How to do Your Due Diligence Before Investing in B2B Technology
Posted by Xref
In today’s workforce, we have a high demand for great technology that is easily accessible and reliable. But, how do we know which companies we can trust?
You wouldn’t usually just jump in a stranger’s car. However, through modern technology Uber has created a trusted brand that provides the convenience of a private driver at the click of a button.
Airbnb is another great example of a company that has built a trusted technology brand, which challenges the way people think and now enables homeowners to earn an income from allowing complete strangers to stay in their properties through easy-to-use technology.
So, how can this demand-driven technology adoption translate into the workplace? Here’s a checklist to help you make important decisions about the tech solutions you trust with your business needs.
1. What legacy does the platform have?
It is important to invest in tech that can be relied on to innovate and grow as the workforce evolves over time. A good starting point is to look at the company’s background and take a moment to explore the other services it has under its belt. Knowing what a business has to offer can give you an insight into its potential growth and scalability. It is helpful to be aware of how this technology could benefit your business long-term instead of just serving as a simple, quick fix in the short-term.
Also, take a look at who the business is partnered with to check that it is trusted by other well-established brands. The legacy that a tech provider holds is often reflected in the brands that support it and partner with it.
2. What data security does the company offer?
Doing your due diligence to know that the tech provider you're looking into has good security measures in place, is critical to ensuring you're investing in a solution that can be trusted to securely collect and store your data.
3. What are other people saying about the tech?
Doing your due diligence should also include researching what people are saying about a brand online. It can be helpful to start by looking at public reviews. These can be an indicator of the range of customer and client experiences a business provides. Be sure to take note of any negative reviews and notice if the business has responded with a positive solution or an opportunity to talk offline. Depending on the circumstance, not responding to multiple negative reviews could be a red flag to be wary of.
Try checking to see if the business is active on their social media pages. Do they receive positive engagement in the comments section of posts? Are people excited about the brand’s products and sharing information about them on their own pages?
It can also be helpful to check the brand’s website and read their testimonials to gain further insight into how clients are using their tech. If you’re close to making a decision about investing, ask to speak with an existing customer or client in a similar business, for insights that are relevant to your specific needs.
4. What support does the company offer?
Before investing in any tech, it is important to find out what level of support will be available to you.
You want to be sure that after the sale has taken place, there are several communication lines open to you if you need them. You also want to make sure the business provides adequate in-platform training and guides that you can access anytime you need.
Finally, it’s helpful to understand if the business has local in-house support teams who can help you during your business hours and in a timely manner.
A Strong Foundation
At Xref, we believe that reliability and a rock-solid foundation are key to success. To earn the trust of our clients and the businesses we partnered with, no stone has been left unturned. Before we introduced Xref Lite - our on-demand, self-serve solution - we needed to lay the right groundwork for the platform to be truly robust and reliable.
For example, we recently introduced Template Builder, which is an important piece of the Xref Lite puzzle. Template Builder allows users to build and tailor their own reference templates with access to hundreds of best-practice questions to choose from. Questions are aligned to core competencies, as well as being grouped to ensure users built templates that include the right mix of questions.
But aside from specific features that lend themselves to a self-serve solution, Xref has, for years, been developing multiple platform capabilities and security measures that made it possible to create a Lite version of that platform, which we could confidently offer to new users at the click of a button.
Xref Lite is all the power of Xref, offered to single-users who don’t require any other platform integrations. Lite users can effortlessly upgrade to an Enterprise account if or when the need arises.
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What is Xref?
Xref is a secure, mobile-friendly reference checking platform that significantly reduces time-to-hire and helps protect against candidate fraud.