Today the appropriate use of technology has become vital for establishing and growing a sustainable, successful business. Earlier, Anand Jayapalan had spoken about how efficiency and growth of companies in the contemporary age tend to rely on the manner in which the business leverages data and technology. Technology is important to maximizing marketing impacts, driving internal process improvements, delivering effective customer support and more. Hence, it is prudent that company CEOs and board members have a good understanding of the technology plans, strategies, and investments their organization needs to focus on.
A technology plan basically addresses the data and underlying technical capabilities required to help a company achieve its strategic objectives. It provides a forward-looking perspective on how data and technology will drive strategic achievements. A technology plan often focuses on optimizing and automating the processes of a company in accordance with technology investment priorities.
Technology planning also helps businesses to mitigate risks associated with rapid technological changes, fostering a proactive approach to cyber-security and compliance. By outlining the integration of emerging technologies, businesses can future-proof their operations, creating a foundation for sustainable growth.
Here are the few key steps involved in the technology planning process:
- Analyze the current technology state: A team of people with proper experience and expertise has to be created to conduct the technology assessment. If there aren’t professionals with such skills in-house, then the assistance of an external consulting firm can be sought out. External partners must have the capability to demonstrate a certain depth of expertise in discerning real-world technology operations. The tech assessment team has to interview people from varying departments of the company to identify the technologies used by them, its capabilities, as well as their operational alignment with strategic objectives. The team should try their best to identify perceived gaps and deficiencies in the current technology capabilities of the company.
- Develop the technology roadmap: One has to orderly identify any functional gaps between their defined forward-looking business strategy and the current enabling technology landscape of the company. They should focus on qualifying the investments and costs linked with addressing prioritized investments. The analysis must include expenses associated with engineering, software licensing, third-party consulting, new staffing required to fill skills gaps and so on. The priorities and sequencing of the company have to be defined on the basis of alignment with high-impact strategic requirements and the level of investment and associated risk.
- Prioritize technology initiatives: Technology initiatives must be prioritized based on their alignment with business goals, potential impact on operations, and urgency. One has to identify quick-win projects that can deliver immediate value while laying the groundwork for more extensive initiatives. Prioritization ensures that resources are allocated efficiently and that the most critical needs are addressed first.
- Vendor and partner evaluation: If external solutions or partnerships are part of the technology plan, it is vital to conduct a thorough evaluation of potential vendors and partners. One has to consider factors such as reliability, scalability, support services, and alignment with the organization’s values when making this evaluation.
Earlier, Anand Jayapalan had mentioned that it is vital to execute the technology plan in alignment with the established roadmap. This may involve implementing new systems, upgrading existing infrastructure, and integrating different components seamlessly.