IT investments are a reality for nearly all businesses due to the rapid digitalisation of processes and the performance benefits gained from it. Depending on the company size, culture and need, some businesses make IT investments nearly on the fly while others have separate management processes for the whole investment lifecycle.
All companies, however, have three things in common on this topic. Each of them has a challenge for which IT could offer a product or solution and this solution is supplied by a provider.
A clear definition is the prerequisite for the best possible solution
To succeed in IT investments, the problem should be clearly defined and analyzed. Unclear purposes and needs will often lead to subpar solutions. The product or the solution for the problem should also have a proper fit with the company’s existing ICT infrastructure and processes, as this lowers the effort needed to adapt the product to efficient use.
Besides the usual feature list, the solution should also include user-related features such as usability and user-friendliness aspects. One should also consider the costs and pricing structure as both one-time fees and recurring costs are often part of the investment. Some total lifecycle costs should be calculated and used as the basis for the decision-making.
A team assembled together leads to better results
At the end of the day, it is the people from the company and the people from the provider who will make things happen. The provider should have the necessary capabilities to provide the product and reasonable references to validate that ability. Especially in larger investments, it would be good to meet the actual people who are going to work with the company and agree on common practices and processes e.g., for meetings and communication. Proper involvement from both parties during the whole process will guarantee better results, open communication, and work efficiency.
Some purchases have a short lifespan but in some fortunate cases, the company and the provider will develop a value-sharing connection and partnership, which benefits both.
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