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Writer's pictureErin Shively

How to Evaluate Technology Needs vs. Wants


How to Evaluate Technology Needs vs. Wants

Technology drives efficiency, employee experience and client service in your firm. But many firms struggle to strike a balance between investing in the right tools and falling into the trap of overspending on unnecessary technology. With the rapid evolution of technology solutions and the increasing reliance on subscription-based cloud-based platforms, firms must distinguish between essential technology investments and "nice-to-haves."


Here’s how to evaluate technology needs versus wants in your firm, using strategies to assess the value and potential risks of your existing and future tech stack.


Understanding needs vs. wants: Defining the line

When evaluating technology, it’s essential to focus on the core functionalities required to meet your firm’s strategic goals. Every new tool, app or platform should improve operational efficiency, enhance client service or secure your data. Too often, firms are lured in by promises of cutting-edge solutions that are underused or misaligned with their actual needs.


For example, a common scenario is investing in comprehensive software suites like Adobe Creative Cloud when all your team needs is a simple PDF editor. By narrowing your focus to what truly adds value, you can avoid paying for expensive software suites that offer far more than required.


The problem with shadow IT

Shadow IT refers to software, apps or websites employees use without the IT department's knowledge or approval. While these tools may solve short-term needs for individual employees or teams, they introduce significant risks, including security vulnerabilities, data breaches and inefficiencies in IT governance.


A crucial question is: How much shadow IT exists in your firm? Often, the firm introduces niche software for one client or project without thoroughly evaluating whether it could benefit the entire firm. For example, your marketing team might use a tool without IT’s knowledge, creating budget inefficiencies and potential security risks. By regularly auditing your technology usage and encouraging transparency, you can identify these hidden costs and assess whether firm-wide solutions already exist.


Broadening the benefit: Evaluating for firm-wide usage

It’s not uncommon for firms to use multiple tools that provide overlapping functionalities. When evaluating a piece of technology, consider whether you can scale it to benefit multiple teams or clients. Rather than adopting a new tool for a single purpose, explore your existing tech stack to determine if the desired functionality already exists.


For example, it’s common for firms to reach only 80-90% implementation of their existing software. Could that last 10-20% include features that provide the solutions employees seek elsewhere? You may avoid introducing unnecessary software and the associated costs by thoroughly exploring your current tools.


Tackling software bloat

Software bloat—having too many apps or programs, each performing a limited function for only a few users—can be a major drain on resources. Firms that suffer from software bloat often find that a significant portion of their technology budget goes towards maintaining tools that add minimal value or are used infrequently.


To combat software bloat, review your technology budget to identify niche software that may be redundant. A firm-wide technology audit, conducted regularly, can help pinpoint these inefficiencies. At Boomer Consulting, we send out surveys every six months to understand what people are using, what they’re struggling with and what they no longer need. These surveys uncover new tools and apps people use, leading to more informed decisions about our tech stack.


Uncovering hidden technology costs

Your technology budget likely doesn’t account for everything being used within your firm—especially when it comes to free tools or web-based platforms. Many employees download or access free but unapproved tools that introduce vulnerabilities. Even worse, these tools may come from disreputable sources, increasing the risk of malware or compatibility issues.


One way to uncover these hidden costs is to scan devices to see what software people have installed. While this will reveal desktop applications, it won’t account for web-based products. A comprehensive audit, including surveys and regular discussions with team members, can help identify these risks.


Ensuring vendor reputability

When evaluating new tools or platforms, make sure they come from reputable vendors. Downloading software from unreliable sources can lead to data breaches, malware, and other security issues. For example, employees may consider CNET to be a reputable site, but users have reported downloading items from CNET that were infected with viruses.


This concern is even more critical in firms that have a bring-your-own-device (BYOD) policy. Employees’ personal devices, used for work purposes, may harbor apps or software that compromise firm data security. Security training can help mitigate these risks.

Practical steps for technology audits

Here are a few tips to help you uncover shadow IT and optimize your technology stack.


  1. Conduct regular technology surveys. Survey your employees every six months to a year to learn what tools they’re using, what they like and what they don’t. This helps identify underused tools and potential redundancies.

  2. Audit your technology budget. Review your budget for unnecessary software and services. Look at departmental budgets beyond IT—marketing and operations teams often have niche tools that may not be fully leveraged.

  3. Scan devices for installed software. Perform regular scans of firm-owned devices to understand what people use. While this won’t capture web-based products, it can help identify unauthorized software.

  4. Evaluate for firm-wide applicability. Before purchasing new software, consider whether you can scale it to benefit multiple teams or clients. If not, is there an existing solution in your tech stack that offers similar functionality?

  5. Prioritize security. Ensure any new software or apps come from reputable sources, and reinforce security training for employees, particularly those using personal devices for work.


The key to smart technology investment is aligning your tech needs with your firm’s strategic goals. Firms can optimize their tech stack and avoid unnecessary expenses by conducting regular technology audits, addressing shadow IT and evaluating tools for broader firm-wide usage. Technology should enhance, not hinder, the firm’s efficiency—ensuring that every tool serves a clear purpose is essential for long-term success.


 

Could your firm benefit from getting firm management and IT leaders in alignment? 


The Boomer Technology Circles are a peer group of firm and technology leaders in the accounting profession who benefit from aligning IT and firm strategy and building valuable long-term relationships with solution providers and peers. Apply now to start building confidence in your firm’s technology decisions.  

 


 

Erin Shively, IT Coordinator at Boomer Consulting, Inc.

Erin Shively, IT Coordinator at Boomer Consulting, Inc., is excited to grow the company’s existing tech stack with new and emerging technologies. Her role includes troubleshooting technology issues, tracking and creating internal processes, and handling on-site tech set up for events at the Accounting Innovation Center.

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