Building a strong technology plan

David Zey

Guest Columnist

September 20, 2023

In today’s rapidly evolving business landscape, technology is more than just a tool – it’s a strategic asset that can drive growth, innovation and competitiveness.

Much like financial planning lays the groundwork for financial security, technology planning is essential in ensuring that businesses can effectively navigate the decisions of the digital age, mitigate risks and seize business opportunities for growth.

The role of technology in business
The ubiquity of technology in our lives is undeniable.

From smartphones to cloud computing, businesses of all sizes rely on technology to deliver products and services efficiently, enhance customer experiences and stay ahead of the competition.

However, this reliance on technology can also give rise to challenges, such as technology debt, balancing risks with opportunity and decision-making that fosters stability and agility.

Looking beyond the present
One common pitfall that businesses encounter is the accrual of technology debt.

Much like financial debt, technology debt can accumulate over time because of short-term decision-making, such as opting for quick fixes or delaying necessary upgrades. While these decisions may provide temporary relief, they can lead to long-term consequences, hindering business growth and agility.

To overcome technology debt, businesses may need to shift their perspective from short-term cost savings to long-term value creation.

This involves strategic technology planning that considers not only current needs but also future scalability and adaptability.

By investing in the right technology solutions and planning for the future, businesses can avoid accumulating crippling technology debt.

Balancing risk with opportunity
Navigating the digital landscape requires striking a delicate balance between managing risk and seizing opportunities.

Embracing new technologies and innovation is vital for growth – but it also introduces inherent risks, such as cybersecurity threats and system vulnerabilities.

Effective technology planning involves a proactive approach to risk management – identifying potential risks, as well as discerning the right timing and level of effort required for effective mitigation.

By doing so, businesses can harness technology to capitalize on emerging opportunities while safeguarding their assets and reputation.

A bimodal approach to technology
Achieving effective technology planning necessitates a bimodal approach to decision-making that balances stability and agility.

This approach emphasizes long-term planning for stability while fostering an innovation mindset to nurture agility.

This bimodal approach can empower businesses to adeptly navigate the ever-changing demands of business – ensuring dependable daily operations while facilitating the pursuit of new opportunities and maintaining competitiveness in an ever-evolving digital world.

In many businesses, daily operations require a focus on technology stability that will later enable agility for growth.

This is the natural technology path of any business that sells products or services that are not inherently technology-based.

A business that is more technology-enabled, such as selling software as a service (SaaS), will be more bimodal from the start, having to balance product development with customer service and sales.

In either case, technology planning will need to accommodate a bimodal approach to decision-making.

The IT Management and Growth Pyramid
The journey to build a technology-enabled organization that seamlessly balances stability and agility, while confronting risks and embracing innovation, all while avoiding the burdensome weight of tech debt, can be a truly formidable challenge.

In fact, it can be extremely challenging.

To make it more manageable and facilitate effective technology planning, let’s introduce the IT Management and Growth Pyramid.

This is a structured framework that divides the journey into four essential layers – foundation, infrastructure, innovation and risk management – that can help address both managing stability and growing through agility.

Foundation – At the base of the pyramid, this layer focuses on establishing a clear understanding of your business’s technological needs and goals. It’s about defining your IT strategy, assessing your current capabilities and identifying areas for improvement.Infrastructure – Building upon the foundation, infrastructure is the next critical layer. This involves investing in hardware, software, networks and cybersecurity measures that not only support daily operations but also lay the groundwork for future growth, efficiency and innovation.Innovation – Moving up the pyramid, innovation represents the growth aspect of technology planning. Innovation is about using technology as a catalyst for progress and staying competitive in a rapidly evolving landscape.Risk Management – At the pyramid’s pinnacle, risk management is crucial for safeguarding the gains made through technology. This layer involves implementing robust security measures, disaster recovery plans and data protection strategies.
In the coming columns, we will delve deeper into each of these layers, while exploring practical strategies and best practices for successful technology planning.

Whether your business is small or large, embracing the IT Management and Growth Pyramid can help pave the way for a technology strategy that not only mitigates risks but also unlocks new opportunities for sustainable growth.

Stay tuned for our next installment, where we’ll dive into the Stability layers of Foundation and Infrastructure in greater detail.