How does IT Strategy drive business growth?

In today's world there is no demarcation between brick and mortar company and a technology company. Technology has become the core part of every business big and small. Having a forward looking IT strategy not only allows a company to improve productivity and competitiveness it also helps direct resources towards the right initiatives to adopt to the fast moving technology landscape creating a multiplier effect.

Stop doing IT Strategy. Do Business Strategy. That doesn’t mean you do no planning for IT, but it does mean you will never be misaligned to the business needs. Roger Martin expresses it best with his Strategy Choice Cascade. This explicitly places the capabilities needed as part of the overall strategy- of which IT is a major component.

Since the 90′s, the distance between the business and IT was reducing constantly, at the point that the most successful companies today are the ones that have both areas working together and not as client/provider. IT Strategy today provides the business with tools they requiere to start living the future today and not tomorrow.

IT, once viewed as a business enabler by the enterprises has become an indispensable asset for businesses in today’s everchanging business landscape. Today IT plays a pivotal role in improving efficiency, fostering innovation, enhancing customer experiences; enabling organizations to thrive in a VUCA world. The integration of IT into business operations has transformed the way organizations operate, make data-driven decisions, communicate, and deliver value. Given the integral role of IT, it is crucial for modern businesses to craft a well-defined IT strategy aligned to the organization’s vision and goals. IT strategy also enables enterprises in overcoming barriers of digital adoption and addresses the risk of security and data privacy.

While it is important to have IT Strategy, it is critical that it has to be built based on business strategy. A IT Strategy which is not aligned to business strategy is of no use.

IT Strategy should be align with business strategy. After we identify clear picture of business strategy, we will consider IT strategy base on current infrastructure, market trends, enhancing customer good experience, Data Security & compliance, how we can innovative solutions to meet with business goal and how we can adapt to change future technology like Intelligence Automation, Open Banking, AI, block change integration , cyber security. IT strategy should be review and refresh it if necessary base on dynamic technology environment

Steps to develop the IT strategy: - Start with the end in mind by identifying your company's vision, mission, and goals. - Get to know your team, business stakeholders, and partners to understand what’s working and what’s not, in IT’s business engagement model. - Identify the current state by performing a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to assess internal and external factors impacting IT’s performance. - Present recommendations and budget required for IT to enable business objectives (IT Strategic Plan) - Tie IT Goals to the business, develop the IT Roadmap, and communicate up / down and across to ensure alignment. - Execute commitments and communicate progress - Iterate

IT strategy should be totally underpinned by organisation’s business goals. It should also clearly consider external systems dovetailing into your infrastructure. Most importantly technology and tools should be an outcome of a mature enterprise architecture and driven top down. If not, there are chances that there are already shadow IT models mushrooming. As organisation matures, IT should act as an enabler to promote business growth, not to dunk business requirements into legacy IT processes and complexities delaying business outcomes.

Development of IT strategy should more than just “align” with business vision and d strategy. It should “integrate” . The rate of change of technology is so rapid that organizations have a difficult time absorbing it. This means that opportunities for transformation could be missed. In the current business landscape , IT strategy should deeply influence/drive business strategy. Business vision/strategy can significantly change .

IT Strategy needs to be a 'Dynamic' one rather than being a static one-time-developed document. As business strategy evolves and changes, IT strategy should be in sync to align itself. I believe IT Strategy is neither subservient to the business strategy nor superior to the business strategy. IT strategy can sometimes open new doors for the business strategy and at times the Business Strategy can challenge IT strategy in a new direction. Following a waterfall model (Business Strategy first and then IT Strategy) can be suboptimal. Both should be developed iteratively and congruently. They should be complementary.

In my experience, developing a sound IT Strategy is one of the pillars of success, followed by the right execution plan. With continuous change in the technology landscape, it is important to embrace change and leaders to be technologically savvy. Understanding the right tools for data management, analytics, and data security is equally important today. One of the main challenges I have seen in companies is a lack of understanding of how to apply modern technologies like AI/ML to their products and offerings in a way that enables business and improves customer experience.

In recent years, the IT leader's role has notably transformed. These leaders have become strategic players, blending their inherent technical proficiency with enhanced leadership and communication skills. These 'unicorn-like' professionals excel in aligning IT strategies with business goals, harnessing a comprehensive understanding of both current and emerging technologies. Simultaneously, they demonstrate effective team management and clear communication of complex IT concepts, facilitating seamless collaboration and project management across various departments. Lastly, they have had to learn how to learn how to talk like a risk manager and work through budgets. Having financial sense is now playing a bigger part in the job!

Key skills for IT Strategy include: Strategic Thinking: Ability to align IT initiatives with business goals. Technical Knowledge: Understanding of current and emerging technologies. Business Acumen: Insight into how IT impacts different business areas. Analytical Skills: Proficiency in analysing data to inform decisions. Project Management: Skills in planning, executing, and monitoring IT projects. Leadership and Communication: Ability to lead teams and effectively communicate with stakeholders across the organization.

In the recent days business scenario the IT strategist role has got transformed to more of Domain specific and subject matter expertise. The apt solution through IT and it’s Enabled services should necessarily address the gaps of B2C

Crafting a robust IT strategy is instrumental in propelling business growth. As business models are continually getting disrupted, IT and high velocity supply chains are the key to ensure achieving business goals. Innovation is ultimately elevating customer experiences and the need for agility and strategic utilization of emerging technologies to stay responsive to market dynamics. Smart investments in tailored apps become a catalyst for gaining a competitive advantage in the ever-evolving business landscape.

Make sure you have a solid understanding and connection to the business strategy. An IT strategy without that connection won't make a difference. Spend time assessing your current IT operating model. Does it support the IT strategy and larger business strategy? If not, changes will be needed.

Here are main points and the goal towards by following results massive, 1. Continuous Learning, 2. Networking, 3. Seek Feedback, 4. Showcase Achievements, 5. Certifications, 6. Advanced Education, 7. Mentorship, 8. Real time experience, 9. Collaborate Across Teams, 10. Leadership Skills and 12. Explore New Roles At last, stay Agiled to keep your brain upto date on the Techno front on the market IT strategies in various domains.

IT is an enabler that can make data come to life. Sometimes IT is just viewed as a cost center, but it can be so much more. Thoughts ?

Don't be the stereotypical IT strategy team member who stands on the sidelines, dispensing advice without truly engaging. The hallmark of an outstanding IT Strategy Manager lies in their willingness to roll up their sleeves and delve into the heart of the action. It's about immersing yourself in the day-to-day challenges, collaborating closely with both technical teams and business units. Your role should transcend beyond creating impressive slides and presentations; it's about being an integral, hands-on part of the team, recognized for your practical contributions and your ability to turn strategy into actionable results. In the end, it's the impact you make, not just the advice you give, that defines your success.

Une bonne connaissance technique des outils technologiques est essentielle. Loin de parler de ma?trise absolue ou d'expertise, il est très important de comprendre et de savoir analyser les avantages des technologies pour apporter une vraie valeur ajoutée à sa structure.

An effective and well thought out IT Strategy provides the scaffolding other areas of the business need to achieve their goals. These goals can include customer satisfaction, operational efficiency, or sales targets. Effective IT Strategy along with coherent execution of it is a force multiplier for any business.

An important question I've always found helpful is "Why?". We always concentrate a lot on what we want to do, or how we want to achieve it. An IT strategy is the place to consider, fundamentally, "why do we want or need to do this?". A business exists to make money, a public sector organisation to deliver a function to citizens, so if a piece of work doesn't advance that goal, then why carry it out. Thinking the "why" through will help all of the metrics, KPIs and dependencies that support the strategy fall out.

The journey is about a secure, scalable, and sustainable business model, it ensures sustained business growth. It is made possible with strategic investment in Information Technology.

In my opinion, the dependence on IT for driving business growth is complete. Whether it’s a small or medium business enterprise or a major corporate, IT can truly take the business to a different level. Customer experience, business insight, speed to market amongst other outcomes are only a few examples how business can be transformed. At the same time, cyber security, risk management can help protect and defend the business from pre eminent risks.

An IT Strategy is crucial for business growth, offering multiple benefits. It enhances customer satisfaction and loyalty by aligning IT services with user needs, leading to repeat business and referrals. Operational efficiency and productivity are boosted through streamlined and automated processes, reducing costs and freeing resources for growth. It facilitates informed decision-making and improved performance by providing timely and relevant data. Additionally, IT Strategy drives innovation and market differentiation, setting a business apart from its competitors. Crucially, it supports scalability and agility, enabling swift adaptation to market changes and customer demands, which is essential for sustainable growth.

Before you even think about IT strategies, you should embrace Tech Adoption. Unfortunately, many business owners perceived the use of technology as a cost rather than an investment. Some tried once and twice and gave up upon failure. So the mindset of the leadership is vital to a successful tech implementation.

My biggest learning has been that "culture eats strategy for breakfast". I can have the best strategy in the world, but if I don't take care of the cultural aspects of the organization that strategy is only going to stay on paper.

Business growth can have many objectives: - increased revenues & margins - expansion into new geos & product/service lines - better experience for customers & employees - improved compliances IT strategy aligns to business objectives over ~3-4 years through various inprovement themes - conducting greater business transactions in a period through optimised system interaction processes & systems - reducing manual interventions & enabling better decision making through digitalization, automation & reporting - enabling better capture of market needs - reducing IT cycle times resulting in faster deployments and better service mgmt leading to customer/employee retention - lowering incidents and ensuring compliances through IT controls

Making a strategy effective is the real challenge. Visualizing the link between our strategy and our "businesstech roadmap" and the desired benefits achieved or not is a key element in making Erik Ries' build-measure-learn a reality. #buildmeasurelearn #leanstartup #effectivestrategy

"Get me the shiny new thing that works." Sounds familiar? Instead of viewing technology solutions as something you must have, because it's the in thing, view it as an enabler for your business. Every dollar invested in enabling a part of your business with technology, must bring measurable business results. Also be mindful of Sustainability in Digital and IT space as a responsible corporate citizen and avoid making investments into technical debt, when so many better alternatives are available at your disposal. PaaS, IaaS, SaaS etc. allow a business to experiment at speed without the need to make irreversible investments in the technology stack.