For most businesses, adding new technology comes with more than just the upfront monetary cost. New technology usually involves a learning curve during which time operator errors tend to be high and efficiency drops off. It’s also a time when your business can be exposed to greater risks. Why? Two primary reasons: As noted, unfamiliarity with equipment can lead to errors that can leave you open to unexpected loss or damage; and at the same time, employees’ and managers’ attention is diverted from “normal” routines and focused on adapting to the demands of the new technology.
Every business needs to upgrade technology from time to time. So how can you make the transition without exposing your company to elevated risk? By incorporating risk management into every phase of the upgrade, from the purchasing decision to training and final implementation.
Here are some tips:
* Plan carefully. Many companies plan based only on cost and features. Instead, consider the human impact including the learning period when risks can be at their highest. Consider ways to decrease the curve or speed-up the learning process, or have a mitigation plan in place.
* Consider hiring a technology consultant or ask if your supplier offers a training program or any guidance with planning and implementation.
* Allot additional resources during training to ensure more focus is placed on identifying and managing potential risks. Hopefully before they occur.
* Implement a reporting system that allows you to monitor implementation and track progress so you can anticipate risks during both current and future technology upgrades.
* Make sure to upgrade your risk management plans, operational procedures and insurance coverage as needed to reflect the upgrade.
New technology can help your business grow and stay competitive. Just be sure to plan carefully to minimize your company’s risk exposure during the transition period.
