Why Businesses Need a Strategic Technology Plan

Businesses should strongly consider creating a strategic technology plan. Defined as an outline for the development of technology and information technology (IT) infrastructure, it plays an important role in a business’s future growth. Here are some reasons every business needs a strategic technology plan:

Protects Against Cyber Threats

One undeniable reason businesses need a strategic technology plan is to protect against cyber threats. Even if the business hasn’t been hit with a virus, malware, data theft or other cyber threat yet, it may be targeted in the future. With a strategic technology plan in place, you can identify and protect against cyber threats before they manifest into real problems.

An astounding amount of businesses have been hacked over the past few years. Unfortunately, cyber security experts expect this trend will continue as companies embrace bring-your-own-device (BYOD) policies. Whether you plan to use a BYOD policy or not, though, a strategic technology plan will create greater transparency into your business’s IT infrastructure, helping to reveal potential cyber threats.

It’s a Smart Financial Investment

Adopting a strategic technology plan can even increase business revenue. Granted, creating a strategic technology plan takes time, money and resources, but it’s usually well worth the investment in the long run. With a road map for your business’s IT development in place, the business will gain an advantage over its competitors.

According to an article published in Architecture and Governance Magazine, some companies have reported up to 700 percent return on investment (ROI) when adopting a strategic technology plan. In other words, if a company spent $20,000 on its plan, it may generate up to $140,000 as a result. This doesn’t necessarily mean that you’ll generate a 700 percent ROI on a strategic technology plan. However, it’s safe to assume that it will offer a positive ROI to some degree.

Meet IT Project Deadlines

With a strategic technology plan in place, you’ll have an easier time meeting IT project deadlines. In a perfect world, all IT projects would be completed by the deadline and budget set forth in the project’s scope. As most seasoned project managers know, however, this doesn’t always happen. And when a deadline elapses, it can negatively affect the way in which customers perceive the business.

A strategic technology plan can help businesses meet IT project deadlines by providing key resources for project workers. They’ll know the current state of your business’s IT infrastructure and whether it can support the tasks needed to complete the project

Communicate Your Business’s Vision

Finally, a strategic technology plan can help communicate a business’s vision to investors, customers and stakeholders. This is particularly important if the business relies on external funding to support its operations. If investors and stakeholders don’t have full confidence in the business’s abilities, they probably won’t provide the needed funding.

It is possible to communicate a business’s vision and secure funding in the process by using a strategic technology plan. This plan details your business’s current IT infrastructure while also revealing plans to upgrade it in the future. After reading your strategic technology plan, investors will be more confident in your business’s abilities.

These are just a few benefits of having a strategic technology plan. Contact Roan Solutions for more information on how to develop a one of these plans.

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