The economic outlook seems foggy at best. The stock market remains in a slump and consumer confidence is unsteady. Therefore, cautious executives are viewing new investment with a great amount of careful consideration. History, however, shows that the companies that prosper over the long term do not wait for the economy to improve before making business investments. The current situation is no exception.
 
Most progressive companies enhance information flow by using Internet-based collaboration, taking simplified approaches to projects, and making modest investments in high-return-on-investment software solutions that support strategic business initiatives. If this sounds expensive, there's no reason it has to be; it can be done.

Many organizations spend most of their time and effort selecting and deploying their information technology (I.T.) assets, but little time getting the return they desire. Why? Because many times it requires leadership and accountability, change management, drastic process improvement, and other key drivers to truly obtain the desired return on I.T. assets.

Currently, there are some interesting I.T. investment options available that have the potential to provide a significant return on investment. Four in particular come to mind: customer relationship management or CRM, Internet technologies, business intelligence, and outsourcing.

Like any investment decision, a systematic approach to make these investment decisions is imperative. For instance, carefully-crafted solutions supporting well-defined CRM, Internet, business intelligence, and outsourcing initiatives cannot only pay for themselves, but can even fund subsequent technology initiatives. With CRM, successful implementations are driving new levels of automation, productivity, and efficiency. In many companies, CRM is streamlining processes and enhancing user satisfaction.

Internet technologies can enhance customer and supplier communications, as well as information flows, while business intelligence solutions provide the foundation for good decision-making and a framework for performance “scorecarding.” 

Lastly, outsourcing has shifted from what was once a strategic exercise to a tactical approach that enables companies to fill skills gaps or keep internal skills focused on areas that are a business's core competence.

Is it more comfortable to sit and wait until other businesses begin investing in I.T. again? Definitely. But is a wait-and-see approach the best course to lasting success? Positively not.