Convincing Your Company Leader to Invest in New Technology
Convincing your company leaders to invest in new technology may be more complicated than you think. Practicality aside, a market must also exist for the idea, product, or service you are trying to deploy. Therefore, you have to be particularly persuasive when proposing a change, most likely in the form of a whole new business model.
To do so requires a strong storyline. We are story-making machines, and who doesn’t love an exciting narrative? Finally, innovate your stance about the technology you bring forward. The commercial equivalent of narratives is Television, and if you’re looking to watch inspirational content, check out the incredible bundles at Spectrum Packages.
Following is a set of tips we’ve compiled for convincing (your boss) 101.
The Investment Prospects
Investment in new technology is essential for the success of a company. If they can foresee future investment success, they are more likely going to invest. Therefore, decision-makers should do adequate research and consider all factors for a fruitful investment. And the initial research needs to be solid because you want everyone to get on board.
For example, NFTs are becoming popular, and many companies are making the inclusive shift. Of course, the market for NFTs is overhyped right now, but that’s just how the internet works. If you want to convince your manager to invest in the technology, you might face reluctance. But you can overcome it by giving practical examples and the prospects of the technology.
Explain how the technology can help solve the problem better than existing systems. You can also use statistical tools like graphs and diagrams to explain your idea better. If they are still not convinced, look further into how much profit you might make from this new technology and how it can affect future sales and earnings. Then, you can go one step further by making it relatable to any existing product or service associated with your company.
Finally, explain why this could be the most valuable deal for the company compared to other market offerings.
Avoid Mind Traps
The decision-making process is complex, and many different factors go into the choice. However, the most crucial factor to consider is how the transition affects stakeholders: customers and employees.
Your leadership team should embrace it for two reasons: first, because you want to be known as a company that embraces change, and second, you want to be a company that gives customers what they want.
A mind trap is an assumption we make about ourselves or the world. Such assumptions are often based on experience — a successful track record. But that doesn’t mean they’re still valid today. With digital technologies changing at such a rapid pace, old assumptions can quickly become outdated. Mind traps can lead to risky decisions, wasted time and money, and missed opportunities for digital strategy. An organization’s culture can also prevent it from a digital design.
For example, the tendency of leaders to stick with what they know may be reinforced by how long they’ve worked for the company. People with more tenure may feel more comfortable with what they already know and less inclined to risk stepping outside established patterns or processes.
Overcoming Psychological Barriers
The first step to overcoming psychological barriers is to understand them. Here are some common ones:
Fear of change: People don’t like change, even if it’s good to change. You might have difficulty convincing your leaders that they need to invest in new technology when they’re happy with the way things are now.
Fear of failure: Leaders often think (consciously or unconsciously) that if the technology doesn’t work out, their job could be on the line. If you want your company to get new technology, you need to tell your leaders that this is not their fault if something goes wrong.
Fear of competition: Your company might be worried about how it stacks up against its competitors. If this is true for your organization, don’t convince your leaders that no one else has better technology. Instead, show them how their competitors are already investing in new technologies and how their company falls behind if it doesn’t support them.
You Got This
Don’t give up; you’ve got this. Understand that the most potent use of new technology comes when it wins over skeptics in a company. When they join in and start promoting the new method, they make everyone eager to learn. You begin teasing out the more profound potential of big data, which affords you to create more value for your customers.
All the Best!