The two biggest factors that make purchasing technology difficult are the desire to keep up with the latest advances and the high price tags. Answer these questions the next time you consider getting the newest gadget for your business.
1. Will this item ultimately contribute to my company’s bottom line?
2. Could it eventually become a necessary tool in my industry?
3. Will it improve efficiency of an existing, value-added process? (What is my return on investment?)
4. Can it ultimately drive sales?
5. Is it compatible with what I already have?
6. Am I considering the environment in this decision?
7. Is it really going to make me money or do I just want a new toy?
Calculating return on investment for technology can be difficult. The price tag on a new gadget will likely shrink in short order. If you buy something when it first comes out your technology will depreciate quickly. But if you’re the last one in the industry to switch over, you could lose out on valuable business.
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