Due to the pandemic, technology has transformed and the use of remote collaboration tools such as Microsoft Teams and Zoom has grown significantly. These applications enable employees to work safely from home as they communicate online with their peers. However, with more recent trends, companies have allowed their employees to go back to the office, transforming remote work into hybrid work. As a result, there are multiple automation tools that leverage communication and collaboration in a hybrid environment.
Now, the big question for business leaders is “how much should I spend on technology for my company?” In this blog, we will cover how productivity can be improved through your communication tools and how much you should spend on technology for your company.
In this blog you will find:
The Iceberg: Where Productivity Sinks or Swims!
When we think about productivity, let’s use the “tip of the iceberg” analogy. On the surface, remote collaboration tools are used primarily for chatting and meetings. However, hidden below the surface, there are opportunities to leverage automation tools specific features in your platform.
For example, Microsoft Teams is a collaborative workspace within the Microsoft Office 365 suite that acts as a central hub for conversations, collaboration, and teamwork. The very basis of Teams is to allow employees located in different locations to meet virtually and chat about projects. However, that is only the tip of the iceberg. There are many different features within Teams that can be used to improve productivity such as file and document sharing, real-time collaboration, and integrations with third-party applications such as project management or customer feedback tools. By using the iceberg analogy, business leaders can better utilize their current productivity and collaboration tools to fully benefit from the potential of their existing tools. As companies move forward with hybrid work, maximizing your collaboration tools will help employees in the office and at home to have real-time access to innovative workplace tools and critical data.
How much should I spend on technology?
To increase productivity and maximize the benefit from your collaboration tools, it’s all about choosing the right technology. However, a common problem faced by many businesses is determining how much you should spend on technology. There are different business factors that are involved in the decision-making process when investing in a good collaboration tool. When trying to determine the right amount to be spending on technology, it is important to think about the following points:
💸 Expenses will vary according to the size of your organization, the industry you operate in, and your business objectives.
📊 Technology should be viewed as a differentiator or strategic enabler instead of just and operating expense.
🏢 Technology should support monetizing your primary products or services.
With advancements in technology due to the pandemic, it is critical to design your overall business strategy around different variables. As a business leader, you can shift your view when it comes to deciding how much you should spend on technology by:
💭 Thinking about how technology may impact your brand experience - be it the customer or employee experience.
❓ Asking yourself what objectives you are trying to achieve and whether the technology will add significant value to your business or reduce risk.
📍 Focusing on questions like “how to execute”, “who should execute” and “when to execute”, once you establish your desired outcomes and strategy.
To learn more, watch the 6-mintue video below by our Chief Technology Officer:
Choosing the right tools can create a better user experience!
The goal is to make your employees’ lives easier, not harder. The right tools will save them time, increase their productivity, and help them do their jobs efficiently. So, remember when choosing tools for your business, keep these three things in mind: less is more, set standards and maintain consistency, and integration is key. By following these guidelines, you can avoid over-investing in tools and create a better user experience for your team.
Need some guidance with investing in the right tools for your business? We can help! We designed our Technology Roadmap Lite specifically for CEOs and C-suite executives to assist them in brainstorming the various elements of a Technology Strategy Framework. Click here for a 30-second video that will give you an overview of our technology framework.
Edited by: Rachel Nguyen and Betty Quon