Everyone thinks they need better technology pretty much at all times, but how often is this actually true?
As it turns out, we typically don’t use quite a bit of the software we already have.
According to a recent report, nearly one third of spend on SaaS (software as a service) product is either wasted or underutilized.
If this sounds like your firm, you might want to find out why you aren’t using what you already have before you plan to spend more.
How can we build a plan for your firm to leverage technology more effectively?
The first step has nothing to do with technology itself, but has everything to do with process.
I see many firms attempt to fix a broken process with a technology product. If your firm has fallen into this trap don’t beat yourself up too badly because the marketing for many technology products can be misleading and make claims that aren’t entirely honest in my opinion which I believe to be a major source of this confusion.
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You cannot use technology to fix a broken process. I’ve NEVER seen this work. In fact, most of the time it only serves to make a bad problem worse.
Instead, you need to ensure your process is effective first – it needs to work. Then and only then can you leverage technology to make it more efficient.
My best advice is to only look for new technology when you are trying to SCALE a process OR make it run more efficiently. However, technology isn’t a bandaid. It will never fix a broken process.