The infographic below talks about Technology, being a Smart Investment. While it is scaled towards Non-Profit organisations, I believe the results within should apply to other industries as well. I do agree with the article that the importance of investing in technology may not be apparent to companies that are struggling or just functioning. However, it is an important and essential business element that higher management can ill afford to neglect.
Technology has helped improved our work efficiency and business processes. This would become even more important as businesses are faced with increasing global competition and resources reducing. Technology is both an enabler as well as multiplier and would provide businesses with a competitive edge in light of these challenges. In the examples, we can see that it’s not just the high tech industry that benefit. It’s also not just about embracing technology and integrating it into the company’s vision and strategic plans. One important area to channel resources to is technology risk management. Business management need to remain mindful that computer glitches can disrupt their operations and that more intelligent attacks and security risks would increase. Natwest / RBS had to spend US$125 million to compensate customers for a computer glitch in June that prevented their clients from accessing their accounts. This could had been reduced if they were able to respond quicker to the glitch.
Technology helps us do our job better. Make full use of it!