A company’s technology strategy is a plan which outlines the way in which technology will support a company’s overarching business strategy and objectives over coming years. Tech strategies can quickly become outdated so we’ve put together a short list to help you to consider when the best times are to review your tech strategy review, to ensure it is still as relevant to the company’s current objectives as possible.
1. Changes in Business Strategy
It may seem obvious, but you should be reviewing your tech strategy any time there is a change in your short-term business objectives and plans, or in the overall strategy. Your tech strategy should be as fluid as your business strategy and constantly readjusted in order to best support it.
2. New Management
A common time to review tech strategy is when there are changes in management. Often, new voices in positions of power in a company bring with them fresh ideas or visions for the company’s future. Even if their ideas don’t change the long-term business plans drastically, even slight changes may require the tech strategy to be updated or reviewed to ensure it is still the best version.
3. New Risks
With the constant increase in cyber risk and the threat of hacking, it has become necessary for businesses to constantly check their tech infrastructures and networks for any vulnerabilities that could allow for cyber-threats to enter. As such it’s essential to review tech strategy consistently to check that there are no security risks and that there are no updates needed which could help to safeguard your networks.
4. New Innovations in Tech
We are in an unprecedented time for technological advancements, where new and innovative pieces of tech are being released constantly. If you aren’t already keeping an eye on tech trends, tech strategy reviews are a good way to have dedicated period to research the latest innovations and see how they could advance your business goals and if they are worth implementing.
5. Periodic Review
Once your initial tech strategy has been implemented, it is useful to decide upon a trial period at the end of which you complete a cost-benefit analysis as to whether your tech investments are worth continuing. You should look at how costly the maintenance and management of the tech has been so far, and whether there are any alternatives to consider that provide the same results.
If you’d like to learn more about Atom CTO and how to review your present tech strategy for your business, then feel free to reach out to us and get in touch.