A business’ technology strategy outlines its goals, producing a roadmap of how to get there without stymieing growth or mortgaging the rest of the company’s health. The idea behind adding technology into your business’ toolbox is to boost revenue. Technology, however, isn’t one of those things that you can simply throw money at and expect results.
Even if it was, taking that frame of mind would likely result in cost overruns and a woeful ROI. For profitibily’s sake, your business’ IT strategy has to cover certain variables.
One is to estimate the amount of capital that it will take to improve your IT, analyzing both upfront and recurring costs. Another is to estimate what it will cost in terms of time and resources to acquire, manage, and support your infrastructure, applications, IT-related services, innovation, and technology deployment.
If you aren’t specific in terms of the costs and resources needed to accomplish your goals, chances are your technology investments may look prohibitive to running a secure and effective business.