It happens more and more now. A new technology is introduced to the market and you think, “Will this give me a competitive advantage?” 

The answer won’t come from a salesperson, tech expert or trade magazine. Only you can determine whether a technology is the right solution for the challenges you face. Here are some steps to take before investing resources in technology that you think will give you a competitive advantage.

1. Identify the problem

“Before you can solve a problem, you need to identify it,” says Tauhira Ali, senior manager of construction technology at Milwaukee Tool.

What are the strengths and weaknesses of your current workflow and how will this change in the future? How do your processes compare with the competitive environment you’re working in?

Chances are that your challenge doesn’t exist in a silo so don’t keep your problem-solving effort in one either. Is it a process challenge? Equipment management? Productivity? Safety? Ali suggests empowering employees to better understand innovation and share their insights.  In that way you are more likely to find solutions that employees want to work with.

“Focus on people and tasks. Know who you are and what you need,” she says.

2. Investigate

After you’ve identified the problem, start investigating. Technology solutions are rarely bought off the shelf these days. You need to get educated on products and solutions. Fortunately, there are many sources of information on the internet including articles, podcasts and videos.

“Find the leading suppliers in your market and invite them to help you solve your particular problem. Be vocal about what you want,” Ali says. “You are the customer, explain your needs. Tell them what your deal breakers are. While you are learning from them, they are learning from you.”

Construction technology startup companies received $1.05 billion in investment from venture capitalists in the first half of 2018, a record high. Startups and well-established companies can introduce you to something you are unaware of such as wearables to improve safety or the latest in drone technology. Convey your high standards and insist the provider you work with share or exceed that standard.

3. Find the opportunity

Assess the benefits of any solution suggested. Does it fit within your existing processes? Does it offer a more efficient process? What gains will you see and when? Can you test it on a small scale before implementing something more robust? Again, know who you are and establish a process that works.

Investment in technology can bring unforeseen advantages. It can make talent recruitment easier. The best people are attracted to companies that are innovating and outpacing their competitors. They see growth opportunities for their careers. Ali previously created technology solutions and assessed business viability for products and platforms in the automotive and aerospace industries before joining Milwaukee Tool.

“The construction industry is so ripe for innovation today and in the future of how we build,” she says.

4. Prepare to implement

Clean your house. New technology will work better within a strong foundation. That means documented processes, streamlined tasks, proven methods and vision. It doesn’t need to be complicated, just clearly communicate how work is done and why. Define what success looks like so your progress can be measured. Be flexible. Pivot when necessary.

Market trend reports can help in assessing competition but don’t forget the value of peer groups who are not competitors.

“Face-to-face communication at association meetings and trade conferences is always valuable,” says Ali.

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About the author: AEM is the North American-based international trade group representing off-road equipment manufacturers and suppliers, with more than 950 companies and more than 200 product lines in the agriculture and construction-related sectors worldwide. AEM has an ownership stake in and manages several world-class exhibitions, including CONEXPO-CON/AGG.