In an increasingly competitive and uncertain market, companies that refuse to invest in new technologies risk a decline.
The entrepreneur must make wise choices, the issues are complex, and the five questions proposed in this text will help him in this task.
Taking the decision to equip your team with the latest technology requires serious thoughts. The market continues to move, procedures change and of course, each job site is different. We must know how to recognize the advantages and disadvantages that technology provides and differentiate an expense and an investment. Here are some questions you should ask yourself.
1. Can this technology adapt to different job sites?
Each construction site has its own particularities. Technologies that adapt to different environments can play a major role in growing the business. Sometimes common or obvious features like battery life or an ‘offline’ option when there is no WIFI can completely change the return on investment (ROI). We must therefore make sure that we can reuse the tool on most projects to amortize the expense. Otherwise, the ROI will go up in smoke and will not even compensate for the training costs to master the new technology.
2. Is the solution an actual asset on the job site?
It is essential to talk to the workers who will use the tool. Consult them and visualize together the real impact on their daily work. Assess the time and effort required for the worker to master the new tool; can this training be done quickly on site? Your experienced workers will be grateful for consulting them and will give you relevant and useful information for your decision.
3. Does it speed up decision-making?
Being an entrepreneur and managing construction sites generates an impressive amount of information that can slow decision-making. Is the configuration of the technology offered to you well-suited to your work methods and habits? Does it simplify or complicate the tasks of your team? Does the configuration offer options that allow you to customize it to your needs?
4. Does the supplier offer good support to its customers?
Introducing new work methods can be long, costly and can cause frustrations for some workers. Questions arise, unforeseen problems appear. Does your supplier offer customer service that will support you through the integration of this new solution? Ask the supplier for few references to discuss this and ask them if they are satisfied with the service they have received. A new tool that remains underused for lack of adequate support by its supplier will not generate an attractive ROI.
5. Will this acquisition help your business achieve its objectives?
You have ambitious objectives? Before making a large investment, ask yourself if it is consistent with your business goals. Will this investment help you stand out from the competition and win more contracts? Will it increase your productivity? Will it reduce your costs on construction sites? Will your supplier be able to provide you with quality service throughout your growth?
In conclusion, in an increasingly competitive and uncertain market, the company that refuses to invest in new technologies risks decline. The entrepreneur must make wise choices, the issues are complex, and the five questions proposed in this text will help him in this task.