5 Reasons Why Businesses Today Should Invest in Technology
As the global market becomes increasingly digitalized, businesses that embrace technological solutions gain a competitive edge. W explore five compelling reasons why investing in technology is not just a trend but a necessity for modern businesses, with a focus on critical services like Enterprise Computing & Storage, Network & Infrastructure Security, Cloud Infrastructure, Cybersecurity, and Support & Maintenance.
- Enhanced Efficiency and Productivity
Technology enables businesses to streamline operations and improve productivity. According to a report by McKinsey, companies that digitize their business processes can achieve up to 30% increases in efficiency. Automated workflows, real-time data analytics, and optimized storage solutions—such as InfoTech’s Enterprise Computing & Storage—allow organizations to process and store vast amounts of data with minimal human intervention. By reducing the time spent on manual tasks, businesses can focus more on innovation and growth.
- Improved Security and Risk Management
In a world where cyber threats are more prevalent than ever, investing in cutting-edge security technology is essential. Cybercrime is expected to cost the global economy over $10.5 trillion annually by 2025 (Cybersecurity Ventures). InfoTech’s Network & Infrastructure Security and Cybersecurity services ensure that businesses are equipped with comprehensive protection. These services provide advanced encryption, threat detection, and secure network environments that protect sensitive data and guard against evolving cyber risks.
- Scalability and Flexibility with Cloud Solutions
As businesses grow, their technology infrastructure needs to be scalable. Cloud infrastructure is crucial for providing the flexibility to expand without significant capital expenditures. Gartner predicts that by 2026, 90% of enterprises will have embraced a hybrid cloud or multi-cloud infrastructure. InfoTech’s Cloud Infrastructure service allows businesses to scale up or down based on their operational needs. The seamless integration of cloud services ensures that companies can meet changing demands without overburdening their in-house resources.
- Cost-Effectiveness and Operational Savings
While upfront investments in technology might seem substantial, the long-term operational savings are undeniable. Automation, cloud computing, and cybersecurity tools all lead to reduced downtime and lower maintenance costs. For instance, companies using cloud computing can reduce IT costs by up to 30%, according to Deloitte. InfoTech’s Support & Maintenance services are designed to ensure that businesses can maintain uninterrupted operations without having to manage complex tech systems in-house. This not only improves reliability but also cuts costs related to emergency repairs and system failures.
- Competitive Advantage and Market Leadership
Finally, staying technologically adept ensures businesses remain competitive in their industry. A 2023 PwC survey found that 65% of executives are investing in digital technologies to build a competitive advantage. Implementing cutting-edge technologies, from advanced cybersecurity protocols to scalable cloud solutions, allows companies to innovate faster, respond more effectively to market demands, and provide better customer experiences. InfoTech’s end-to-end tech services empower businesses to adopt technologies that keep them ahead of their competitors.
Conclusion
Investing in technology is no longer optional for businesses that want to thrive in the digital age. From enhanced productivity and security to cost savings and scalability, the advantages are clear. InfoTech’s comprehensive suite of services—Enterprise Computing & Storage, Network & Infrastructure Security, Cloud Infrastructure, Cybersecurity, Support & Maintenance—provide the critical technological backbone that today’s businesses need to not only survive but excel in an increasingly competitive marketplace. Embrace technology, secure your future, and lead the way.
Seizing Opportunities: Why Companies Should Invest In Technology Resiliency
Expertise from Forbes Councils members, operated under license. Opinions expressed are those of the author.
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Nov 08, 2023, 08:00am EST
Chief Information Officer at TELUS International, a global customer experience provider powered by next-gen digital solutions.
If the past few years have taught us anything, it’s that all companies, regardless of industry, must invest in and continually nurture agility and resilience—from both an employee standpoint and an organizational standpoint.
From the global pandemic to macroeconomic uncertainty to international conflicts, brands have had to pivot and adapt how they enable their employees to work and seek ways to remain competitive amid constant change.
Take, for example, the rapid shift to remote operations at the onset of the pandemic. Many organizations were unprepared for this unprecedented event, but others were able to quickly adjust due to their ongoing investments in their technology stack, infrastructure and people. These companies knew that in order to effectively future-proof their organizations, they needed to invest in a durable and resilient digital transformation strategy to enable them to adapt to changing conditions.
That said, technological resilience extends beyond recovering after challenges arise. It also involves establishing robust systems and upskilling employees on a consistent basis to allow companies to take advantage of emerging innovations as they develop. Businesses with a resilient technology infrastructure are better positioned to more quickly implement cutting-edge advancements like generative AI (GenAI) as the landscape changes. The most “future-ready” organizations build sturdy technological foundations today that empower them to fluidly adopt the next wave of transformative technologies tomorrow.
The Resiliency Imperative
According to McKinsey, “Resilience means understanding the criticality of a business process, the capability of the underlying technology, the business impact if the technology fails and the organization’s risk tolerance.”
Resilient technologies, such as a cloud or hybrid-based infrastructure, help companies maintain business continuity during unexpected events by providing solid visibility, security, stability and redundancy across the technology stack. It also empowers businesses to nimbly pivot and implement new advancements in impactful ways. Recently, for example, we’ve seen the sudden and exponential rise of GenAI, which is projected to see significant growth in the coming years, with a forecasted compound annual growth rate (CAGR) of over 24% from 2023 to 2030. The companies that proactively invested in robust and flexible digital foundations have been able to capitalize on tools like GenAI to improve and expedite their business operations and gain a competitive edge over their peers. But resilience is not just about the technology itself. It also depends on the people, processes and culture within the organization, and brands must consider a multi-pronged approach:
Processes
To promote organizational resilience, companies need to establish adaptable processes that can withstand disruption. This requires building in agility, cross-functional collaboration and continuous evaluation. Processes should be designed to adapt as conditions change rather than adhering rigidly to a set methodology. Input and feedback should be gathered from across departments to provide suggested improvements. Fostering an environment in which processes are living mechanisms is key to withstanding turmoil and driving sustained performance. Having the right processes in place enables organizations to rapidly respond to challenges while maintaining critical operations.
People
An organization’s ability to withstand disruption is also heavily dependent on having the right people with the right skills. This requires an ongoing focus on learning and upskilling to ensure employees at all levels have the capabilities needed for success. Companies should constantly evaluate their current and future team’s needs and have a workforce plan in place. This includes recruiting strategies to avoid skills gaps as needs shift as well as a succession plan to ensure there is a deep leadership bench that can step in if a key role becomes vacant. The emphasis on developing talent at all levels creates a flexible, skilled workforce able to rapidly adapt to changing conditions.
Culture
Lastly, cultivating an innovative culture that embraces experimentation enables companies to continuously improve processes. Rewarding the process—rather than just the outcome—encourages learning and progress. Embracing diversity of thoughts and backgrounds taps into a broader range of perspectives to drive innovation. Organizations that actively develop these cultural traits set a foundation for an agile, adaptive organization that can successfully navigate uncertainty.
Addressing Every Potential Vulnerability
As the saying goes, “The only constant is change.” There’s no way to know for certain what will happen in the future, but tech leaders must set themselves, their teams and their organizations up for success by continually advocating for their employees and investing in their technology infrastructure, capabilities and processes. By taking this holistic approach—while enabling teams with the resources to be agile and adaptive—brands can better serve their clients, protect their business and seize new opportunities. Technology resilience is about proactively addressing every point of potential vulnerability and positioning the company to be able to quickly leverage its resources to mitigate any negative impacts. And they don’t have to do it alone. Partnering with a service provider that understands their business objectives and can work with them to design, build and deliver solutions to expand on their current capabilities can be beneficial for those looking to strengthen their technology resilience. Tech leaders who take proactive steps today to future-proof their organizations and make resilience a strategic priority to augment their existing capabilities will improve their ability to withstand whatever comes next. With resilience at the core, companies can feel confident in their readiness to address new challenges while never losing sight of their purpose and vision for the future. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
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