6 Tips to Help You Optimize Your Technology Investment

September 01, 2022
Take a closer look at any company and it’s easy to see all the different ways they’re utilizing technology. From cloud software to security tools, in today’s environment – companies either adapt or die. It’s not a matter of “should we invest in technology?” It’s more a question of when and how you will implement the right technology stack for your business. 
 
Here are 6 tips for how to find the perfect mix of technology and get the most out of your investment. 
 

Evaluate Your Current Tech Stack and Get Clear on Your Objectives 

Before you can optimize your technology investment, you need to get a crystal-clear picture of what your goals and objectives are. First, list any current technology investments so you can verify that there aren't any duplicates. You also want to ensure that you don’t duplicate functionality with any future investments.  
 
If one IT service or tech solution is providing you with what you need, the last thing you want to do is purchase something with similar capabilities. This is what optimizing your tech stack is all about. After looking at your current investments, list your business goals. What is it that you want IT services and technology to provide to your business? Make sure you answer these questions ahead of time. 
 
Once you know where you currently stand and you’ve defined your goals, it’s time to look at different services and solutions. Here are six areas to look at when optimizing your technology investment. 
 

1. Cybersecurity and Compliance 

With all the pervasive threats that exist today, a good cybersecurity program is essential. But so many companies make the mistake of overpaying for things that they don’t need or investing in the wrong solutions. Without the help of knowledgeable professionals, you could end up paying for duplicate functionality, missing out on savings opportunities, and not having the right security metrics in place. 
 
When optimizing your technology investment, it’s a good time to see how compliant you are and learn more about your current cybersecurity posture. A managed security services provider can also help you identify threats in your environment and tailor a cybersecurity program to fit your needs.

 
 
 

2. Software Selection Services 

In today’s digital age, all companies are using software for performing various business functions. But is your software really working for you? Or are you sitting on money that could be put to better use? Or maybe you’re allocating your budget to the wrong solutions and not seeing a good return on investment (ROI). In either case, this is an area worth looking at when optimizing your tech investments. 
 
From website building software to ecommerce tools to financial management software, there are so many software applications that can help a business be successful. The question remains: which software apps are right for your business? Knowledgeable advisors can help you make the right decisions so that you can feel confident in your software selection. Having the right software in place gives you a competitive advantage and streamlines nearly every aspect of how you do business. 
 

3. Cloud Solutions and Services 

By now, every business has at least heard of the cloud. And there are numerous reasons why so many businesses are choosing the cloud more and more. It’s almost become the norm at this point (and for good reason). Moving to the cloud drives collaboration and efficiency, lowers costs, and reduces risk.  
 
No matter where you’re at in your cloud journey, now is a good time to re-evaluate.  
 

4. Digital Transformation and Managed Services 

Don’t underestimate the value of outsourcing IT services for business growth. You may question whether you truly need managed services to be successful – and understandably so. But do you know all that these services entail? Many managed IT teams offer the following: 
 
  • Managed cloud services 
  • Service desk/help desk 
  • Managed security services 
  • Managed data protection 
  • And more 
 
As you are on your digital transformation journey, consider what outsourcing IT services could do for you. According to a study by TalentLMS conducted online in September of 2021, 72% of employees working in tech plan on quitting their jobs in the next 12 months. As top tech talent becomes more difficult to find and retain, companies are going to be forced to explore other options.  
 
Having a trusted professional at your side who can provide managed IT services is an excellent consideration when re-evaluating your technology investment. Oftentimes, due to the high salaries that technology employees demand, working with a managed services provider (MSP) is more cost-effective. Plus, you gain access to knowledgeable professionals who can provide proactive support. 
 

5. Business Analytics and Artificial Intelligence (AI) 

Unlocking the power of data means truly unleashing what your business is capable of. Whether it's data management, automation, or machine learning and predictive analytics, using data to your advantage can help you generate more revenue and reach your full potential as a business. 
 
When optimizing your technology investment, look for ways that you can become a more data-driven organization. Data analytics services can help you uncover insights and untapped opportunities from growth – all using data that your business is already sitting on. Don’t leave money on the table, and don’t let a growth opportunity pass you by.   
 

6. Adoption and Change Management 

Finally, when optimizing your IT investment, make sure you consider enablement and adoption services. Deploying the latest technologies and solutions across your organization can be overwhelming (and it seems like new technology is being developed every year). To make things less complicated, bring in trusted professionals who can deploy the solution and teach your team how to use it. 
 
Changing technologies or adopting something completely new doesn’t have to slow down business. Taking the right preventative measures to ensure everything goes smoothly will make a world of a difference when optimizing your technology investments. 
 
It doesn’t matter if you’re cutting costs or increasing spending — both come with risk and both can be scary for a business to do. When deciding how you will allocate your IT budget, having trusted professionals by your side never hurts. The team of IT professionals at BDO Digital is equipped with the knowledge, experience, and tools to make your technology journey a seamless one. Whether you’re making a few small changes or embarking on a digital transformation journey, we can help. 
 
Contact BDO Digital today to learn more about how we can help you harness the full power of technology.