Today, more than ever, it is important to know the technological lead or the technological lag in the market. Your business and its production will benefit. Far from being inaccessible, key tools can be used to measure an organization’s technological level.
So, whether you’re a business leader, entrepreneur or investor, here are some important facts to observe to know how far behind or ahead technology is.
How do we implement measurement tools?
Measuring enables better action. When it comes to identifying a technology debt, you can analyze, survey your teams, seek help from experts, implement the tools and then re-evaluate them. Before starting these tasks, please begin with:
Implement dashboards:
There are several tools that can measure your company’s technological level. One of the most powerful is the dashboard. It will reveal various data, including time limits for your deliverables, absenteeism, accident rates, days without pay, holidays, etc. The goal is to know the status of your operations and to see your trends. Most importantly, answer an important question: Are you operating at full capacity? And many more: Are you fully utilizing your resources? Have your employees been working overtime for two months without you having planned to hire them?
Second, do you wonder: Have I recently implemented software or technology tools that can offset this overload?
Be aware that such tools can increase your production capacity without further overloading your teams. By implementing the right tools, you can gain speed, eliminate manual transactions, automate emails, record certain financial data in a high-performing accounting system, etc. Your business will become more efficient overall by working better rather than increasing the hours worked! Your clients and even potential investors will be delighted.
Identify indicators of technological delay:
Once you have your dashboards in place, it is best to understand precisely where the technology is behind. In addition to the questions listed above, you can survey your teams. Ask them: Where are you wasting time on your tasks? What tools are ineffective? Which ones do you think are very effective? Afterwards, you will have a good understanding of your processes and the possible improvements.
Let’s take an accounting system. You have noticed that it is difficult to quickly know the number of monthly sales, working capital, payroll, accounts receivable, defaults, etc. With an efficient and easy-to-use accounting system, this information would be readily available in one place. You will have real-time control over your company’s numbers and ratios. Results? Strategic decisions will be easier, aligned with your vision and, above all, made before a problem persists.
Select and implement tools.
The next step will be to select the right tools and implement them. If you don’t have the expertise, there are professionals who can advise and guide you through this important process. They may also be present during the implementation of the tools and their re-evaluation after a few months of testing.
A Final Advice on Technological Debt
Following these changes, it is possible to compare the initial ratios with the recent ones in order to measure again. The difference will indicate how you are progressing and how well you are doing in the business. Above all, it will reveal the extent to which the technology gap has narrowed. Whatever the conclusion, you will have the tools you need to track your technology in real time. Certainly investors will appreciate that. In addition, you will never be caught off guard during a sale or financial transaction that requires you to know your technological debt during a due diligence process. That’s why the measurement tools will help you propel your business, better understand its performance and sell at a better price, if that’s what you want.
And no more what?