Depending on the size of the rollout, the investment requirement around a digital technology installation can be relatively high. There will be both Capital Expenditure (CapEx) and Operating Expenses (OpEx) that need to be considered.
Good planning, research and consideration will assist you to understand the budget required and help to define the target in terms of device numbers, type and affordability.
Consider the following points in relation to budgeting and view the links below for assistance:
- Consider quality and after-sales support.
- Proceed slowly if this is your first experience with digital tech. Do not over-do the number of installations and concentrate on your main problems first.
- Understand the full initial cost (CapEx) and then ongoing costs (OpEx) for each device. Remember it is not only the cost of the device that you need to consider. Investigate installation and ongoing costs for connectivity, data, repairs and maintenance and guarding or protection.
- Consider the Return on Investment (ROI) and Value of Investment (VOI) potential. While this can be important, these types of returns accumulate over a long period of time.
- Can an advisor or grower group help in this area?
- Are there any funding opportunities available to access and reduce costs?