Technology today is central to people’s lives. However, technology is not an end in itself but rather means to an end. Success depends not on adopting technology, but rather on how technology is used to realize the objectives. Truly smart and successful enterprises leverage technology to further their ends in the best possible way.
Technology Enables Optimal Allocation of Finite Resources
While the opportunities created by technology are endless, the resources on hand is always finite. Effective strategic plans prioritize the allocation of limited resources in the best possible way. Technology is fundamental to the overall strategy, as the emerging technologies in variable help the enterprise optimize the available resources and utilize it in the best possible way.
Customers and consumer habits are never static and always fluid. At times, it is the subtle changes that can have a very big impact on the requirements and sales of the products. Understanding such subtle shifts and changes is critical for the very survival of the enterprise. Here real time control through mobility, Big Data analytics, automatic insights from IoT, and more go a long way in making changes in double-quick time, to cater to the changing requirements head-on.
Smart enterprises keep abreast of the major technology trends to navigate the extremely fluid tech landscape to develop appropriate growth strategies and opportunities. Understanding the shifts in technology enables the enterprise to achieve fast time to market, at a time when the business environment is extremely fast-paced, and opportunities have a very short shelf-life. Smaller enterprise gains an additional benefit of being able to use the emerging technologies to scale up quickly.
Technology Enables Differentiation through Innovation
Differentiation is essential to survive in today’s hyper-competitive world. Unless the enterprise can offer distinctively different products and services, it stands very little chance of standing apart from the crowd of hundreds of companies offering the same thing.
Technology is the key to differentiation in today’s hyper-competitive tech marketplace. Emerging technologies such as big data, IoT, artificial intelligence, and others, delivered through the cloud and powered by mobility have a significant impact on how people work and how enterprises function. The onus is on strategic planners to innovate and offer new useful products, to allow enterprise stakeholders use such emerging technology in the best possible way, to meet their requirement and targets.
A retail chain, could, for instance, offer a new mobile app for their customers. The app could leverage the latest technology has to offer, such as using geo-location data to offer highly targeted discounts, use sensors to determine when a customer is entering a store and offer relevant information about a product, offering auto-checkout options, and much more. Likewise, an enterprise could offer highly powerful field service management software, delivered through the cloud and via mobile apps, to offer both customers and managers live tracking of where exactly a field service technician is at any given point of time. An enterprise with sufficient mass and scale could even roll out an app to “uberize” their field service set-up, connecting customers in need of a service to the nearest available and competent technician.
Tech solutions Unearth Opportunities
When an enterprise focuses on customers through the lens of current megatrends, there is a very high possibility of unearthing significant growth opportunities.
Several opportunities, not possible before, are now enabled by technology. Several online services, from food ordering to taxis, and from field service management to supply chain tracking is now possible only by leveraging new technology. When an enterprise monitors technology on a continuous basis, and leverage the latest technology has to offer to roll-out cutting-edge products to satiate existing wants in a better way, or create new wants not possible before.
Technology Ensures the Wellbeing of Internal Stakeholders
Employee health and wellbeing is paramount to the overall success of an enterprise. It is not enough the company develops cutting-edge products and services. It is essential they ensure the wellbeing on the internal stakeholders as well.
An enterprise which focuses exclusively on its customers and external environment, while remaining oblivious to its internal stakeholders would soon collapse from within. Unless the company ensures smooth and well-oiled efficient systems and a productive workforce, internal dissonance would fritter away any innovation or breakthrough it achieves in its external market or the customer-front.
Employee health extends to ensuring a holistic healthy workforce with good ergonomics, optimal air-conditioning, and much more. It requires paying attention to detail, and technology is a key enabler here. For instance, leveraging IoT to optimize lighting not only improves employee health but also enhances productivity, while at the same time reducing wastage and cost for the enterprise.
Harnessing the power of Big Data enables much more than helping marketers unearth crucial trends and insights related to customers. Big Data is relevant to identify critical pain-points in the internal workings, capture employee sentiments, and promote internal efficiency in a big way. The IoT ecosystem, with its wide array of smart devices, applications and services complements the capture of relevant Big Data, improve enterprise efficiency, and productivity in a big way.
Technology Fortifies Security
With information now a critical asset and a key source of competitive advantage for enterprises, security is cardinal to ensure the wellbeing of the enterprise. Only the adoption of the latest technology to combine systems, operations, and internal controls can ensure the integrity and confidentiality of data, while at the same time ensure the considerations of security do not put a spanner in the smooth and seamless working of the enterprises. For instance, deploying the latest technology may allow enterprises to secure their data without creating data-silos that hamper Big Data analytics or ready access to information on which cloud-based and mobility services thrive.
Giving technology its due in IT strategy consulting delivers the twin benefit of considerable savings in execution time and significantly higher return on investment. Several Fortune 500 companies and government agencies have achieved up to 700% increase in returns by investing in IT strategic planning.