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Investing in tech: who makes the decisions in your business?

In an increasingly faster-moving world, decisions around investing in tech are becoming more complex. So how do you establish who should be making these decisions and how?

Questions around where to invest in a business’ systems and solutions are no longer answered solely by IT teams.

It’s the responsibility of all departments to assess challenges and requirements, as well as to contribute to finding interesting technology solutions to deploy. We’ve seen many companies invest in multi-disciplined ‘innovation labs’, to test and trial new ways of working or new technologies. Those innovation teams can be dedicated full-time to the task or can be a group of individuals committing a proportion of their time to experimentation and new ideas.  

Additionally, it can make sense to acquire technology through mergers or acquisitions. It’s rarely the sole reason, but along with the acquisition of a new customer base or a talented operational team, a portfolio of key technologies makes some companies, large and small, attractive targets.

Finally, companies should pursue networking opportunities to share resources and ideas which they wouldn’t necessarily come across otherwise. We encourage our investees to share tech concepts and experiences with each other – this can bring new ideas and can be the pivotal moment in capitalising on the right technology investments for their business.

If you would like to know more about our experience helping fast-growth businesses develop their tech proposition, please contact investments@livingbridge.com.

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