Three steps to creating a successful tech strategy

Three steps to creating a successful tech strategy 1520 855 Timewade
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It is clear from the Technology for Success report that the majority of South West businesses understand the importance of technology. 91% said that having a long-term strategy for improving IT systems and technology is either extremely or very important to them.  

The value of a tech strategy was demonstrated when lockdown was first announced back in March 2020. 57% of the businesses with a technology strategy across all areas of the business coped ‘seamlessly’ with the transition to remote working and just 14% reported having some problems, that’s compared to businesses whose technology strategy only covered their IT function, 100% of which reported having some problems.

A comprehensive Tech Strategy allows you to make the very best decisions for your customers, clients, suppliers and employees. Furthermore, it helps to support you in gaining new business, developing products and services, accessing new markets, managing data to drive continuous improvements and staying digitally safe and secure.

So, businesses understand the value and importance of a technology strategy, but do they know how to create one?

Step 1: Plot capabilities

Start by assessing your current performance and capabilities. Consider the capabilities of your people, leaders, current use of technology and use of technology on a scale of exceptional to poor. Reflect on where your current performance sits and where you want to be in the future – the difference is your ‘tech gap’. 

Step 2: Assess

To close the ‘tech gap’ and start using technology to its maximum potential, you must next identify your business challenges, technology opportunities, technology weaknesses and technology strengths. You can plot these using a ‘SWOT analysis’. Remember to consider your overall business strategy, systems, software, productivity and growth objectives.

Step 3: Plan and Action

To ensure that you close the ‘tech gap’ you must have a rigorous and comprehensive approach to making changes to your businesses use of technology. We recommend breaking this down into four stages: 

  1. Review – look at current processes and consider alternatives available  
  2. Develop – agree priorities and develop a strategy with clear deliverables
  3. Implement – start with one project at a time and implement changes 
  4. Continuous improvement –  discuss progress with your teams and measure impact 

To make the process as manageable as possible, assign a member of your team to take responsibility for the different actions, and provide a deadline for them to focus on and work towards. 

Pippa Clarke, Technology for Success Technology Partner and Head of Technology, Innovation and Growth sector at Bishop Fleming said: “Whatever sector you are in, prioritising technology and thinking strategically is vital to business recovery and success. Whilst no-one could have been fully prepared for the pandemic, the leaders who are preparing business and technology strategies for the recovery will see the greatest success”.

South West business leaders are rapidly recognising the importance of technology. Nearly two thirds are increasing investment in technology in the short term, and 50% expect an increase in the size of investment in the long term. 

Will you be joining the South West businesses reviewing their use of technology?

Discover more about developing your technology strategy in the ‘Technology for Success report: 2021’ which is free to download: https://www.timewade.com/your-technology-for-success-report/

To achieve ‘technology for success’ contact Timewade, to discuss your technology strategy.

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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