Developing a business tech strategy should be a priority for your company. But if you’ve never heard of the concept, it can leave you wondering why it’s so essential. In this article, we’re going to reveal what exactly constitutes a tech strategy and how your business could benefit from introducing one.
What is a business tech strategy?
Technology has never been more important to the day-to-day running of a business. Many companies depend entirely on technology to implement their business model, whether it’s email or electronic payments. Likewise, customers have come to expect a certain standard of technological know-how from the companies with whom they interact. If you want your business to succeed today, you need a business tech strategy to tie everything together.
But what exactly is a business tech strategy? It’s not actually that complicated an idea. Essentially, it’s a plan for how you and your business will make the most of the tech you have available. As the world of technology is constantly evolving and being disrupted, this plan needs to be able to change and move with the times. The best business tech strategies will be able to create value for the company and the customer and will be able to react to new technology in a short space of time.
The Classic Strategy
Though it involves new ideas, the concept of a business tech strategy is not new. For decades, companies have been plotting processes for evolving, upgrading, and growing their technological capabilities. Traditionally, these strategies would follow a similar pattern:
- First, figure out what capabilities your business will need over the coming years in order to function as efficiently and as effectively as possible.
- Next, determine the gap between what you have and what you want. How advanced are your current capabilities? What’s it going to take to get them up to date?
- Now, figure out how technological innovations will help you fill in the gaps between what you’re currently able to do and what you’d like to achieve. Which bits of tech suit your business?
- After this, you’ll need to design the tech architecture that will help you support your company’s proposed capabilities.
- Next, you can evaluate the gap between what your company can currently achieve and what the target tech will help you achieve.
- Finally, figure out a plan for putting the new tech in place.
It’s this last part which most people will recognise as the core element of a classic business tech strategy, but it’s essential that the previous points be included. There’s no point rushing to the finish line without putting the work in first.
What’s more, the world of tech is changing. It used to be the case that a classic tech strategy could be developed across a series of months or even years. These days, innovation moves so fast that this simply isn’t feasible. Instead, most companies have switched to a more reactive tech strategy.
Rather than creating a definitive tech strategy, it’s now possible to create a constantly evolving approach. If you’re able to react quickly and implement new tech in an agile fashion, you can develop a flexible, modern IT strategy that never leaves your company behind in technological terms.
Does my Business Need a Tech Strategy?
If you want to know whether your company needs a business tech strategy, you’re probably asking the wrong question. It’s better to ask whether your customers expect your business to keep up with the latest tech and, in turn, whether this can benefit you.
If your business is selling lemonade at the side of the street, an intricate tech strategy probably won’t help you achieve your long-term goals. At least, it won’t have as big an impact as it would for those companies who rely on modern technology to reach customers. Let’s cover a few basic questions:
- Is your company online?
- Are you on social media?
- Do you use a point-of-sale system?
- Are you reliant on any kind of tech to keep your business running?
If you’ve answered yes to any of the above questions, your company needs to know how to plan for the technology of the future. Sure, you might have your systems in place for the current year and maybe even the year after that. But what then? Having a tech strategy in place allows your business to anticipate and tackle your customers’ tech needs without missing a beat.
How to Get Started
Right now, you might be wondering how to develop a tech strategy for your business. If you want to make sure that your company is prepared for the technological future, there are a few points to remember:
- 1) Start out by focusing on your long-term goals for the business. Typically, these will focus around growth and increasing revenues. If you’d like to reach a new demographic or cater to a new market, think about how your business can reach out and appeal to these groups.
- 2) Don’t limit your scope. Careful planning is essential, but you need to consider different variables. There are plenty of ways in which your business can develop and grow and tech can be a big part of that. When you’re plotting your company’s future, consider the different scenarios which might play out.
- 3) Once you’ve considered these scenarios, you should think about how tech could help you. This is the point where it’s best to work with someone technically minded, such as your IT department or consultant. Consider the ways in which current and future tech could help your business achieve your goals. Weigh up the value and costs associated with the tech and determine how much the various technologies can impact your business on a cost/benefit basis.
- 4) Once you’ve weighed up your different options, it’s time to put the plan into action. This is where things start to get real. Talk with your tech team about how to purchase, implement, and maximise your tech integration. Make your strategy a reality.
Developing a functioning, reliable, and cohesive business tech strategy might seem difficult, but there’s plenty of options out there. For those who are determined to do everything right, hiring the experts can make a huge difference.
Get Expert Help With Your Business Tech Strategy
Our business tech strategy services help all kinds of businesses make improvements to key areas such as operational costs, quality control and customer service by making better use of the different technologies available.
Infinity Loop’s experienced business consultants can help identify which areas of tech will be most beneficial to your business, improving your existing processes and introducing new ones to drive better results. We can help you instil confidence in your people when implementing a new business tech strategy which has many advantages, including making everyone more resilient against change.
Ready to start a conversation? One quick call to Infinity Loop can get your new business tech strategy off the ground today, and with our tech and strategic planning know-how, you can be certain that your business will be prepared for any situation in the future.