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Is the New Technology Boosting Company Performance?

We cannot live without technology. With digital natives releasing new innovations every other day, our expectation is only going higher. So, inspired by your peers, you have implemented a technology in your organization. Now, how do you know if the technology is increasing your company’s performance? In this article at Datafloq, Larry Alton discusses ways to find out if the new software is boosting company performance.

Measuring Technology Performance

Technology has helped in improving collaboration and task management as well as automating menial jobs. While you know that your employees will optimally use the tool once you have introduced it, your stakeholders want tangible results. Dialpad conducted several studies to understand that desk phones can save a company $1 million in 6 months. To measure the software’s performance, you must know the benefits you can derive. Following are the possible ones:

  • Direct Cost Reduction: When you buy software services, you pay a hefty amount for the contract or license. By introducing an application in-house, you can save in direct costs instantly.
  • Performance Boost: Technology consultant James Gaskin remarks that you will soon realize the costs with a boost in employee performance. If the tool gets the work done 10 percent faster, your employees can employ this 10 percent for another task.
  • Updates and Maintenance: How much will it cost you to update and maintain the new software to receive maximum benefits? It should be less than the repair cost of your previous systems.
  • Reduced Glitches: Old systems hang for no reason sometimes. If your new product can reduce glitches, it will reduce downtime and improve productivity.
  • Morale of Your Workforce: Who does not want a software that helps to work faster? A new technology has a huge influence on your workforce morale and retention rate.

Measuring Technical Performance

The best way to measuring technical performance is checking your employee performance.

  1. Task Completion: Though a faster software can help finish the task faster, an HBR article says it cannot be the only indicator. You can still track the employee task completion rate and consider it is as one of the measuring factors.
  2. Outcome: A Microeconomic Review article says that you can directly link the increase in the number of outputs to the new technology. Measure the software’s performance by checking the number of campaigns you can run simultaneously.
  3. Feedback: You can always rely on feedback and surveys to measure the success of the software implementation. The surveys show how satisfied your employees are with the technology. They also help you understand how to increase employee performance.

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