ROI, clarify what implementation support you’ll receive and consult team members who will use the tool. Arming yourself with all relevant data will help mitigate risk and drive buy-in across your organization.

Product fit is just one part of the equation when investing in third-party technology. These solutions often address long-term opportunities, meaning you might work with a service provider for several years or more. If you sense any misalignment between your team and the service provider, trust your instincts and continue your search.

Buying Versus Building

You’ll also need to decide whether to buy off-the-shelf technology or develop a custom solution in-house. Enterprise-level organizations with extensive technology teams may have the resources to build in-house, while SMBs often find ready-made tools perfectly suitable and far more cost-effective. Regardless, factor in the total cost of these options, including employee onboarding, systems integration and tech support, as these expenses can add up quickly.

Whether buying or building, most technology isn’t plug-and-play at scale. That’s why a detailed implementation and change management plan is essential. While making time for thorough employee training and troubleshooting may seem tedious, these steps are critical for achieving alignment and maximizing the solution’s impact, so don’t skip it.

Continually Measure Success

Once the initial implementation is complete, measure success against your goals. Ramp-up may take time, but if the solution doesn’t deliver results within six months, collaborate with your team and the service provider to identify issues and adjust course as needed. Tracking progress also helps maintain stakeholder support—providing updates on outcomes and celebrating milestones can keep the team engaged and help secure resources for further investment.

Lastly, as your business evolves, don’t let this step slip by or stagnate your approach. Regularly revisiting and refining your review process as your needs change will ensure that a solution continues to deliver ongoing value over the long term or make clear when it’s time for something new.

Investing in technology isn’t just about acquiring tools—it’s about solving problems that empower your team and deliver long-term results. If you’re new to this world, be patient with yourself and your team as you navigate the learning curve together. Mistakes are inevitable, but taking time to align solutions with clear objectives, evaluate vendors carefully and implement effectively will help mitigate potential risks and drive meaningful results for your team and business.

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