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IT Strategy

IT strategy (information technology strategy)

An IT (Information Technology) strategy is a comprehensive plan that outlines how the technology should be used to achieve IT and business goals. An IT strategy is a document detailing many factors that influence an organization's investment and use in technology.

Your IT strategy should cover all aspects of technology management, including cost management, human capital management, hardware and software management, vendor management, and risk management. Strong IT leadership is required to implement an IT strategy. Chief Information Officers (CIOs) and Chief Technology Officers (CTOs) need to work closely with businesses, budgets, legal departments, and other business units and user groups to be successful.

Organizations formalize their IT strategy with written documents or the Balanced Scorecard Strategy Map. The plan and its documentation are sufficient to adapt to new organizational conditions, market and industry conditions, business priorities and goals, budget constraints, available skills and core competencies, technological advances, and user requirements. Must have the flexibility.

Why every company needs one?

An IT strategy has become a critical element for organizational leadership in recent decades. Its growing importance mirrors the rise of technology as a critical element for business success. The importance of an IT strategy has been amplified as organizations focus on digital transformation. Technology is essential for creating new business models, products and services; enhancing customer service and customer experience; increasing sales; enabling workers and improving productivity; and supporting interactions with vendors and other business partners. As such, organizations must make a technology strategy to accomplish these as well as compete against other organizations with the same objectives. Some organizations may decide to forgo a separate IT strategy, particularly platform companies and other businesses whose product is based on technology offerings. Instead, these organizations may fold IT strategies into the overall business strategy to create a single unified document.