HOW TO MITIGATE RISKS WHEN IMPLEMENTING NEW TECHNOLOGY INTO YOUR BUSINESS

In the technological age, it is vitally important for businesses to keep pace with rapid development of new technology. It opens up almost unlimited opportunities for business growth and advancement. On the other hand, if not implemented and managed properly, it can become a company’s downfall. As a technology product development company, we know that taking a slower and thorough approach minimizes risks associated with implementation of the latest technology.

 CYBERSPACE SECURITY

The advancement of new technology and software benefits business owners tremendously. But it also carries threats to company’s security in cyberspace. The development of cloud-based services, as convenient as they are, makes stored data more vulnerable to hacking and theft. As of this year, 85% of businesses worldwide already use cloud services. Certainly, this number will grow in the following decade. As will the cybersecurity risks around customer, financial, and personnel data. It means that it will require proper management and protection.

 CYBERSECURITY POLICY

Latest technology in hacking is as sophisticated as the technologies it is developed to breach. Therefore, it’s necessary to have internal policy for managing company data. The complexity of safety practices will be different for large and small businesses. But they should include:

As part of safety practices, make sure that your employees are informed about the latest hacks. It is especially important when a new member joins your team. Including when partnering with outsource technology product development company. Before signing the contract, review their testing and audit certificates, and ask for warranty policy to ensure secure coding. Taking time to prepare proper documentation and processes, will help you protect your IP and minimize cybersecurity risks.

In pursuit of staying on top of the latest technology revolution, many companies rush into developing new software. Unfortunately, not every such endeavor has a happy ending. First of all, because managing outsourced or internal developers can be quite challenging. But the main issue lies in the requirement creep. A new idea with an objective to get ahead of the technological game will, most likely, be capital-intensive and unsuccessful.

The most effective way to prevent uncontrolled changes in a project’s scope is to look at the bigger picture and determine the true purpose of new technology. Having established that, evaluate the efficiency of your investment. Explore what business opportunities and revenues this technology will create, as well as how much time it will save after implementation. Taking time to do proper research and evaluation will mitigate unnecessary risks and save company resources.

Timely Training

Let’s take Realizr.today platform as an example. Our technology product development company launched this platform to help manage businesses online. It offers a variety of tools and software programs, like project and finance management, CRM system, etc. With CRM, for instance, it will only be a waste of time explaining your team how they can use it for sales improvement or how to input data correctly without knowing what data needs to be collected in the first place. Also, if the team is not introduced to the platform as a whole, the company won’t be able to get all the value that it provides.

Ongoing Training

After adopting new technology, it is essential to keep track on how skilled your staff is in using it. Such monitoring can be integrated as part of their performance review to stimulate further advancement. An ongoing supervision and training should become an intrinsic part of the team management practices. First, because this will help you make the best out of the latest technology for the benefit of the company. Second, it will minimize many potential risks related to new technology implementation.