The true cost of implementing technology is difficult to measure because it can be impacted by factors we don’t often consider.
It has been said that every action a business takes impacts five (5) groups of constituents at a minimum:
- Existing Customers
- Prospective Customers
- Vendors
- Employees
- Management
In fact, any technology investment needs to be thought of in terms of how it will impact each of these five constituencies before the investment is made.
What is the Cost of Not Implementing Technology?
What if a firm hasn’t updated their office technology in a while and still sends invoices on paper, requiring their clients to pay by check? What impression might that give to existing clients? Might it say that this firm is still operating in the dinosaur age?
How about a company with an outdated website or poor social media presence? What might prospective customers think about that? Might that give pause to a prospective new customer who’s considering whether or not to do business with the company?
Who’s Really Impacted by our Technology Decisions?
It’s easy to see that technology investment decisions have an impact on a business in ways that might not have been immediately evident — how existing and prospective customers view our firms has an impact on whether or not clients want to do business with us, and that, in turn, greatly impacts our growth, our revenue, and our profits.
So, which of the five constituent groups contributes the greatest to the cost of implementing technology? Is it Existing Customers, Prospective Customers, Vendors, Employees, or Management?
The answer may surprise you!
Our Employees Make the Difference
In fact, the answer is #4 — your Employees. The true cost of implementing technology is impacted most significantly by your employees — and remarkably, that’s true whether you make the decision to invest in a new technology, or not.
Why do your employees have so much control over the cost of technology implementations?
The “Kitchen Faucet” Analogy
Well, it’s like your kitchen faucet — your kitchen faucet is the most frequently used appliance in the home; we rely on the kitchen faucet constantly, and only notice it when it’s not working.
Our employees use the office technology every day; if that technology is making their lives easier, they’re happy. But if there are tasks that are overly time-consuming or frustrating to perform, our employees will become disgruntled, their work will suffer, and the hidden cost of technology will become evident.
Do you know someone who works in an office where reports are cobbled together by cutting-and-pasting Excel spreadsheets? Circle Management Group can show them how to generate that report with simple mouse clicks! Contact us for an assessment today!
