Finals 1 Flashcards
runs our world and sets out open doors for productivity, development, and versatility inside our organizations.
Technology
Without a ___, your business cannot compete.
technology strategy plan
It is the creation of a general business strategy which comprises standards, targets, and plans for utilizing technology to accomplish organizational goals.
Technology Strategy
The objective is to frame and determine how technology ought to support overall corporate plans spanning 3 to 5 years into the future.
Technology Strategy
It is anything but another idea and continuously advancing.
Technology Strategy
Technology strategy planning is regularly developed by the organization’s ___ in a joint effort with ranking directors from other business units and the executive team.
Chief Technology Officer (CTO)
This cooperation is crucial as organization-wide buy-in ensures the success of the technology business strategy.
Technology strategy planning
The ___ influences financial plan allocations, operational strategies, obligations corresponding to business goals, and everyday functions.
technology strategy structure and technology execution
Most organizations do not have a long-term technology strategy. Often, they have a ___, best case scenario.
one-year plan
Nonetheless, ___ on their own are not adequate for adjusting an organization’s technology to business targets as that is not their purpose.
shorten-term plan
The contrast between a short-term plan and a long-term plan, is that the former focuses on the ___, while the latter focus around the ___.
technology; business and its objectives
It is essential to comprehend that the sole motivation behind utilizing technology is to ___ to accomplish the organization’s main goal.
address business issues
Reasons for Developing a Technology Strategy
- Alignment with Business Objectives
- Development of Long-Term Vision
- Increased Operational Efficiency
- Competitive Advantage
Technology is not simply there for convenience, rather it ought to be straightforwardly connected with business needs.
- Alignment with Business Objectives
A technology strategy guarantees that the business needs are satisfied by directly connecting the goals of the technology strategy to business needs.
- Alignment with Business Objectives
A technology strategy guarantees a long-term vision, focused on the future that investigates the horizon to attempt to foresee what the organization’s business needs will be based on market and competition.
- Development of Long-Term Vision
While simultaneously understanding that change will require some time, and is accomplished through series of milestones, targets, and objectives.
- Development of Long-Term Vision
When technology is aligned with business needs and carried out brilliantly, there are direct efficiencies that are acquired.
- Increased Operational Efficiency
These efficiencies can be in the form of increased employee output (production, performance, etc.), improved customer communication (response, experience, etc.), enhanced team collaboration (sharing information, solving problems, etc.), all of which make an organization more agile.
- Increased Operational Efficiency
An organization can operate more efficiently by strategically leveraging technology, inherently gains competitive advantage.
- Competitive Advantage
___ can be in the form of higher sales and profits (in business organizations), or advancing the organization’s main goal (in non-benefit, advocacy and research organizations.
Competitive advantage
Technology is an essential part of business, It has brought about the development of new plans of action and changed client experiences.
- Competitive Advantage
For organizations to compete in this day and age, they should work at the ___ or risk becoming outdated.
speed of business
Implementing an Information Technology Strategy
- Develop a Team
- Define the Plan
- Prioritize Initiative Strategically
- Sell Strategy to Organization
This group is normally led by the CIO/CTO of an organization, but organizations that do not have internal resources in technology positions can fill this job with external cybersecurity consultants who have technology mastery.
- Develop a Team
The group should likewise be comprised of people from different functions across the organization, who are enthusiastic about technology, and will act as supporters to the remainder of the organization.
- Develop a Team
The next stage is to completely define a technology plan to adjust the strategy to business goals.
- Define the Plan
When long-term business targets are plainly recognized, a plan should be developed that precisely defines what needs to occur throughout the following three years.
- Define the Plan
Note that a couple of year plan will not bring about a technology change on its own, as huge scope changes generally take surprisingly lengthy.
- Define the Plan
When a definite plan is drafted, the technology strategy ought to be lined up with the organization’s technical architecture.
- Define the Plan
The organization’s drawn out technology strategy will not be realized if the underlining IT infrastructure cannot support it.
- Define the Plan
Guarantee an architecture roadmap is developed because it is critical to successfully executing the technology strategy.
- Define the Plan
The architecture roadmap will provide a technical perspective on the development of existing applications and equipment infrastructure.
- Define the Plan
It ought to consider when software and hardware could reach end of life, as this will be an element on the timetable of executing new technologies.
- Define the Plan
Next it is essential to decisively focus on technology drives.
- Prioritize Initiative Strategically
Regardless of what the size of an organization, there are typically never enough resources and funding to meet every demand.
- Prioritize Initiative Strategically
Impromptu projects will spring up during the technology strategic planning process, and every business function inside the organization will have their own “special projects”.
- Prioritize Initiative Strategically
It means a lot to go with vital decisions in the allocation of resources to achieve planned end results and organizational objectives.
- Prioritize Initiative Strategically
The final step is to go out and offer the new technology strategy to the organization.
- Sell Strategy to Organization
This step requires a complete arrangement regarding how the strategy will be shared with leadership and staff, including commitment, communication, and messaging.
- Sell Strategy to Organization
This interaction will expect repetition to guarantee all functions inside the organization are in total agreement on the general plan of the technology strategy.
- Sell Strategy to Organization
When this has been accomplished, technology strategy is prepared for execution.
- Sell Strategy to Organization
Steps to Embed Technology in an Organization
- Address Long-Term Business Strategy
- Do an environmental scan of the technology that you currently have and want
- Formulating a Realistic Implementation Plan
- Support Your Technology Champion
- Involve Your Clients
The initial step is to look outwards and not inwards.
Think how you want to save time, lower costs, keep up with your clients and attract staff and new clients.
Second, guarantee that the technology plan is lined up with the general strategic plan of action for example: development targets and service offerings.
The firm might try to seek technology advancements to work on its proficiency, client administration or productivity.
This could include remote access, document management and scanning, multi-screens or website improvements.
- Address Long-Term Business Strategy
When a strategy is chosen, take the opportunity to go to seller events to find out about the new technology out there, and distinguish what technology could best fit into the strategy.
Issues to consider while picking a provider includes the nature of its executives; its history; profitability; interest in research; and improvement and commitment with its clients.
The choice of a provider ought to be drawn closer as a long-term relationship venture.
- Do an environmental scan of the technology that you currently have and want
Independent organizations frequently do not have limitless assets and need to ensure their plan and approach is powerful.
It is vital to review the preparation, support options, expenses and contract conditions as part of the decision-making process.
- Formulating a Realistic Implementation Plan
Identify and position a passionate energetic colleague to assume control in carrying out the new initiative.
Distinguishing a technology champion can likewise be a compelling talent retention initiative where young ‘rising stars’ take on extra responsibility.
- Support Your Technology Champion
Clients need to hear about developments that can save time and money.
Presenting new technology and changes, and including them through video conferences and client portals will build confidence and trust for the journey.
This method creates transparency and highlights the long term thinking for everyone.
For example, holding seminars is necessary if your technology plans require their input.
- Involve Your Clients
Key Elements of a Technology Strategy
Infrastructure
Applications
Data and Information Management
Security and Compliance
Human Resources
Emerging Technology Assessment
Digital Transformation Initiatives
Budgeting and Financing
includes hardware, software, networks, and data centers that are part of the business operations.
Infrastructure
software tools and platforms that are used to perform employees’ tasks.
Applications
plans for securing, storing, and using data to support the business goals.
Data and Information Management
protecting company and clients’ data from threats and working to see the company meets relevant regulations.
Security and Compliance
hiring necessary skills to use and maintain its technology, inhouse or outsourced.
Human Resources
the continuous review of upcoming technologies that could be acquired for competitiveness of the business.
Emerging Technology Assessment
merging digital technology into all business areas fundamentally changes the business operations as well as the services offered.
Digital Transformation Initiatives
identifying necessary resources and determining how to use them, balancing short-term needs and long-term investments.
Budgeting and Financing
In drafting a ___, it is fundamental to have a reasonable comprehension of the business’ objectives and the technology scene.
Regular surveys of the technology plan are significantly important as technology, business needs, and market conditions keep on advancing.
technology plan
can differ broadly based on an organization’s particular targets and needs.
Technology strategies
The following are some examples of various kinds of technology strategies an organization could adopt:
Cloud-First Strategy
Mobile-First Strategy
Data-Driven Strategy
AI-First Strategy
An organization could move its data and applications to the cloud to expand versatility, adaptability, and cost-efficiency.
Cloud-First Strategy
This could include picking cloud-based SaaS (Programming as a Service) arrangements whenever the situation allows and porting existing systems to the cloud over time.
Cloud-First Strategy
With the ascent of smartphone utilization, numerous organizations have taken on a mobile-first strategy.
This implies planning digital experiences (websites, applications, services) for mobile phones first and afterward scaling to larger screens.
Mobile-First Strategy
This methodology is much of the time driven by the need to reach clients where they are most active.
It can likewise include the advancement of mobile applications to upgrade client reach or work on operational effectiveness.
Mobile-First Strategy
Some organizations focus on the assortment and investigation of data to guide their business decisions.
This could include putting resources into data analytics devices, building or purchasing data handling capabilities, employing data researchers, and carrying out practices to guarantee data quality and security.
Data-Driven Strategy
Some organizations, especially those in tech-heavy businesses, have taken on an artificial intelligence first strategy.
This implies focusing on investments in artificial intelligence, machine learning, and related technologies.
Such a strategy could include creating AI capacities for in-house, buying simulated AI services from vendors, or putting resources into AI new companies.
AI-First Strategy
