Technology investment isn’t just about the money
Simon Farthing, Commercial and Marketing Director, LexisNexis Enterprise Solutions examines the key areas to consider when investing in technology and highlights how to get the best from vendors to ensure project success.
Having attended numerous Leadership Conferences over the last few years there has been a recurring theme in audience survey questions: “What are your biggest spending priorities right now?” Consistently the top scoring answers relate to cracking the technology conundrum, using smarter technology to accelerate business, and the role that AI and Machine Learning will have in business transformation. When pushing the pain point slightly harder, the answer belies a dissatisfaction with technology spend, a lack of a technological panacea, or golden bullet to transform their business. Yet there is no end to the technology choices that organisations have at their disposal today, so why the dissatisfaction?
Having been on both sides of the fence – client side and vendor – here are some observations and indeed areas for organisations to consider when investing in technology:
What business problem is driving the technology investment?
It seems obvious, but without complete clarity on the reasons for investing in a piece of technology, it’s highly unlikely that the software will deliver the desired return on investment.