Most businesses today are scrambling to keep up with technological advancements.
But here’s the thing: simply keeping up isn’t enough anymore. Given the overwhelming number of tech solutions on offer, you need to make smart, strategic investments that align with your specific business needs.
The challenge?
Every decision around your tech stack involves multiple stakeholders across departments and even the teams who will be using the technology every day. Aligning everyone’s interests can be a time-consuming and tricky process.
It’s also tempting to jump on the latest trends or choose something just because your competitors are using it. But your tech choices should focus on what you actually want to achieve, not on the latest buzz.
The Four Fs to Consider Before Investing in a New Tech Stack
Leading restaurant industry expert and CTO of Dave’s Hot Chicken, Leon Davoyan, offers an easy framework to simplify your decision-making:
1. Is the Tech a Good “Fit” for Your Brand?
When choosing new technology, the first question to ask is whether it aligns with your brand and business goals. A great tech solution will:
- Integrate smoothly into your existing systems.
- Solve key problems for your customers.
- Help you achieve your broader objectives.
“Fit” here means more than just compatibility; it’s about how well the technology can be adopted with minimal disruption to your operations. If the new tech requires a total overhaul of your existing processes, it might not be the best option. Look for solutions that enhance, rather than undermine, your current systems.
2. Is It “For Real” or a “Fad”?
FOMO is real, especially when it comes to technology. The pressure to adopt the latest innovations can be overwhelming, but not every shiny new tech is right for your business — or even as revolutionary as it claims to be.
AI for instance has been hailed as a game-changer for businesses across industries.
But is it the right solution for you or just the latest tech trend everyone’s hyping up?
Before you dive in, take the time to assess whether a new technology will deliver long-term value or if it’s just another passing fad.
3. Does It “Fix” Something?
Before investing in any new tool or system, identify the challenge this tech will address.
Here are some questions to consider:
- Will the new tech streamline your business operations?
- Does it enhance customer experience?
- Will it boost your operational efficiency?
If the tech you choose doesn’t solve an immediate pain point and directly align with your needs and goals, it’s just noise.
Embrace technology that genuinely makes your business better, not the one that just looks shiny and new.
4. Will It Contribute “Financially”?
Investing in a tech solution that doesn’t deliver a clear return on investment (ROI) can quickly drain resources without providing meaningful benefits.
The meaningful benefits that make clear financial sense include:
- Automating tedious tasks.
- Reducing overhead costs.
- Opening up new revenue streams.
If the technology doesn’t offer tangible financial returns in the short or long term, it may be a luxury you can’t afford.
Way Forward
Making a strategic tech stack investment is not just about keeping up with trends. It requires careful consideration of how well the technology fits with your brand, if it’s the real deal and not a fad, whether it genuinely solves a business problem, and if it makes financial sense for your company. Focusing on these key factors will make the tech a game-changer and deliver lasting value for your business.
For a deeper dive into how top executives prioritize their tech stack investments, check out the Forbes Technology Council article by Vivant’s founder/ CEO, Hamed Mazrouei.
