The Talent Initiative

In the dynamic landscape of business in Australia, the decision to buy or build technology solutions can significantly impact growth, efficiency, and long-term success. A lot of areas of HR can benefit with some technical help. You can benefit from using tools for Recruitment, (who doesn’t love a good Applicant Tracking System, or HATE a bad one), Reference checking, Video interviewing, Candidate management, Sourcing, HRIS, Onboarding, Skills or Resource management, Learning and Development, Complaince, Engagement of staff, Performance Reviewing, Mentor enablement and Offboarding (believe it or not this isn’t an exhaustive list). While the allure of custom-built HR tech solutions may seem appealing, there are compelling reasons why opting to buy technology from established vendors often proves to be the smarter choice for business. Let’s delve into why:

1. Time and Resource Efficiency: Developing technology in-house demands considerable time, effort, and resources. From hiring skilled developers to investing in infrastructure and ongoing maintenance, the process can be resource-intensive and time-consuming. By purchasing technology solutions, you can bypass the lengthy development phase and immediately leverage ready-made, scalable solutions, freeing up valuable time and resources to focus on core business activities.
2. Cost-effectiveness: Building technology from scratch entails not just development costs but also ongoing expenses associated with debugging, updates, and maintenance. These expenses can quickly escalate and strain your budget, which is often limited for HR tech. Conversely, buying technology typically involves predictable, upfront costs with the option to choose from subscription-based models or one-time purchases, allowing you to better manage your budgets and allocate funds strategically.
3. Access to Expertise: Technology vendors specialising in various solutions invest heavily in research, development, and expertise within their respective fields. By purchasing technology, you gain access to the collective knowledge and experience of these vendors, benefiting from best practices, industry insights, and ongoing support. This access to expertise can expedite implementation, enhance functionality, and mitigate risks associated with developing technology independently.
4. Scalability and Flexibility: As you grow and evolve, your technology needs inevitably change. Purchasing technology solutions that are designed to scale and adapt to evolving requirements provides you with the flexibility to expand operations, accommodate increased demand, and pivot in response to market dynamics. Off-the-shelf solutions often offer integrations with other software and platforms, further enhancing scalability and interoperability.
5. Reduced Risk and Faster Time-to-Market: Building technology in-house carries inherent risks, including delays, technical challenges, and potential project failures. Conversely, purchasing proven technology solutions reduces risk by leveraging tested and validated products that are already in use across industries. This not only minimizes the risk of project failure but also accelerates time-to-market, allowing SMBs to gain a competitive edge and capitalise on opportunities more swiftly.
6. Focus on Core Competencies: Your business is better when you can focus on your core competencies and deliver value to their customers. By buying technology instead of building it, you can redirect their energy and resources towards refining their products or services, nurturing customer relationships, and driving innovation within their niche. This strategic focus fosters growth and differentiation in the marketplace.

While the temptation to build your own HR technology solutions in-house may be strong, the benefits of buying technology far outweigh the perceived advantages of customisation. You won’t be the only company with this HR need, there will be something out there for you. Purchasing technology offers greater efficiency, cost-effectiveness, access to expertise, scalability, reduced risk, and the ability to focus on core competencies. By embracing this approach, you can position yourself for sustainable growth, competitive advantage, and long-term success in today’s digital landscape. It is a crowded marketplace with emerging HR tech sprouting everywhere. Chat with the Talent Initiative to find the best solution for your business.