The more money you throw at something, the more you hope that it will eventually deliver on the investment… but if you’re not getting the results you hoped for, you might be falling into the sunk cost fallacy. You might find yourself making illogical decisions based on the investments you’ve already made, and that doesn’t help anyone—in life or in business. Today, we want to discuss how you can free yourself from the sunk cost fallacy to make better decisions for your business’ IT solutions.
Depending on the sector your business falls into, you’ll want to implement technology solutions designed to help you be successful in the context of that sector. Part of that means investing in new solutions that can yield a satisfactory return on investment, or ROI. But how do you know if a solution can yield a good ROI, and most important of all, what kind of math goes into ensuring you’re not overspending on IT that doesn’t produce results?
Every business owner has heard the mantra: Data is the new oil.
It sounds great, but for most, the reality is far from it. Your data is probably unrefined, messy, and sitting in a digital graveyard. You're paying to store it, worrying about a potential security breach, but you can’t point to a single decision it helped you make. It's an asset that performs like a debt.
How much does your business value communication and data security? The answer to that should be “A lot.” Microsoft SharePoint, a web-based platform for storing, organizing, sharing, and accessing information, can help businesses that use Microsoft 365 work more effectively. Today, we’ll cover three of its best features and what your business can accomplish with them.
I have two questions for you.
First: how many subscriptions do you pay for that pertain to your business and its software? Second, how many of those subscriptions are actively used in your business’ processes?
This kind of sprawl is too easy to fall into if you aren’t carefully paying attention to these agreements… but you must. Let’s explore why.
