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What are the benefits of having a documented technology strategy?

What are the benefits of having a documented technology strategy?

Whether you’re a business leader or a software developer, a technology strategy is important. A technology strategy is a type of plan that may be conducted at the enterprise or business level, or on a per-product or per-project level. Larger businesses often start with a universal technology strategy, which is broken down to individual branches or departments to create a cohesive approach to digital transformation. Implementing a sound technology strategy provides many benefits.

Achieve technology alignment with strategic thinking

To ensure you achieve optimal synergy between your technology investments and business goals, you’ll need a technology strategy leader who doesn’t just understand IT, but also the business’s pain points and goals. Some companies use a balanced scorecard when creating a technology strategy plan since it helps track performance and prioritize needs more effectively.

A technology strategy plan should cover every facet of technology such as costs, human resources, hardware and software, third-party vendors, and risk management. It should start with a high-level overview of your current infrastructure before delving into potential opportunities and vulnerabilities that might add risk to your organization.

Become more adaptable to change in an evolving market

A technology strategy isn’t something you write once and then file away in a drawer. Instead, it’s a dynamic document that is regularly reviewed and updated to adapt to market and technology trends.

To have a thoroughly documented strategy, start with an outline of your current and future IT projects. This will help you identify areas in need of improvement and capitalize on those that are working well. For instance, migrating to the cloud may have been your initial technology strategy, but this may later evolve into enabling remote work and bring your own device policies.

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By incorporating a list of internal and external forces like changing trends in your market, you’ll also be in a better position to identify new opportunities and find out what you need to implement them.

Balance budgets with desired business outcomes

According to Deloitte, businesses spend an average of 3.28% of their annual budgets on IT, with those in the finance sector being the biggest spenders. One of the main reasons to have a technology roadmap is to balance the budgets and time frames with company goals and the methods used to reach them. Without proper planning, technology projects can quickly end up costing far more than originally anticipated.

Since it’s often not economically feasible to revamp your entire technology framework in one go — not unless you have unlimited budgets and time — you’ll want to think about the longer term and the impacts your strategy will have on the day-to-day operations of your business. Budget can and will fluctuate alongside business cycles, but it’s important to realize that there’s no finish line in an environment that faces constant change. What you can do, however, is think ahead and leave plenty of room to adapt to evolving needs.

Simplified IT Consulting provides fully managed IT services and technology strategies that are customized to the specific needs of your organization. Call us today to get a free consultation and find out how you can take your business to the next level.

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