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lose money with technology
6 Ways to Lose Money with Technology
posted by Anna Mar, December 11, 2012
The brief history of IT is filled with bright-eyed, well-meaning investments that did nothing but drive down sales or increase costs.
That's not to say that IT is a bad investment. Nobody in this day and age will say that. However, there are more ways to get technology investment wrong than there are to get it right.
These 6 approaches are a great way to lose money with technology.
1. Chase Sexy TechnologyChasing technology for the purpose of technology. Business needs should drive technology adoption and not vice versa.
2. Over InvestTechnology is best deployed in manageable phases. Large projects are most likely to fail. It's best to invest, show return and invest more.
3. Invest NaivelyPurchasing products and services without proper due diligence.
4. Jump Before You're ReadyAdopting complex technology such as ERP requires organizational maturity. If you don't know what your processes are, it's not time to improve them with a tool.
5. Fail to Manage Your VendorsA technology project that fills the pockets of vendors but fails to deliver value. In other words, vendor selection and management fails.
6. Fail to Manage Your ProjectsTechnology projects commonly fail (over 50%). It's not always wise to blame your project management team. There are many reasons projects fail.
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