Technology affects nearly all facets of business. To efficiently support today’s technology-based business strategies, executives and managers must embrace new approaches to IT strategic planning that are more flexible and business-driven. Businesses have many goals and competing priorities to contend with in the modern world. Developing an IT strategy can help businesses better formulate an overarching strategy that guides all decision-making. While most IT strategic plans are three- to five-year initiatives that contain various goals and objectives, it is important to develop an IT strategy that works best for your business. Read on to learn more about what an IT strategic plan is.
Ideally, the goals and objectives outlined in an IT strategic plan should reflect the organization’s mission and priorities. When priorities are clear from the start, the IT team is better able to identify projects and opportunities that could drive business growth. Companies can then choose whether or not to invest in these projects based on cost and other factors. When developing an IT strategy, it is important to look back on the organization’s strategic plan to determine where there are problems and how technology could possibly close these gaps.
An effective IT strategy should include a SWOT analysis that outlines strengths, weaknesses, opportunities and threats. This is useful for identifying external and internal factors that may influence the long-term success of an organization. A SWOT analysis can also help identify existing technology that a company may already have but is not using to their full advantage. By changing the way that technology is used, a company can gain a competitive edge. It is important to remember that creating an IT strategic plan is just the first step. Companies must continually work at the plan and implement changes if they want to meet their goals and maximize new opportunities.
A well-thought out IT strategic plan can provide businesses with countless benefits. First, your plan can help ensure that you maintain more strategic control over your investment in technology, such as hardware, software, internet and phone, networks, and more. Your IT strategy also has the potential to position your information systems to offer your organization the most competitive advantage. In addition, your plan can be used to link your goals with the information systems needed to support your objectives.
An IT strategic plan can also help guide your business in the right direction regarding online presence. Integration of inter-organizational and inter-departmental communications can foster an online presence that will improve brand recognition and increase profits.
In addition, an IT strategic plan can be used to accurately measure a business’s performance processes in a timely and consistent manner to ensure that your company is making wise decisions. This can affect all aspects of your organization, including profitability, ROI and customer and employee retention and loyalty.