What are the best practices for identifying and prioritizing IT innovation opportunities in IT governance?

It is said that every subject ends in Mathematics and It’s very true. IT has helped immensely to bring the development across all the fields to reach a good level. And there is no end. Digitisation is possible because of IT. This digitisation helps to quantify everything business, you want. It helps business to grow faster by removing ambiguity, throwing out wastages ( time, money & resources) and avoiding duplications . IT strategy is vital for business growth.

Aligning IT innovation strategy with business strategy is good approach however if there is need for real disruption than sometimes innovation can be the best approach to augment business strategy. In Today's time IT is not just about supporting business strategy, today IT is part of primary business.so it wouldn't be wrong to say that IT innovation can be key to define business strategy it self. There are many such examples in our real life where in business strategy it self is an outcome of IT innovation.

With the increasing openness, diversification of customer preferences, and proliferation of new technologies, the ability to control the customer experience has become a business battleground. To win this game, it is imperative to enhance the customer experience through collaboration with a variety of companies. To this end, it is necessary to have a framework for the rapid and continuous release of new services that meet the changing needs of customers. In other words, architectural reform is required to integrate and link strategy and systems so that business strategy = architecture, which is the so-called "Digital Transformation."

Building an better enterprise architecture to identify the current landscape and build an IT road map aligned to the business strategy. From this, we can start to identify challenges and prioritize IT innovation that will support the vision and goal of the organization.

A "start small, grow big" approach, in which a certain amount of successful experience is initially accumulated through "extraterritoriality" by separating the organization from other existing organizations, and then gradually expanding, will work. For example, when introducing microservices or agile development, it is difficult to implement them in a "big bang" fashion because of the confusion and resistance of the field due to the new culture. To allow for failures and work to be carried out according to different standards than before, it is effective to separate the decision-making and evaluation systems from the existing organization itself and to set up a new team that is physically distant from the existing organization.

Culture can play vital role in promoting IT innovation, however to achieve the same most important aspect would be purpose. You can't just try to create a culture of innovation by simply encouraging people to come to work and generate ideas. Purpose can be real driving point for innovation and further to sustain it all practices of training governance etc can become important.

Prioritisation can be key for any successful implementation of innovation and governance should help to execute innovative ideas to real life. Execution detailing and complete lifecycle governance would be key for this area.

Since the situation of customers, competitors, and technology changes rapidly, it is important to evaluate the impact and cost/feasibility on two axes at a high frequency. It is also essential to build a system that allows for a one-stop review of business, UI/UX, logic, and database on a service-by-service basis to promptly handle various use cases. Since a service development team is formed by a small number of people, the man-hours and workload required for coordination and it is effective in obtaining short-term profits. On the other hand, having the necessary personnel in each area and function within the team requires that the team members have both a good basic business foundation and a high level of expertise and knowledge.

For technology companies to adopt the best strategy in implementing and monitoring IT innovation projects, it is important to accurately understand the benefits and challenges of the best-of-breed and integrated package approaches and to select the best solution based on specific needs. The best-of-breed approach can provide state-of-the-art technology and user experience by implementing a solution that specializes in a particular function. On the other hand, the integrated package approach facilitates consistency and data integration across multiple systems, thus contributing to operational efficiency and simplified management.

Understand the strategic goals and objectives of organization. Engage Stakeholders Technology Scanning Conduct a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis. Develop a framework for prioritizing IT innovation opportunities. Allocate a specific portion of the IT budget to innovation projects. Evaluate the potential risks and challenges associated with each innovation opportunity. Conduct a proof of concept. Recognize that innovation often requires organizational change. Gather feedback from end-users and stakeholders throughout the innovation process. Measure the impact of innovation initiatives. Learn from both successful and unsuccessful initiatives. Keep thorough records of each innovation initiative.

Best-of-Breed Strategy is an approach that allows a company to specialize in a particular area and lead the market by leveraging its expertise and innovation to deliver superior value to its customers while facing challenges such as consolidation and limited growth. The strength of this strategy is that by concentrating on a specific area, the company can demonstrate a high degree of specialization and offer innovative products that outperform competitors. It can also strengthen customer satisfaction and brand loyalty through rapid market adaptability and a high degree of responsiveness to specific needs.

To take into and adapt to trends in IT innovation, it is important to manage the overall strategic landscape in an integrated manner and to have the flexibility to adapt to new market needs while maintaining a competitive advantage. In today's business environment, a company's long-term success requires a strategy that considers competitive positioning, business models, and underlying capabilities in an integrated manner. While both integrated bundles and best-of-breed strategies have their unique advantages, these firms in particular will be key to maintaining a competitive edge with innovative technologies and specialized solutions that will facilitate the growth of the industry.