You're facing pushback on new technology costs. How can you convince stakeholders of the benefits?
When it comes to implementing new technology within an organization, the initial costs can often lead to significant pushback from stakeholders. Understanding their concerns and effectively communicating the long-term benefits and potential return on investment (ROI) can be crucial in gaining their support. This article will explore strategies to help you articulate the value proposition of new technological investments to your stakeholders.
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Highlight opportunity costs:Frame the absence of new technology as a missed opportunity. Show stakeholders the tangible losses in efficiency, market competitiveness, and future readiness that come with sticking to outdated systems.
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Perform risk analysis:Use a risk versus probability matrix to plot potential issues against their likelihood. This visual tool can help stakeholders see the bigger picture and understand why investing in technology now can prevent future crises.