Technology Strategy

Technology Strategy

A Technology Strategy also known as an IT Strategy will help your small business meet your small business objectives and vision if aligned.  Once you’ve developed your business strategy mission, vision, values, long-term goals and actions plans, focus on how your technology will help.

The purpose of the following information provides ideas and thoughts for small business owners to understand different technology strategies that will help their business increase productivity.  Our content focuses on small businesses with approximately 10 to 15 employees.

Once you’ve digested this information, read our blog on the Top 7 Proven Security Strategies for your business.

Technology & Strategy Process

The process in developing a long-term strategy might be a little over whelming.  Keep this question in mind.  How can technology help your business strategy succeed or accomplish what you’ve set out to do?

Step 1 – Understand Current State

As in everyday life, if you want to know how to get to your final destination, first one must know the starting point.  Take the time to understand what technology is currently utilized within your business today.

Next understand technology trends and the purpose behind them.  How might some of the technology trends help improve the efficiency of your business?  What do you envision your future state to look like?

Keep in mind external factors do play a role in this analysis.  Can employees work from home?  Since the COVID-19 pandemic started, more employees now do work from home.

Finally understand the gaps between current state and future state of your business.

Step 2 – Build a Roadmap

Once you know your gaps between current state and future state, the task is to build your roadmap on how to get to your future state.

Keep in mind, this isn’t a quick fix.  A roadmap strategy will be over 3 to 5 years.  Understand all the strategic options to improve your business.

Then prioritize each initiative based on the impact to the small business.  Keep in mind the value, cost and complexity of new technology initiatives.  Your employees will need to maintain and utilize.

Another question to ask yourself, how does the technology impact our customer?

Step 3 – Execute

The first step to implementation is make sure you have buy-in from all your stakeholders.  If you are the business owner within a small business, review the plan and strategy with your key employees.

Potentially, if your business is funded by venture capitalists or other funding sources, review the plan with them.  They can provide additional ideas and thoughts to improve or help the execution process.

The next important step in execution and implementation is to know your metrics for success.  What do you want to see improve with this technology?  How do you measure it?

Review the plan annually and make adjustments to it as needed.

Technology Strategy
Technology Strategy

Technology Strategy Considerations

The following contains ideas and concepts on how small businesses can leverage technology to meet some of their objectives.  Keep in mind, we do not know your business objectives.  Therefore, some of these ideas might not be of any use.

Increase Customer Satisfaction

How do you increase customer satisfaction?  One simple thought is following the flow of your customer journey through your business.  What would make the journey simpler for your customer?

Utilize surveys and feedback questionnaires to understand what customers like and dislike.  Make sure you understand how these fits into the customer persona.

Operational Efficiency

Technology needs to support and enhance small business efficiency.  Consider and look for ways technology can reduce and improve employee tasks.

I’ve seen many businesses utilize multiple applications where data needs to be keyed into manually in multiple places.  Look for a strong platform or utilize automation technology to bring data in from a single verified source.

Increase Market Share

How can technology help your business increase market share?  Certain solutions may provide a better service or simplify the buying process for your customer.  In turn can provide a better service to increase market share.

Really it boils down to innovative ideas through technology advancement can provide a competitive advantage over your competition.

New Product Launch

Can you create a new product based on recently developed technology?  A new product or service from your company can increase your revenue stream.

Keep in mind, you really need to know your customer and the market.  What need does the new product or service provide and is there a demand?

Maintain Core Company Values

Will a technology solution support and help maintain core company values?  Any solution needs to align with company values and culture.

Employee Retention

Some employees thrive on learning new technology.  How will technology help improve employee work life balance?

Will technology reduce the time to complete a task or process?  This is important to think about.  You don’t want to add more time to a process.

Recommendations

Here are some of our recommendations and ideas and solutions to consider.

 

Technology Strategy – Frequently Ask Questions (FAQs)

What should be included in a Technology Strategy?

Your strategy should include the following:

  • Cybersecurity plan that would include a cybersecurity awareness program
  • Security policies that your small business follows
  • Data flow documentation and how technology will reduce resistance or time

How to develop a Technology Strategy?

First, you will need to carve out time.  Assess the gaps within your business and determine what technology solutions can help close those gaps.

What is a Technology Strategy?

If you’d like to understand a Technology Strategy in more detail, check out Wikipedia’s site here.

I like to think of it as a formal vision and guide to your business direction with technology.

More questions can be answered there like:

What is technology strategy framework?

What is a technology strategist?