When is it time to invest in technology for your business?

1 .- When you are looking to reduce costs

One of the most important factors when investing in technology is the desire to reduce the costs of your business. Indeed, if you are looking to make your centre more operational, investing in technology is a great option. Specifically, by doing so, for example, through tools such as ERP in the case of the industry or through centralised management software. Both are just one example of everything that can be achieved today with the new technologies available. With regard to ERP, they are able to automate most operations and offer higher returns. They do so by obtaining information from each of the departments and making them work together. In this way, it is possible to obtain a more precise horizon with which to correct possible failures or inefficiencies that may occur.

2 .- When a greater control of production is sought

It is also very convenient to invest in technology when seeking to have a more comprehensive control of a plant or business in general. This is another point where technology such as ERP or software such as time control can help. For this reason, it is advisable to invest in technology that allows us to know first-hand the most relevant information about our business and that allows us to make better decisions. This is in fact a way to be more efficient and another criterion why it is always advisable to invest in technology.

3 .- Investing in technology to retain human capital

Another time and reason why investing in technology is to achieve the goal of retaining human capital. It is often the case that an excessively neglected or obsolete state of the technologies available to a business discourages the attraction and retention of quality professionals. So if you are looking to retain such professionals, the best thing to do is to invest in technology. This has a dual effect: On the one hand, it enables workers to perform at their best thanks to new tools and possibilities. On the other hand, it makes them feel motivated by the fact that they are receiving specific training in their field. Both points ultimately lead to improved employee performance and, in the medium and long term, to an increase in the value and competitiveness of the business

4 .- To obtain competitive advantages

As it cannot be otherwise, investing in technology is one of the most efficient ways of gaining competitive advantages over our competitors. It is also one of the most affordable thanks to the great scalability it offers. Specifically, it is possible to obtain a high return on our investment in the medium and long term. For the same reason, technologies such as the Internet of Things, time and attendance software or MRPI and MRP II in the case of the production sector can help us to have a significant advantage over our competitors and in our sector.

5 .- When the technology available is obsolete

This is probably the most well-known factor and, unfortunately, the most common among companies. Indeed, many professionals wait until their equipment is completely outdated and obsolete before replacing it. Worse still are the cases where they wait until they are completely unusable. This option is not recommended: Technology should always be a tool to take advantage of available opportunities and never to do the bare necessities.

However, if your business equipment or level of technology is completely outdated, it is more than obvious that it is a good time to invest in technology. That said: It is always necessary to do so in the hands of professionals who can at the same time guarantee the necessary training to get the most out of the technologies we are introducing. At SEIDOR we can help you get the most out of today's technology.

6 .- Investing in technology to collaborate with other companies

Collaboration between companies that operate in synergy is essential today. At the same time, it has to be said that in order to take such a step, investment in technology is almost mandatory. Thanks to technology, we can ensure that this cohesion between two companies is successfully achieved. If it is already complex to manage all the information and processes of a company, when two companies are in collaboration and intend to operate in a coordinated way, everything becomes much more difficult.

In this regard, ERP is again an interesting tool.It allows for the centralisation of all information relating to both companies and enables them to function as one. In this way, delivery times, the amount of stock available, the needs at any given time, etc. can be adjusted. This means that joint plans can be developed to achieve greater efficiency and effectiveness. A connection that is currently only possible (and desirable) through technology. Beyond that, this variant allows us to actually develop much more sophisticated and general plans and thus achieve greater efficiency in all processes. A benefit that will be mutual and will again leverage returns.

In SEIDOR we are specialists in everything related to investing in technology. We open the doors to the 21st century way of producing and managing.