In the business environment, undertakers have boundless care to maximize wealth through their investments by achieving full utilization of their inputs to make profits. This calling entails venturing into the right set of assets that will enable the entity to align itself appropriately to achieve its strategic goals. Among the many avenues of investment, ICT is one of the resources of great bearing to which many entities commit substantial financing as the business environment has been shaped to use technology in the virtue of the development of systems to an electronic-based definition. Investment in ICT more often constitutes a large capital base of an entity considering the defined level of requirement of these resources in achieving the entity’s long-term goals and execution of daily operations.
Regardless of the timing and scope to which these tools are applied; whether in marketing, research, production, distribution, data storage, communication, etc. The contribution of computers to the growth of an entity will advance as the growth of the business and change in the operating environment unfolds more extended challenges and further avenues for the application of advanced technology throughout its lifetime. Maximizing the returns that can be achieved from investment in IT to full effect goes a long way and it involves proper planning, setting clear objectives/ guidelines, and careful execution of one’s investment plan. Here are some of the facts that one needs to know in order to come up with an achievable plan to maximize returns on investment in IT resources.
Knowing the level of need or appropriateness of computers or any other IT-related facility in an entity is important for one to plan for the right equipment/ software to purchase. This informs on what percentage of the entity’s budget should be allocated to these assets or any related expenses including internet and telephone expenses so as to limit unpursued capacity.
Maximizing the productivity of the workforce can also give one a bound to justify the commitment of funds to IT resources through perceivable growth of the business and a higher margin of returns. This can be achieved through elevating mobility of access to work-based information and full-time access to the internet, mobile working tools like laptops, tablets, and online systems. These warrant individuals’ access to engaging in their official duties at any time of convenience even when out of the office without being limited to typical office hours.
Constant training in computer system applications and usage is another critical area to consider for the successful use of computers in any organization. This training can range from learning how to use new business systems to proper use of IT resources like the internet and any other basics as availed by the entity. Employees who find difficulty in learning or those that resist the implementation of new business systems can be a major setback to the entity’s performance. Also, erroneous use of IT resources like the internet can create very dangerous destructions which may lead to dreadful consequences like time wastage and financial losses where these resources are misused which affects the overall achievement of organizational goals.
The flexibility of systems is also important in enabling one to align the performance of their systems to the different technological changes in order to position the business well amongst competitors.
The nature of investment in IT can be divergent from one entity to another depending on the volume of operations, nature of the business, and financial capacity among other factors. The discussion that motivates these decisions on what would constitute an ideal portfolio of investments is usually inclined to rational thinking and ascends to the prospective returns one expects to recover with respect to the level of input. Therefore, anyone investing in technology should incline their game plan to match the level of investment in IT resources with prospective returns through embarking on a system that utilizes IT resources to full effect to achieve growth.
By Paul Malumba