In order for a business to have a successful future, they need to have a well-developed IT strategy. This means having a plan in place that will help them grow and scale up or down as needed, while staying within their budget. But, developing an IT strategy isn’t exactly a cake walk.
Most industry-focused leaders agree, having a workable IT strategy for your business is tantamount to success in our modern era. But most businesses that don’t have one, often don’t even know where to begin when it comes to being able to create an IT strategy all their stakeholders can get behind.
There are many different steps involved in developing an IT strategy, but in this blog post we will help you formulate your own information technology strategy by outlining the 10 most important ones you should know about.
What is an IT Strategy?
Before we jump into the 10 steps to developing an IT strategy, let’s first understand what exactly an IT strategy is and why it’s important for businesses.
An information technology (IT) strategy is a plan of action developed by a business that helps guide the organization in making decisions about how it plans to use technology to improve performance, increase efficiency and achieve its various goals.
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A successful IT strategy should be able to identify which investments are likely to produce the best returns on investment and explain those results within the context of overall objectives. It should also provide guidance on how organizational resources can be allocated between competing initiatives, such as new technologies and existing systems.
The 10 Essential Steps to Developing an IT Strategy for Business
To help you better formulate your IT strategic plan or strategy document and aid you in the planning process, here are the 10 steps you’ll want to follow in order to develop the best IT business strategy possible.
1. Establish Objectives & Goals – Organizations should first identify their business objectives, business goals and overall vision for the use of technology (at a high level) in order to develop an IT strategy that will provide the most value.
2. Identify Your Needs – As part of this business process, companies need to assess their current needs and how those needs may change over time as new future states and technologies are developed or existing ones become obsolete.
3. Assess Current Infrastructure – It’s important to understand what kind of overall technology architecture you currently have in place, including department-specific technology like hardware, software and other components such as networks, databases and security measures.
4. Determine Appropriate Staffing Requirements – To get the best return on investment out of any IT strategy it’s important to determine the staffing requirements, such as the number of IT professionals or whether a managed IT provider may be needed to manage and maintain the systems for the long term.
5. Develop a Budget – Once objectives and needs have been established, businesses need to develop a budget that fits within their overall financial goals. This should include costs associated with both technology investments and personnel as well as any maintenance or training costs.
6. Analyze Market Trends & Identify Best Practices – Businesses should analyze market trends in order to identify best practices for their particular industry and choose technologies that are most likely to be successful over time.
7. Conduct an Industry Analysis – Gathering data on competitors is essential when developing an IT strategy so businesses can better understand how they measure up against their peers.
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8. Implement a Risk Management Plan – Developing a risk management plan should be part of any IT strategy as it will help to mitigate potential risks associated with technology investments and other initiatives.
9. Monitor Performance & Make Adjustments – Once the IT strategy is in place, it’s important for businesses to monitor its performance and make adjustments as needed to ensure that objectives are being met.
10. Re-evaluate Strategy Regularly – Finally, businesses should periodically reevaluate their IT strategies in order to ensure they are still meeting the needs of the organization and staying on top of changing market trends and technologies.
A well-crafted IT strategy can have a significant impact on an organization by helping it to save costs, improve productivity and remain competitive in its industry. By following these 10 steps, businesses can create an IT strategy that will give them the best chance of achieving their goals.
Getting Help Developing Your IT Strategy with iTBlueprint
At iTBlueprint, we understand that developing an effective IT strategy can be a daunting task for businesses.
With experienced IT consultants and virtual chief information officers available to work closely with your business, we’re ideally suited to help you develop an IT strategy that puts you on the road to success
We’re here to help and provide the expertise, guidance and support you need to make sure your technology investments are aligned with your objectives.
Contact us today to learn more about how we can help develop an IT strategy that is tailored to meet the needs of your organization.