Today integrating technology is the buzzword, business leaders across the world can’t stop discussing about how technology will transform our present business environment. How tech savvy companies will extinct the rudimentary one. Learning from late nineties dotcom bust, we know technology is no one pill panacea for business problems but a tool which make our management efficient and effective. Technology enables us to have more information to take our decisions but it can’t take our decision. The decisions still has to be taken by humans behind it.
Management faces some real time difficulties in managing technology – the foremost among them is – when is the right time to invest in technology. Most business fear to invest at present stage as they believe that technology is changing so fast that investment made today will become rudimentary in the near future and the investments might not able to realize the total cost incurred in it.
Secondly when and how to move to the next stage – Apart from going ahead with investing in technology for the first time, the company has to chart out a detailed plan on how it will phase out the present technological level to move to next level. Gradual transformation over the period of time holds the key in managing technology both on the shop floor and on the balance sheet.
Technology is not only changing paradigm of how to do business but it also taking it to the next level where most industry player will not only look at technology just to cut costs but also to drive innovations and efficiencies.