This mini-case is based on a real company presented anonymously. The situation facing Nick Devlin, the newly appointed CIO, is challenging to say the least. His company, Genex Fuels, is typical of many firms that have been perhaps late to grasp the critical importance of information to their overall success. Having grown over the years through acquisition, it finds itself with a mishmash of hardware, software, applications and databases that are old, redundant, expensive (perhaps impossible) to maintain, and incapable of being integrated to support the enterprise effectively. In addition, due to outmoded storage media, their seismic data (whose estimated replacement value exceeds $2B) is physically vulnerable and incapable of supporting decision making for new development. With the help of an outside consultant, Nick must get a handle on the firms technology needs.

Question below:

There is a need for new technologies in this company but no mechanism for evaluating them .How can the need for a new technology be assessed?