3 Keys to Better Technology Investment

Feeling overwhelmed by technology? You’re not alone. A recent Brother Small Business survey found that 63 percent of small business owners surveyed felt overwhelmed by the number of tech tools available today.

Yet, there also is a keen sense that technology is a decisive factor that separates business success from failure. Roughly 72 percent of those surveyed said they think new technology will give a better return than hiring new employees, and nearly half reported that investing in new technology was a top priority for their company this year.

The trick is discernment; there is an overwhelming volume of new technologies available to businesses, just as there are an overwhelming number of potential candidates for every job. The trick is deciding which to bet on, and that means saying no to more tech than a business adopts.

Although knowing which tech to embrace and which to ignore is a moving target, a recent Nextiva blog post outlines three key considerations when deciding which tech to embrace.

First, what is the learning curve for the technology? The new rule of business is flexibility and iteration, so it is important that the technology has a small learning curve so it can be put into practice right away instead of requiring a lengthy setup and rollout.

Second, what’s the return on investment in terms of efficiency gained?

“If the amount of time it saves allows you or your employees to absorb the new tasks into your existing workday, that’s ideal,” noted the Nextiva blog. “However, if the new technology will add hours to your workday, you may need to hire new staff to handle the load.”

Third, will the technology create additional work or additional business for your company? A new CRM system might enable more frequent interactions with customers, for instance. The ultimate goal for any business is additional revenue, so new technologies need to directly or indirectly assist with that process.

One technology that businesses should consider is the virtual PBX. A virtual PBX system is business phone service in the cloud, basically. Just as many businesses have discovered that it is better to have their email in the cloud instead of having an on-premise email server, so too are businesses discovering that they can move their phone service to the cloud and reap similar benefits.

A virtual PBX fulfills all three key criteria for good technology investment.

As a web service, rollout is almost instant and businesses can start using their new PBX right away without a big learning curve (the cloud is all about simple, don’t forget). It can deliver immediate efficiency gains in that there is no on-premise hardware to maintain or upgrade, and phone service can better travel with employees when they are out of the office.

Virtual PBX systems also help drive new business, because they enable call hunting, auto-attendant functionality and other features that make sure that no customer call is missed. Fielding every call is crucial to driving business, and a virtual PBX ups the game of any firm that leverages the technology.

Deciding which technologies to embrace and which to ignore is a tough question. But with a few key questions, business owners can cut through the noise and stay ahead of the competition with wise technology investment.

Edited by Alisen Downey