As the Chief Information Officer (CIO) or Chief Technology Officer (CTO) of a real estate company, it is important to conduct an internal technology assessment or hire a firm to perform a technology assessment service. We audit our financials every year. We have service contracts for our HVAC systems, correct?
Engaging in a technology assessment exercise will optimize your budget effectiveness and improve your efficiency while ensuring that technology investments align with the company’s goals and objectives. Here is an in depth guide, on what you can anticipate from a technology evaluation service.
Assessing the Technology Assets You Currently Have
The initial task is quite straightforward. I found cost savings, for a brokerage firm by delving into their technology setup and operations. Start by creating a list of all existing equipment and software as a service (SaaS) in use currently. This entails monitoring hardware elements like software licenses and cloud services along with any tech related subscriptions, in place.
Classify each part based on its function in the organization. For example, Operations, for handling accounting and HR software services, marketing, Agent Technology, Sales Manager Technology, and the forgotten technology needed to support these systems.
In this step the goal is to find areas where systems overlap or functions are duplicated unnecessarily leading to inefficiencies and waste of resources. Resources that could be better utilized elsewhere in the organization.
Several helpful results from conducting a technology evaluation are to analyze how well each tool is performing. Additionally, how it is being utilized effectively or not so effectively. I suggest thoroughly reviewing every software license agreement or subscription to determine whether the cost aligns with the usage of the service.
Now is the ideal moment to assess if the current technology is, in line, with the companys future business goals guarantee that the tools being utilized support the organizations objectives instead of impeding them.
Assessing the return on investment (ROI).
When a technology assessment service creates a report detailing the return on investment (ROI), individual tool usage breakdowns are aspects to consider in their analysis process. To complete this task effectively and efficiently the team categorizes technology expenses into expense types including hardware costs, software expenditures, and service fees. Additionally, they highlight expenses such, as maintenance upgrades and any ongoing costs that may impact the analysis findings.
A proper evaluation should include the analysis of the return on investment for these tech assets, and assess the value each technological component brings to the company and whether it warrants its expenses.
One advantage of this process is to pinpoint areas for enhancement and detect openings for opportunities to delve into emerging trends. The outcome enables you to measure up against a competitor’s offering. Additionally, it creates an effortless means to spot potential investment prospects that could boost efficiency or offer a competitive edge.
Assess the existing cybersecurity measures are in place.
Make sure to follow the rules set by industry standards, like GDPR and CCPA regulations. Also check the companys data backup and disaster recovery strategies to make sure they are strong enough.
Quick Tip: The terms of service, for Microsoft 365 or Google Workplace suggest that customers should consider having a plan from a third party SaaS provider for protecting email data and files on OneDrive or Google Drive as wel as data, on SharePoint Teams and Sites. If you fail to do so and face an attack you may not be able to retrieve your company’s data.
Evaluating Suitability and Expansion Potential
When evaluating a system it is important to assess and record how well the current systems work together. This means in the terms of compatibility ensuring that all software and hardware elements are seamlessly integrated and functioning harmoniously.
The report needs to include an assessment of how your current technology can grow larger in the future and check if any outdated technologies should be updated to meet needs.
Emphasis on Strategic Planning
An evaluation of technology should aim to assist leaders in directing resources towards technology investments that will provide the benefits to the company. The evaluation should aid in determining which areas need attention or promise a return on investment (ROI) ensuring wise allocation of funds.
The evaluation ought to present a list of suggested enhancements or fresh technological investments such, as modernizing outdated systems or integrating software solutions to bolster cybersecurity measures. All supported by data and a detailed rationale, for their business influence.
Gathering input, from all parties.
In order to conduct an evaluation of technology, within a company’s operations and systems, it is essential to seek input from employees at all levels of the organization who interact with the technology regularly on a basis.
This feedback can offer valuable perspectives on the advantages and limitations from usage of your existing technology. By involving team members from various departments like Operations, Marketing Sales, and Administrative support the firm can gain insights into specific issues they encounter. Or, find areas where technology enhancements could be beneficial and necessary.
Including everyone in the process of evaluation and consideration of tools and systems, it is possible to gain an understanding of their effectiveness. In some cases, it also pinpoints any shortcomings that might not be immediately apparent, from a purely technical viewpoint.
This comprehensive method guarantees the that decisions relating to technology investments or modifications are grounded in user feedback enhancing the likelihood of achieving favorable results.
Our Strategy, for Allocating Funds, to Technology Expenses
When evaluating technology needs and expenses, it is important to categorize costs into areas. Such as, maintenance, upgrades and new investments. This allows for a breakdown of capital and operational expenses. Therefore, making it easier for executives to manage the balance between acquiring new assets and maintaining ongoing costs effectively.
The evaluation should also take into account the advantages of updating or combining systems. It should tell you how to optimize technology costs and make sure the company runs at its efficiency.
Crafting a Plan for Execution
With all the data and information, the assessment should create a schedule to outline technology enhancements. This schedule must take into account the resources needed and identify the budget constraints while also considering any impacts on daily business activities.
The benefit here is to be aware of training sessions and organizational adjustments to develop processes for successful implementation of new technologies.
Sharing Findings and Suggested Steps
A good assessment is a summary of the audit results including details, about the state of technology performance and suggestions, for enhancements and future technology investments.
Ensure the assessment can showcase how these investments correspond with the companys overarching strategy. An approach that will aid in garnering support from both management and stakeholders.
Saving money takes effort and time. Comes with its benefits.
Conducting an impartial technology evaluation audit requires dedication and time investment. However, the benefits can be significant to the organization both presently and in the future. The outcome of a good unbiased assessment can help shape your budget projections and overall strategic planning.
Nevertheless, it’s important to note that a one size fits all approach does not work for all brokerage firms.
Customize the assessment according to your brokerages needs and goals.
WAV Group is here to help you with your technology assessment needs! We can provide the service or support the team that is conducting the audit. Call David Gumpper or Victor Lund for assistance!
