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.
A solid Wi-Fi connection is a necessity, not a luxury. To provide your team with the best possible wireless connection, you need to choose the right router and place it correctly. It's best for a business to buy its own modem and router, rather than renting a combined device from an internet provider. This gives you full control over your network and allows you to select hardware that fits your specific needs.
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?
AI is a game-changer, there's no doubt about it. From the value your business gets from streamlining operations to its powerful information retrieval, it’s changed, in a very short amount of time, how knowledge-based businesses operate. If you're thinking of handing over your entire customer support operation to an AI, however, you need to pump the brakes a bit. While AI offers incredible efficiencies, completely removing the human element could be a problem for your business.
Some of the most versatile and useful technology out there might already be installed on your infrastructure. One such tool is Microsoft Excel, Microsoft 365’s spreadsheet building platform. You might be surprised to find out that Excel can be used in some interesting ways—including these three uses.