Strategies for balancing risk/reward of investing in new technologies

Fall marks budget season for many businesses, and the economic outlook for 2023 isn’t rosy. Compliance departments already used to navigating resource constraints might face greater adversity.

With the threat of a potential recession looming, companies will aim to tighten their purse strings. The cost centers are the first place they’ll look; like it or not, many firms still position compliance and legal in this bucket. Planned initiatives will be put on hold, and new projects might hit the backburner in favor of preserving jobs.

One way or another, committing to a technology project requires a leap of faith. Taking a step back to weigh the risks and rewards can prove beneficial in the long term. Below are a handful of best practices to consider along your implementation journey.