notes-shivam

TECH STRATEGY

2 min read

1. WHAT IS TECHNOLOGY STRATEGY

*definition of technology strategy is the creation of an overall business plan which consists of principles, objectives, and tactics for using technology to achieve organizational objectives.

  1. Your development of a tech strategy may define specific technologies, identify which staff members have responsibility for managing these technologies, future scalability, and how these technologies will align with your business’s objectives.
  2. Your business strategy will influence your technology strategy.
  3. The goal is to outline and specify how technology should support overall corporate strategy spanning 3 to 5 years into the future.
  4. It is not a new concept and always evolving.
  5. Select a template and prepare to adapt.

2. SIGNIFICANCE OF TECH STRATEGY

 

  1. Technology runs our world and creates opportunities for efficiency, growth, and scalability within our businesses.
  2. Without a technology strategy plan, your business can easily fall behind competition
  3. Successful organizations share the common trait of relying on planning processes to ensure growth and operational efficiency.
  4. Just as with other business functions, every organization needs to have a considered and well-developed technology plan.

3. SELECTING THE RIGHT TECHNOLOGY STRATEGY

  1. New technology implementation can benefit an organization:
    1. by disrupting traditional processes
    2. creating efficiencies
    3. leading to competitive advantages.
  2. A technology expert will help you forecast technology shifts that will potentially disrupt the industry.

4. EXAMPLES

 

  1. Often, the timing of strategy implementation is a challenge for organizations.
  2. The challenge lies in being too late to the party or too early.
    1. sometimes the world is not ready for the tech
    2. sometimes the ship is already sailed.
  3. Here is example of technology strategies that led to failed business models.

Strategy Example – In 2000, the founder of Netflix, approached Blockbuster’s CEO with a proposal for partnership, in which Netflix would run Blockbuster’s brand online, while Blockbuster would promote Netflix in stores.  Blockbuster’s CEO laughed at the idea and Netflix went on to dominate the online video rental industry, leading to Blockbuster’s bankruptcy in 2010. In this case, Blockbuster failed to recognize the emergence of new technology which would disrupt what had been traditionally a very profitable business model.

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