The Impact Of Technology Planning On Business Growth
Nowadays, businesses cannot survive without technology. In the past, a few computers, a printer, and an email system were enough for the average business. Today, we use more innovative forms of technology to stay ahead of evolving client demands for faster, more efficient service – from the cloud to artificial intelligence to specialized software and everything in between. More than ever before, businesses are investing in technology that enables them to make smarter, more informed decisions that align with their organizational objectives. The IDC estimates that 40% of all technology spending will go toward digital transformation.
We’re seeing a major disruption happening across virtually all industries as businesses invest in transforming the way they operate to stay relevant, add more value, and create new opportunities. In the simplest terms, digital transformation is all about embracing digitization to solve challenges and stand out in the marketplace. But those who want to achieve digital transformation will need to invest a significant amount of time and effort into technology planning.
What is Technology Planning?
The goal of technology planning is to develop an integrated, company-wide technology plan that takes all business challenges, goals, and objectives into account. An effective technology plan requires involvement and feedback from:
- C-level executives
- IT managers
- Business managers
Digital transformation is an initiative that starts from the top – the CIOs, CEOs, and other c-level executives – and goes all the way down to the employees within the company. The fact is, the people interacting with businesses, including customers and staff members, expect them to embrace digitization. Just take a look at the following statistics:
- 75% of consumers say they’re more likely to buy from a company that knows their name, purchase history, and can recommend products and services based on that information.
- 38% of millennial staff members state that outdated collaboration tools within a business harm innovation, and naturally, they limit the ability to share ideas.
What Role Does Data Play in Technology Planning?
As mentioned above, we’re creating more data than ever before – and that data plays an integral role in technology planning as data can be used to optimize business processes throughout the company. Virtually all operations that generate data, whether it’s customer ordering systems or production line equipment, can be used to gather insight and alter procedures to create more value. Businesses can and should look toward their data to gather the insight they need to:
- Improve decision-making throughout all areas of the business – from warehousing to customer service to marketing – as they work to resolve problems that may not be visible without proper insight.
- Create new streams of revenue as you leverage data collected to find new ways to serve your clients. For instance, a marketing plan can be adjusted to better upsell or cross-sell based on interests.
Thus, the first step toward digital transformation is data analytics – turning your information into actionable insight that helps you understand the challenges in play and the impact of those challenges within your business.
What Are the Steps Involved with Technology Planning?
First and foremost, it’s time to start gathering the right information. Before you embark on creating a technology plan, you need to identify where you’re at right now and where you want to be in the future. We recommend reviewing the following:
- What are your strengths and weaknesses?
- What do your customers feel frustrated about?
- What are your competitors doing better or worse than you?
- What areas need improvement (i.e., communication, marketing, etc.)?
This is where data analytics comes in handy, but a conversation is a great place to start. Next, it’s time to ensure commitment from the people involved. What resources will be necessary throughout your technology planning process? Naturally, a good technology partner is crucial to handling the process, but you also need your c-level executives, managers, and other individuals involved. Your resources should include:
- A team of digital experts that has the knowledge and expertise necessary to help you implement and maintain the technologies needed to achieve your objectives.
- A clear vision that outlines where you’re currently at and what you’re trying to achieve with your technology plan.
- A “leader” who will act as your advocate to ensure each step of the plan goes smoothly while maintaining accountability for your efforts.
Lastly, it’s time to work with your digital team to create a roadmap that addresses two key areas: platforms and operations. The platforms section should be divided into:
- Data that will be necessary to help you gather insight
- Technology, including hardware, software, and other tools necessary
The platforms are crucial to your digital transformation; however, don’t forget about the operations behind those platforms:
- People who will be responsible for executing the roadmap.
- Processes that will be updated to achieve your objectives.
Need a Team of Technology Experts to Help You Undergo Digital Transformation?
You don’t have to do this alone. Kyocera Intelligence is here to assist you and your business technology needs.