If Your Business’ Technology Isn’t Working, Your Business Isn’t Either

Most businesses rely on their technology. However, a failure to manage that technology can lead to significant financial waste and operational inefficiencies. One major way a business can waste money is through over-investment in unnecessary or overly complex IT infrastructure. Let’s briefly examine how companies waste their money on technology and how to identify if technology is working for your business. 

Getting the Technology You Need

One of the most important parts of having a set of technology tools that work for your business is having a clear understanding of your business. Many times, people try to adapt their business to their technology, which results in waste, or they try to do things their technology simply can’t handle, which creates constant problems. 

It’s important that your IT is built with your business needs in mind. You don’t want to pay for technology you won’t use, but you also don’t want to have fewer technological resources than your business demands. When you understand your business, you can make strategic technology purchases that return rapid results. Like anything else, technology is an investment, and if it won’t return significant ROI over its lifetime, it is actually hurting your business’ chances of success. 

Getting the Support You Need

Once your business seemingly has the technology that it needs, you need to devise a plan to minimize operational problems with it. Technology downtime costs businesses dearly and if you can avoid it by being more proactive about maintaining and managing your IT infrastructure, you can save a lot of time and money. There are two ways to stay ahead of your technology. They are:

• Hire a team - Having a team of IT professionals to consistently and reliably manage your business’ technology has a lot of major benefits. It’s also extremely expensive. With the salaries of IT professionals rising rapidly, getting the coverage your business needs can be challenging. 
• Outsource - Like any other element of your business that you look to outsource, depending on a third-party company to handle your business’ IT management needs can significantly limit your financial liability. Many outsourced IT service providers, like CoreTech, provide remote support and many other services aimed to improve your business’ operational efficiency and IT security at a fraction of the cost of hiring an IT team.

Of course, there is a hybrid method where you hire a limited number of IT professionals and then outsource some type of IT management or strategy to another company. This is what we call co-managed IT services, and it can help control costs when your organization demands more expertise than you can afford. 

Getting the Services You Need

Every business is different, but many rely on the same technology to manage their operations efficiently. Today, collaboration, communication, and customer relationships are the most important parts of successfully managing the projects and services your business depends on. 

Businesses can waste money on bad IT management through inadequate project management and oversight. IT projects often involve complex, multifaceted processes that require careful planning, clear objectives, and ongoing oversight. Without proper project management, businesses may experience significant scope creep and miss deadlines.

Maintaining Security

Security breaches and data loss due to poor IT governance also represent a substantial financial risk. Lax security measures, lack of regular updates, and failure to comply with regulatory requirements can expose businesses to cyberattacks, leading to data breaches and significant financial penalties. The cost of recovering from such an incident can be enormous, so doing your best to provide the training and get the tools and support that you need can really move the needle for a growing business.

It is not always easy to implement the technology and strategies necessary to ensure that your business can confront the myriad of issues that pop up. Call the IT experts at CoreTech today at (270) 282-4926 to discuss how to position your business to be the best it can be.