What is a tech strategy, and why does my business need one?

What is a tech strategy, and why does my business need one? 500 333 Timewade

Technology for Success tech strategyBlog written by Jordan Westcott, Operations Director at Timewade, Technology Partner at Technology for Success.

The pandemic has propelled technology to the front of business leaders’ minds, but how many have truly harnessed technology for maximum benefit? Do you have a sufficient plan for what technology you will invest in, how you will use tech to support business growth in the next year, and how you expect your team’s needs to change in the future?

 

What is a tech strategy?

A tech strategy outlines how you will leverage technology for your business goals, and the objectives and tactics to do so. Your strategy may identify key technologies you will invest in, which team members will be responsible for implementing and managing them, how they support your goals and align with your principles, and how you will scale them in the future.

 

Why is a tech strategy so important?

Each year our annual Technology for Success survey makes one thing very clear: having a long-term technology strategy is crucial. Without it, companies are making too many decisions in isolation, and don’t know if they are making the right choices to achieve sustainable business growth in the long term.

And business leaders agree. The Technology for Success report released in 2021 revealed that 91% of business leaders believed it is extremely or very important to have a long-term tech strategy. But only half said that technology is included in every aspect of their business strategy. It’s clear that while most business leaders recognise the importance of a strategy, many haven’t prioritised it.

Having a tech strategy allows you to make the very best decisions, not only for your overall business growth, but also for your customers and clients, employee communications and productivity, new business, suppliers and partners, developing products and services, accessing new markets, and staying digitally safe and secure.

Without a clear strategy in place, you risk falling behind competitors, dropping in productivity, missing out on top talent, and relying on outdated, unreliable, or unsafe technologies.

 

How to develop a tech strategy

Your tech strategy should cover four fundamental aspects of your business:

  • Business Strategy
  • Systems and Software
  • Productivity
  • Achieving Growth

To make sure you’re using technology for success in all these areas you need a clear process and a ruthless focus on getting it done. Ask the right questions. Review your use of technology. Talk to your employees, customers and suppliers. Then, do your research beyond the company and identify new opportunities.

 

Use the Technology for Success technology strategy planning tool to get started developing your tech strategy.

Take part in the latest Technology for Success survey to be the first to receive our next report on South West businesses’ tech strategies, and to find out if yours is delivering. You will also be in with a chance of winning a £100 John Lewis voucher.

Want to develop your tech strategy with expert support? Get in touch to find out how we can help you understand and create your tech strategy, and take your business growth to the next level.

About the author

Timewade

Helping organisations use technology to boost performance and deliver brilliant results. Timewade are the founders of the Technology for Success initiative.

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