Steps to Lower Risks Associated with New Technology

Apr 27, 2020 3:21:20 PM

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In the age of ever-increasing technological competition and growth, companies are tasked with not only finding new technology that provides value to their business, but also balancing that with a relatively low risk of implementation. Considering the benefits of a new technology against the costs and risks is an essential part of this process. With data quality being top of mind, there are ways businesses can set themselves up for success when it comes to considering and adopting new technologies.

Start with doing your research

At this point in the process, make sure you’re going to have the resources in place to be successful. Is your goal to create transparency reports? If so, make sure you have the people and tools in place to collect the data from your suppliers and then pull that information into the various type of transparency reports you want to create. Could the preferences for certain types of reports change in the future? If so, make sure any software you are considering has lots of reporting options to meet future needs. Create a list of questions to meet those goals like these: What are your transparency goals and what do you need to fulfill those? What are your desired outcomes and how will you measure the success of new software? How might your goals change over time and will this technology grow with you? Dig into how this new venture can solve the problems you are facing.

 

Establish a diverse team to assess the new technology

Once you've established this list and decided on the non-negotiables at hand, put together a small team within your organization that includes individuals that will need to access the system. Ideally these people will be excited at the prospect of positive change and have a deep understanding of the needs and the goals listed above. The different perspectives this offers can be extremely valuable in determining what new technologies are the best fit for your team.

 

Document costs & benefits

Once you've narrowed down your options, think about the tangible costs and benefits. This can be difficult, but it is an important step in understanding what you will gain and what you might lose by pursing a new technology, or by passing it up. How you do this can vary depending on the service that this new technology offers. Consider looking at the reliability of the technology, case studies, and of course the financial commitment to provide support as you carefully weigh your options.

Make sure you can test the software in the situation where it will be used. If your intention is to create transparency reports, give that a try. Make sure you have the opportunity to actually test how the new technology works for your unique use case. It’s nice to read case studies about how the software worked well for other companies, but how will you know it will work well for your situation?

Think about what future expansion might look like. Does it make sense to initially kick-off the software implementation with a smaller data set and use case? You can then use it, evaluate how well it work, iterate with your selected vendor in some cases, before you spend a lot of money and time on a huge implementation process. Is there a way to get started with a smaller up-front financial commitment and expand as the software is working well?

Once your organization has decided on a new software or technology, the first steps in integration can make a real difference in how you transition or adopt the technology.

 

Utilize resources & training

When transitioning from an older software and process to a new one, it is not unlikely to find inconsistencies and "holes" within your data. Dedicating the time to organize and correct the current data you have can lead to smooth transitions and productivity down the road. Ignoring these types of data issues can equate to real costs in the future.

 

Commit to data quality early on

When transitioning from an older software and process to a new one, it is not unlikely to find inconsistencies and "holes" within your data. Dedicating the time to organize and correct the current data you have can lead to smooth transitions and productivity down the road. Ignoring these types of data issues can equate to real costs in the future.

Data safety

Of course, with any shift in technology, you will want to dedicate time to ensuring the safety of your data throughout your transition. Make sure you have rock-solid cybersecurity plans in place to protect the integrity of your data. There may be cases where you have specific proprietary formulations for your products or materials. When using Toxnot, you can choose to mark your data as proprietary and it is entirely up to you to decide who can access that data and if/when it will be released or shared with others.

 

Your specific needs as an organization are sure to change over time, but by keeping these steps in mind as you grow your business and expand to new technologies can make that shift easier than ever. Reach out today!


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