The question of investment has multiple answers depending on your current or projected needs, but it is likely that you would have laid down some sort of loose roadmap ahead of time. Having these kinds of plans can be useful, helping to structure your future decisions, but they can also become trapping when those plans conflict with your present circumstances.
How do you know what you should prioritize? It will not always be obvious, but there should be signs that can help make one answer more sensical over another, this blog will help you to decide what areas these are.
Table of Contents
The People
Some employers might take the perspective that the inherent impermanence of employment means that investing in them becomes a shaky proposition. However, it is important to remember that the work your staff does for your business can often be more permanent by nature. Even if eventually, employees that worked with your business for five years leave your company, they would have spent this time furthering their skills, becoming better at their craft, and offering high-quality work under the banner of your business – a bonus to your reputation that sticks around long after they are gone.
Through that perspective, the idea of investing in a positive workspace that can keep people happy and allow them to offer their best work makes a lot of sense – especially if it develops a culture that benefits future employees as well.
The Tools
If you know the area in which you need to patch yourself up, you can begin to look at which kinds of technology would best suit your situation. If you’re not confident operating with the amount of storage that you currently have access to, then something like a Security Data Lake can help to remedy this problem while also providing you with a stronger level of business security. This is not to say that spending money on tools or technology will always be able to solve your problems, but it’s worth being aware of when the problems you’re facing are caused by the outdated tools you’re using or the gaps in your strategy.
Future-Proofing
Understanding how the winds are blowing in business is a difficult thing – no one can predict the future, and always trying to play into these predictions might mean you do not make decisions that make sense right now.
For example, you might feel as though AI is absolutely guaranteed to change the landscape of your industry, and that could result in you hastily overhauling everything to revolve around generative AI without the right level of consideration of how this impacts your output. In this situation, it might have been better to wait and see how this relatively new technology plays out before integrating it, but at the same time, you might not want to risk falling behind. Future-proofing as a practice can also be difficult because it can lead to you spending money on a future problem that might be better spent elsewhere.