Why Technology Needs to Participate in Business Strategy
For a long time, the IT department has been seen as primarily a supporting department at major companies, keeping operations running behind the scenes but not playing a major role in the strategic direction of the company.
But in the modern world, technology plays a vital role in every company. The IT department shouldn’t be in a support role or kept on the back burner, it should be playing a central role in your business’ long- and short-term strategy and planning. Here’s why tech should be instrumental in the future of your business.
Businesses are Increasingly Digital
Paying attention to the technological world isn’t optional anymore. Modern businesses are powered by suites of third-party tech solutions that help them manage essential functions like payroll, inventory, email, data backups, taxes, and dozens of other aspects of their operations.
Your business will need to manage all of this technology, ensuring that there are no overlaps and that nothing is overlooked. If you have a plan for where the business is headed, you’ll need an IT department or consultancy that can ensure your plans are compatible with the technology available to you.
Finding the Right Buyers
An increasingly digital world means an increasingly crowded one. It’s easier than ever for companies to market their products, and that means extra competition for potential buyers’ attention. If you want to cut through the clutter and catch the eye of your ideal buyer, you need to determine exactly who they are.
That kind of insight only comes with the help of technology. Whether you’re using a sophisticated CRM, the tools on your website, or the built-in analytics of your social media accounts, you’ll need the help of technology (and someone who knows how to use it) to identify your target market and target your advertising to them specifically.
Analysis and Iteration
Once you launch an integrated marketing campaign, it’s vital that you analyze the results of the campaign so that you can take those lessons into account in future campaigns. The only way to do that is through modern marketing technology. Stats you’ll need to analyze include:
- Qualified leads
- Social engagement
- Customer acquisition cost
- Net Promoter Score
- Time on site
- Monthly recurring revenue
- Conversion rate
- Return on investment
- Bounce rate
- Customer lifetime value
- Customer acquisition cost
The specific stats that matter most to your business will vary depending on your market and your customers, but the important thing is that you have the means to track and react to the performance of your marketing channels.
Large-scale data breaches have been in the news over the last few years, with hundreds of millions of user records being compromised from businesses in every industry. Every business should be concerned about data security, no matter how large or important you think your databases are, and you need the right technology to defend your company and your customers.
One of the most important elements of IT security will be choosing the right technology to help your company succeed without compromising data integrity. As we mentioned earlier, your business will rely on half a dozen or more third-party applications to help with day-to-day operations, and each of those applications is a potential vulnerability.
You’ll also need a plan to back up and recover your data in the unfortunate event of a breach, attack, or catastrophe. Every minute of downtime costs your business money, so it’s critical that you employ an IT department with the expertise to put together a secure data security system.
Find a Trusted Partner
Unfortunately, technology experts have a reputation for speaking in jargon and obscure tech terms in order to obfuscate what they’re talking about. By using terms that the average layperson doesn’t understand, tech people might charge you for things you don’t need or even completely fail to address your tech needs, which will leave your company vulnerable.
What you need is a tech consultancy that you can trust — someone who will tell you in plain English which threats need to be addressed, how to do so, which tools are most effective, and why they’re so important. When you find a consultant you can trust, your company can move forward with strategic planning knowing that the technological elements of your business are well taken care of. As you look toward the future, technology can’t just be an afterthought — it needs to be a primary strategic concern.
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