How to implement a tech-enabled business strategy

Recent years have demonstrated the growing awareness of the importance of incorporating technological aspects into the strategic decision-making of companies. Even though nowadays, business and technology are inextricably inseparable, many companies are not prioritizing a tech strategy for their business, as many believe that other aspects are more important to focus on to get them to success. 

Eventually, they realize that technology is a key element for any company to achieve its goals; however, trying to incorporate technology in a hurry and without proper strategic planning, will lead to a complicated execution and unexpected results. 

Without a technology strategy plan, your business can easily fall behind the competition, so it only makes sense to implement technology as a core part of a successful business strategy. This is why it’s crucial to start thinking about a tech-enabled strategy for the upcoming business year. 

What is Technology Strategy?

Technology Strategy simply refers to implementing technology and IT solutions at all levels of your business planning. This is, rather than considering technology on its own and delegating it only to the direction of a CTO, it is considered a core piece of all aspects of business operations.

Now, what does a technology strategy look like? A solid technology strategy consists of a business plan with clear principles, objectives, and tactics for using technology to achieve organizational objectives. It may define specific IT solutions, identify staff members' responsibilities for managing these technologies, scalability possibilities, and, most important, how these technologies will align with your business’s objectives.

There are many types of technology strategies, depending on the company’s nature, technological capability, and overall business strategy and goals. Still, they can usually be split into three core categories:

• Protection. As cyber hacks have become a common threat against companies, implementing tech strategy allows teams to develop security strategies at all levels and across every department. 
• Enhancement. With a largely remote workforce and the rapid expansion of e-commerce, technology is more important than ever. A technology strategy lets the company plan for key rollouts that improve the experience for both employees and customers.
• Innovation. Carrying out tech strategies to carve out innovation periodically allows tech professionals to both fiddle with existing tools and examine new options to provide the most-comprehensive solutions for the company.

Why is Tech Strategy Development Important?

As already mentioned, technology plays a crucial role in the day-to-day operations of today’s businesses. Today, more and more organizations realize the importance of incorporating a tech strategy into their internal process to keep their business working. But why?

Defining a technology strategy enables a company to be fully prepared for the future and in line with its business goals in general. Still, the importance of having and adopting a technology strategy also impacts the organization's present. 

A solid tech strategy can help in enhancing customer service and customer experience, supporting interactions with vendors and other business partners, increasing sales and even enabling workers, and improving productivity. No matter the nature of your business, implementing a technology strategy correctly and maintaining it at the core of your planning will help you build on what you’re already doing to streamline operations, add flexibility, and allow your team to adapt to changing circumstances.

Now that is clear how a technology strategy can pay off for your company significantly. Here are some big benefits of incorporating technology into your business strategy.

Benefits of Technology Strategy 

1. You can focus on the right technology

The rapid growth of technology has led to countless products and IT solutions. When a company implements technology as a business strategy, the team knows what they are trying to do; they have the right data to drive their decisions and look for the right solutions to meet their needs. In other words, having a technology strategy can help you make informed technology choices easier and focus on the right tools to advance your business.

2. You can boost your productivity

Technology strategies can indeed help drive productivity by providing companies with accurate data on sales numbers, ROI, and other vital information for the business to grow. Still, it can also help increase productivity at the individual level. From bots that automatically send reminders about deadlines to apps that offer visual data on a project’s progress, implementing a technology strategy at all levels of your company can help boost everyone's productivity. 

3. You can enhance collaboration

With so many people working remotely nowadays, technology strategies are a great way to enhance collaboration between team members. Tech solutions such as Slack and Zoom can help everyone to organize and stay connected at all times. 

But, technology strategies are not limited to internal processes; they can also help with customer collaboration. From heatmaps that track UX in your webpage to bots that serve as shopping assistants, implementing a technology strategy with your business strategy can help your client’s experience while interacting with your services or product.

4. You can scale up and down

Scalability encompasses all solutions that can be easily modified and scaled up whenever needed. Still, it also refers to the possibility of modifying and updating a company’s existing solutions to help them meet new business challenges. Therefore, scaling upwards or downwards depending on the demand can help companies sort out any obstacle by adding strategic resources where they are needed. Adding technology strategies lets you scale your technology along with your business, anticipating needs and implementing strategies ahead of time.

5. You can improve security

As technology and software development expands, so does the complexity of risk and threats; therefore, cybersecurity development is in a permanent state of evolution and expansion. Making technology a core part of your business strategy adds cybersecurity tools and training throughout your organization. 

The benefits of implementing tech-enabled business strategy services are plenty. From having technology tools that make teams' life easier to having the ability to scale up and down your team as needed, it is a great strategy for companies to succeed in their projects and don’t fall behind. 

Are you ready to explore what a tech strategy looks like? Talk to us, and let us help you build or extend your development team easily. Let’s ride the tech wave and make great things happen – together.