The end of the year is a great time to take inventory of your current technology stack and identify any gaps in your business processes that cause pain for your company.
There are always a few employees who could use a new workstation – especially those with roles that demand more powerful hardware. Even though technology needs vary by industry and company size, using year-end budget resources on managed services and software expenditures can often have a greater impact on a business's bottom line.
Within your company, which processes could be improved by new technology?
Perhaps your company has experienced significant growth over the past year – making it increasingly difficult to keep track of new and ongoing projects. If you currently do not have a project management platform, think about investing your remaining budget in project management software. Our CIO Services experts can help you select the right products and systems for your company. They can provide your organization with a more effective way to eliminate silos, track progress, deliver faster results, and work together more efficiently.
Compared to other purchases, investing in technology to make your job easier is one of the smarter ways to spend your remaining budget before the year concludes.
Prior to the purchase of any new technology, ask yourself the following questions:
- Will this technology potentially save time or improve productivity?
- Do we need to shore up our cybersecurity stack to ensure proper data protection and meet compliance standards?
- Will the cost of training on a new technology outweigh its benefits?
- Is this a proven technology or should we wait before adopting it?
You may even want to ask your employees for their opinions on what technology (if any) will have the greatest impact on their performance. If you cannot readily identify the advantages of investing in a new technology at the moment, it is always okay to reconsider your decision.
With many companies receiving funds from the government in 2020, potentially having a better 2021 than expected, or simply needing to expend dollars before year end, now may be the right time to get projects and technology purchases in before December 31st.
While our schedules for the remainder of the year are filling up quickly, River Run can still work with you to ensure items and projects that you want invoiced in 2021 are processed as soon as possible.
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