As a business owner, there is nothing better than implementing a technology-based solution and getting a high return on your investment (ROI). When technology is well-designed, it can help you increase productivity, profit margins and customer satisfaction. It also can simplify employee workflows and equip you with the technological infrastructure required for future growth. At the same time, there is nothing more frustrating than investing in a technology and not getting the results that you want and expect from the solution. When a technology fails to provide you with high ROI, it can negatively impact your profit margins, productivity, ability to grow, customer and carrier relationships, and employee morale.
To guide you in your technology choices and implementation, check out these seven ways to maximize technology ROI.
1. Choose a Technology Partner Wisely
In today’s transportation industry, technology often plays an integral role in your operations and how you interact with customers and carriers. That’s why it is crucial to think of technology providers as potential partners. When choosing technology-based solutions, ask the potential technology partner about their roadmap for the future. The technology company’s road map should focus on continuous improvement and building lasting relationships with customers.
2. Look for Scalable Technology
Another way to maximize ROI is to choose technology that provides your business with scalability. Usually when a business grows, its revenue increases as the business adds more resources to its operations. When a business scales, it adds revenue at a much faster pace without adding significantly more resources. The end result is more than just increased revenue in the near term — scalability offers long-term growth and profitability.
3. Don’t Skimp on Transparency and Training
If you want to maximize technology ROI, it’s important to articulate the benefits that the technology will provide to the folks who do the day-to-day work in your business. You also should be as transparent as possible about what you hope to achieve with the implementation. Training for current and new employees must be robust and equip teams with the knowledge and support they need to make the implementation a success, as well.
4. Focus on Efficiency
Any technology worth its salt should increase the operational efficiency of your business. Most well-designed technologies use some combination of automation, process algorithms, artificial intelligence and systems integration to reduce manual tasks and simplify your internal processes. A technology’s ability to increase productivity and reduce inefficiencies has a direct impact on ROI because increased productivity usually translates into higher profit margins.
5. Follow Best Practices
Your technology partner should be able to provide you with best practices to help you maximize technology ROI. Best practices are a set of guidelines that help you achieve the highest level of results with the technology. A technology provider’s best practices are based on the successes that other customers have had with the technology and center on how they’ve approached implementation, processes and education/training.
6. Take Advantage of Free Support
While not every technology provider offers free support, there are companies out there (like Trucker Tools) that do. If you want to achieve the highest ROI possible with technology, it’s important to take advantage of the support offered by your technology partner, particularly if it’s free of charge. Ongoing support can assist you with addressing any challenges as they occur and help you maintain a high ROI.
7. Ask for Feedback from Stakeholders
If you want to continue to achieve a high return on investment with a technology, you must ask for periodic feedback from internal teams, customers and carriers about their experiences with the technology. Ask them if the tech is making their lives easier and if it’s doing what it’s supposed to do. You can use this feedback to improve how you use the technology and to guide your conversations with your technology partner’s support team.
Read What To Look for in a Technology Partner for more information on how to choose a technology provider wisely.
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