Think about a tool that has been in your tech stack for a while. It’s like a cozy armchair 🪑you grew comfortable in.
You've got the hang of it, can troubleshoot when it acts up, and, most importantly, it's your go-to.
But sometimes you get too comfortable with it and fail to see the truth: It’s a cozy armchair but with a broken leg.
That piece of software you love using may no longer be serving its purpose. And you may not realize the need for a new one until it’s too late.
❓So, how do you know if your current tech is falling behind?
❓Should you always raise an eyebrow every time you get comfortable with a tool?
❓When should you start hunting for a new tech?
And that brings us to our next buying bottleneck:
Determining if you really need new tech
1. Look Out For Triggers
According to Ashwin Krishna, (AVP of Marketing, HighRadius), a need for a new tech is driven by a few triggers. They are:
- More data getting churned
- Change in leadership
- FOMO - fear of missing out (GenAI is a classical case where less than 5% actually know how to make the best use of the tech)
- Nudge by investors
- Scaling of team
So whenever any of these trigger events happen, it’s a sign for you to start evaluating your current tech critically.
But how can you do it? Here’s how:
2. 7-Step Process To Critically Evaluate Your Existing Software
For Sandeep John, (Head of Marketing, Outplay) the hunt for better tech is an ongoing process. Here’s the 8-step process he follows to determine the efficiency of his existing software and determine if there's a need for a new one.
Step 1: Identify operational pain points stemming from outdated technology. With these issues in mind, set clear and measurable objectives for the new technology, like improving efficiency, cutting costs, etc.
Step 2: Evaluate the potential return on investment (ROI) by comparing the upfront costs and ongoing expenses of the new tech with the expected benefits.
Step 3: Consider scalability and whether the technology can adapt to your company's growth.
Step 4: Assess what your competitors are doing. This is probably one of the easier ways to identify if you really need that technology.
Step 5: Engage stakeholders, including employees, managers, and IT experts, to gather insights into your current technology landscape.
Step 6: Evaluate how this new technology integrates with some of your existing solutions.
Step 7: Carefully review potential risks and develop mitigation strategies.
3. Tool Vs Platform? What’s Best For You?
More often than not, switching to new tech is about the decision of whether to work with a range of tools or one consolidated system with end-to-end functionality.
But before you jump ships, set your priorities right. Size up your options in terms of efficiency, cost, and other parameters that matter to you.
For instance, here’s what made Casey Hill (Sr. Growth Manager @ ActiveCampaign) switch from an array of tools to a platform:
- A major factor was the time and efficiency loss we experienced from working with tons of different tools.
- As middleware platforms continued to raise prices, what we originally did to cut costs (having separate tools) had actually become more expensive than just putting it all under one roof.
Our two cents 🪙🪙 : Switching to new tech isn’t just a matter of your new or growing needs. Sometimes, you might need new tech to replace your non-performing older tech too. So, don’t forget to consider that as well if you’re starting your hunt for new tech.
And that’s all folks ! Stay comfy in your arm chair, but ensure it has got your back at all times with the tips we shared.😉😉
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