Benefits of Developing a Technology Strategy
Most organizations do not have a long-term technology strategy. Often, they have a one-year plan at best. However, shorter-term plans on their own are not sufficient for aligning an organization’s technology with business objectives as that is not their purpose. The difference between a short-term plan and a long-term strategy is that the former focuses on the technology, while the latter focuses on the business and its goals. It is important to understand that the sole purpose of leveraging technology is to meet business needs in order to achieve the organization’s mission. A well-developed technology strategy offers many benefits to an organization. These include:
Alignment with Business Objectives
Technology is not simply there for convenience, but rather it should be directly associated with business needs. A technology strategy ensures that the business needs are fulfilled by directly linking objectives of the technology strategy to business needs.
Development of Long-term Vision
A technology strategy ensures a long-term vision, focused on the future that looks into the horizon to try to predict what the organization’s business needs will be based on the market and competition. While at the same time understanding that change will take time, and is achieved through series of milestones, objectives, and goals.
Increased Operational Efficiency
When technology is aligned with business needs and implemented at the right time, there are direct efficiencies that are gained. These efficiencies can be in the form of increased employee output (production, performance, etc.), improved customer communication (response, experience, etc.), and enhanced team collaboration (sharing information, solving problems, etc.), all of which make an organization more agile.
An organization that can operate more efficiently by strategically leveraging technology, inherently gains competitive advantage. Competitive Advantage can be in the form of higher sales and profits (in commercial businesses), or progressing the organization’s mission (in non-profit, advocacy and research organizations).
Technology is a fundamental part of business, it has resulted in the emergence of new business models and changed customer experiences. In order for organizations to compete in today’s world they must operate at the speed of business or risk becoming obsolete. As such technology must be part of every organization’s business strategy.
Written by: Payam Pourkhomami, President & CEO, OSIbeyond