Having a corporate digital technology strategy has never been more important. As software tools like Artificial Intelligence and the Cloud empower companies to become more productive and reach new heights, making the right decisions in terms of the right digital technologies becomes a matter of survival.
This means that companies not only need to choose wisely the technologies they will use. They also need to identify the strategic information they need to empower their IT systems, and this requires having a strong data strategy. After all, technology and data go hand in hand.
In this post we discuss the importance of having a clear digital technology strategy, how to approach yours, and what are the technologies you should consider.
What Is a Digital Technology Strategy?
With the business landscape changing dramatically with every new development, companies need to identify the key strategic signals of their businesses. Will they require a local data pipeline, or should they look for a third-party data services provider? Is Artificial Intelligence something potentially useful for business? How much does network security matter to guarantee a smooth operational flow?
These are just some of the questions worth asking. They are a starting point to choose the right digital technologies that can empower companies to surpass their competitors, connect with their audience at a deeper level, and open new and interesting opportunities.
For big companies, a technology strategy is a first-degree necessity. After all, technology is a determining factor in a company’s success. However, with so many different alternatives and with so many different technological advancements being constantly developed, it becomes hard to select the ones that best fit a particular type of organization.
Choosing the right digital technologies to invest in is a key decision that should not be left to chance. It requires a meticulous analysis of the options available, and, most importantly, it requires an organizational alignment so that every process of the company is perfectly connected to one another.
Why Does a Technology Strategy Matter?
A common mistake many companies make is implementing technologies in a siloed way. That is, each business unit decides on its own rather than looking at the bigger company picture. Ideally, organizations should decide on the most convenient technologies based on what serves the company, not on what serves each unit individually.
Have a Clear Objective
In practice, getting everyone to decide sounds pretty easy, but it is sometimes hard to do. Decision-making processes are sometimes fragmented and choosing the right technologies can become a nightmare if there is no clear goal to follow. Establishing a clear objective is fundamental to choosing the right technologies. A robust digital technology strategy helps make this clear by communicating to the different business units and their respective stakeholders what’s at stake.
The CTO’s role
CTOs have a great responsibility now more than ever. They need to understand how technology has the power to impact the organization as a whole and as individual business units. A big component of a company’s success depends on its ability to communicate this to the organization.
Rather than approach the digital technology strategy as a group of individual business units, they need to address the needs of the company from an integral perspective. Joining the dots and making everything work is an important part of their responsibility.
Understand Your Business
As with the first Internet wave of the late 90s and early 2000s, many companies are having trouble deciding whether they are technology companies or not. Just like having a website does not transform an organization into an internet company, having highly sophisticated technological tools does not turn an organization into a HiTech company.
Having a clear concept of what a company’s business is is fundamental to delineate successfully a digital technology strategy.
How to Invest Correctly in Technology
One of the difficulties of investing in technology is choosing the right alternative. Companies are often faced with tough decisions when it comes to choosing one choice or the other. Even worse, they sometimes lack the necessary commitment to deploy certain technologies once they have been chosen.
To avoid these traps, we recommend you follow these suggestions:
Make Corporate Decisions
We cannot emphasize this point more. Making decisions in a fragmented way is detrimental to the overall success of the organization. Business units need to get together and decide on the right technologies in an integrated manner.
Take for example the case of Artificial Intelligence. It is expected that it will impact a number of industries, and yet, its adoption is hard. For a start, it is expensive, and AI talent is scarce due to its limited offer and high demand. Additionally, individual business units sometimes do not have the resources to implement it on their own. If each one of them, individually, decided to implement an AI system, the results would not be as good as one big system for the company.
With all these factors considered, it is easier to approach the problem from a corporate perspective, even if it means dealing with internal corporate politics. Different units can share the same resources, like a data pipeline, an AI team, and an AI strategy.
Be a Team Player
Alignment can be achieved if the project is done in a way that manages to leave aside initial discussions on subjects like contributions, budgets, and expected returns. For a start, it is more important to get everyone in the company on board.
Being a team player becomes extremely important, as some business units can help others out; collaboration is key to this. Once the right cooperative mentality is established, other decisions can be made.
Have a Data Strategy
Data and information are key to any business. That’s why a winning digital technology strategy should consider the importance of data. This includes taking into account aspects such as how data will be collected, stored, managed, and processed.
As data-intensive technologies become increasingly important, companies need to design their data pipelines. By doing so, it will become easier to deploy new technologies, software updates, and most importantly, reach users in new and innovative ways.
The lack of a clear data strategy can potentially harm companies. As of this day and age, data and information are key strategic assets to any business. Whoever controls them and is able to make sense out of them will have an advantage.
Focus, Then Hire What You Need
Many companies choose to hire technology strategy consultants. Although this is a valid alternative, it is no magical solution. A company should first have a technology-friendly mindset in its DNA. Otherwise, it risks lacking the necessary commitment to deploy the right technologies effectively.
HiTech Business Technologies
Any technology strategy should consider the latest trends in the HiTech industry. Alternatives like Machine Learning, Neural Networks, and NLP techniques are opening up all sorts of opportunities for companies that implement them correctly in a creative way.
At a glance, it might seem difficult to choose the technology that is best for your project. However, keep in mind that it is best to think first in terms of a problem to solve. Once that is clear, the right choices will be made.
The Right Technology Partner
To avoid some common mistakes when executing your corporate digital technology strategy, it is best to work with someone who knows the intricacies of the trade. A company like Koombea can help you achieve your goals in a timely and budget-friendly manner. As a strategic partner, we help our clients choose the alternatives that are best for them.
Do not fall into the trap of asking too much of your teams. Many technologies are constantly evolving and it is hard to stay up to date with every new development. Instead, prepare them to be resilient and adapt to external changes.
Throughout our existence, we have helped companies achieve their goals successfully. Our portfolio of more than 1000 projects completed successfully speaks for the quality of our work. Find out how we might help you and contact us for a free consultation.