Some issues to consider ahead of a technology acquisition

AMID the oftentimes sombre news about the Covid-19 pandemic are encouraging reports on how companies are using technology to overcome the unprecedented disruptions they face.

Cloud computing, data analytics and voice-over-IP technologies are enabling companies to continue operations despite office closures - conducting virtual business meetings, matching orders to delivery slots in real-time, serving customers via interactive digital platforms and keeping office workers in productive employment through telecommuting. They clearly demonstrate the economic and human benefits of digitalisation, and are spurring others to accelerate the use of technology across their organisations.

Nevertheless, companies should resist the temptation to rush headlong into acquiring the latest and shiniest pieces of technology. Hasty unplanned technology acquisitions can turn into an unnecessary drain on a company's limited finances and management time. To avoid such costly quagmires, careful staging of the technology procurement process is essential.