In a recent press release, Walmart stated that within their fiscal 2014 capital plan are...

...“investments in technology and innovative processes to drive additional operational excellence, expense leverage and productivity and investments in global e-commerce initiatives, including the development of a global technology platform.”

Walmart is clearly recognizing the value and power in adopting new platforms and in employing new technology. Some companies may say, “Well that is great for a company of Walmart’s scale and size, but we don’t have Walmart’s budget!”

While that may be true to some degree, no matter how large or small your organization is, you should be considering the same. While planning your budget for 2014, it is essential to include significant investments in new and innovative technological systems and platforms that will grow with your success over time.

This can include something as simple as a more functional and advanced CRM system, to a mobile platform that allows you to collect data in a more structured way. With the rise of smartphones and the mobile workforce, some of the same considerations need to be made in order to implement any new technology.

In a recent story on Marketwatch, CoreMatrix (cloud computing provider and consulting company), listed 8 items to include in the budgeting process for your CRM system. However, these same principles can easily be applied to any new process that employs technology, empowers your employees and unifies your network. The bulleted items below are from the Marketwatch article, but with my own spin on what they mean or should mean:

As you look towards 2014 and beyond, searching for the next system that will improve your formula for success, you will achieve the greatest return when considering these variables. Walmart is not innovating by investing in operations and leveraging productivity, as it is clear this is the only way to survive in today’s market. So, there should be no question about doing it for your organization and budgeting properly for it.

Create that line item, make sure it’s got room, and get ready to grow with the technological revolution!

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