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Technology & Business: The Way Ahead

Technology & Business: The Way Ahead Sep 24, 2021

Technology is not something that businesses can ignore. They must embrace its benefits. Businesses must use new technological innovations for their employees, operations, and bottom line.

​​The way businesses work has changed thanks to Technology dramatically. How can your business keep up with the changing technological trends? It doesn't take much to restructure your business's foundation. However, you don't have to reinvent the foundation of your business. All you need is to understand how Technology impacts your organization and use breakthroughs to benefit from them. The role of Technology in business is essential.

Technology has revolutionized the way we manage our business & every organization has tech leaders supporting its digital transformation. It makes all business operations more efficient, faster and easier.

Technology is changing many aspects of business, including data collection, accounting, sales, and promotion.

Strategic Uses of IT in Business Strategy

Information technology is crucial in supporting organizational transformation and delivering business value. As a result, chief information officers have become key members of boards that develop and deliver strategic solutions for businesses. This aligns business strategy and IT strategy to increase the organization's competitiveness.

In addition, as per the past, IT thinking is--the idea that IT departments exist in a vacuum, independent of the rest of an organization--persists. As a result, IT cannot continue to thrive as a "black box", providing little insight into their activities and being exempted from business strategy.

Here are a few strategic uses of IT in Business Strategy:

Support Innovation

Organizations should increase their innovation capabilities to develop new products and services for the market. One such example is cloud computing; it allows organizations to hire additional IT resources on a pay as you go basis instead of investing in fixed resources. The additional resources can be used by organizations to speed up development or run pilot programs. This gives the organization a competitive advantage and allows them to bring new products to market quickly.

Improve Responsiveness

Organizations should have the ability to quickly scale up their resources in response to market changes. For example, online businesses that sell products or services may have difficulty handling a spike in traffic. This could lead to lost sales. If the organizations have a plan in place, it will give them a strategic which is important to adapt to changing demand in order to increase revenue and maintain customer satisfaction.

Increase collaboration

It is possible to gain a competitive edge by using IT solutions that increase collaboration within an organization. For example, service engineers can provide faster and more efficient customer service by equipping field service teams with smartphones. In addition, engineers at customer sites can use video or voice conference calls to communicate with technical or product experts at headquarters. This allows them to resolve complex issues quickly and effectively rather than delay repairs. Superior customer service is a competitive advantage that differentiates an organization from its competitors.

Increase Customer Insight

The strategic advantage comes from analyzing and collecting data to better understand customers' preferences and needs. Then, organizations can use powerful analytics software to create personalized offers and communications that increase customer satisfaction and foster loyalty.

Create new business models

Organizations can use IT to make strategic business changes. For example, IT can be used by a company that has traditionally sold products via retail outlets to create an e-commerce model which allows it to reach a larger market, lower its distribution costs, and provide a better service to customers.

Technology, Strategy & Tech Leaders

In the past, companies would develop their business strategies, and IT would support them. Technology now defines business processes. Technology teams are breaking out of their silos and becoming more vital to company operations.

Tech professionals are expected to bring innovative ideas to the table. Tech leaders need to make sure their teams work towards the business goals.

Strategic management aims to increase the enterprise's value by ensuring that the cash flows are sustainable for continuous growth. This type of management can give a firm a competitive advantage. These include incremental improvements in product quality and cost and major breakthroughs that open up new markets. However, aligning Technology with the current business strategy model must be strategic and not just "hands-off" or hopeful. It must be linked to the overall business strategy of the organization.

4 Tips To Sync Technology With Your Business Strategy

Modern IT strategy should be so closely integrated with a business strategy that it can simply continue the business strategy. If this is achieved, IT will be a true partner in business strategy development and seat at the table.

IT leaders need to take these four steps in order to achieve this.
  • Get to know the environment in which the company operates.

  • Contribute towards the development of the long-term vision and strategy.

  • Embrace diverse technology delivery models.

  • Make sure all recommendations and decisions are objective and focused.

The bottom line

IT leaders must assert their strategic place. But they can't do this alone. They need business leaders who understand the value of IT-led guidance. Without integrated leadership, integrated strategies cannot be created.

IT leaders have an opportunity to move beyond a role as a service provider and become trusted advisors, thereby contributing to the success of the enterprise. To do this, they need to change the way they see themselves and Technology. Success is only possible for those who are able to succeed. Those who fail will be left behind, with their roles becoming less relevant as the business grows without them.

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