Tech’s exponential growth has changed how our economy runs and how business is done. When companies present their plans for the upcoming year, they don’t always take into account just how much IT impacts every single part of their business.
This is why businesses, whether start-ups or scale-ups, need to establish an appropriate technology strategy to ensure that your technology is working for your business and that it is aligned with your goals. Developing a plan to enhance technology is critical to any business and should be at the core of every company’s vision if it wants to stay on track and ahead of the competition.
Having an excellent technology plan allows a business to close the gaps between its present and desired future state.
What Is a Technology Plan?
While business plans steer a company in a certain direction, effective technology plans direct its path to success. But what exactly is a technology plan in a business?
Technology plans are comprehensive outlines that aim to assess a company’s current technology strengths and weaknesses, thereby creating a technology roadmap to where and how the company wants to do its business in the future.
These roadmaps first aim to identify the company’s current technological needs such as computers and printers, word processing packages and financial spreadsheet systems, networking, accounting systems, inventory control set-ups, and more. The plans also consider IT training for employees, cybersecurity, and funding for all of these IT needs.
Tech plans propose a technology strategy that backs up the company’s already established business objectives. They also create business continuity plans for when disastrous events occur. Just like your business and its objectives, your technology roadmap will need to be able to evolve as time goes on. It should be revisited and updated regularly.
Why Is Technology Budgeting and Planning Important?
No technology plan can be executed without funds. Allocating a budget for technology is as crucial as creating a financial plan for purchasing office supplies. Likewise, incorporating new software and hardware into your business is equally as important as ordering ink and paper for your printer.
If you desire to expand your business, adapting to innovative technologies must be part of your budget layout. If done right, it will improve your business productivity as well as save and use company resources appropriately.
Allocating funds for various IT programs by listing the projected funding for tech is important. A careful IT budget will help your company save money in the long run by helping you to avoid wasting funds on ineffective technology and unproductivity, and ensure you’re investing wisely in technology and hardware that will work for your unique business objectives. The technology plan should identify current and future IT needs and costs, and also include a timeline for implementation.
The Benefits of Technology Planning
Upon creating a good technology plan, you can look forward to experiencing the following notable benefits:
1. Technology planning saves business funds and protects company assets
One of the primary benefits of technology planning is that it helps businesses save funds and protect their assets. By assessing a company’s current technology strengths and weaknesses, a technology plan can identify areas where technology can be optimized to reduce costs, streamline processes, and improve efficiency. For example, by consolidating software licenses, a business can reduce software expenses while still maintaining the same functionality.
Additionally, a technology plan can help businesses protect their assets from cyber threats and data breaches. With the increasing reliance on technology, the risk of cyber attacks has also increased. A well-crafted technology plan can identify potential security threats and outline measures to prevent and mitigate them.
By allocating a budget for technology, businesses can ensure that they are investing their resources wisely and in a manner that aligns with their business objectives. A carefully planned and executed technology budget can save a business money in the long run by avoiding the costs of ineffective technology and unproductive operations. Overall, technology planning helps businesses achieve their goals while protecting their assets and optimizing their resources.
2. Technology planning promotes security and compliance
Ensuring the security and compliance of your business operations is paramount in today’s fast-paced digital landscape. With an increasing number of cyber threats and government regulations, technology planning plays a critical role in safeguarding your company’s assets.
By developing a comprehensive technology plan, your business can stay ahead of potential security breaches and comply with government policies and regulations such as HIPAA and CMMC. A well-crafted technology plan provides the necessary roadmap for implementing the latest cybersecurity measures, including firewalls, encryption, multi-factor authentication, and SIEM monitoring with a SOC. This enables your business to mitigate potential security risks and protect sensitive data from malicious actors.
In addition to protecting your business, technology planning can also enhance your brand reputation and customer trust. By demonstrating a commitment to security and compliance, you can differentiate yourself from competitors and build a loyal customer base. Moreover, by staying up-to-date with the latest compliance regulations, you can avoid costly penalties and legal disputes.
Additionally, in today’s world, remote work has become more prevalent, and with it comes a unique set of challenges for employers. One of the most significant challenges is ensuring the security of company data when employees use their personal devices for work. Are employees allowed to use their personal devices? Or should they only be using company provided devices? A technology plan can help you establish protocols for remote workers, including guidelines for using personal devices, securing data, and establishing secure communication channels.
3. Technology planning increases employee productivity
As the world continues to adapt to the new working environments, an important aspect of technology planning is ensuring that your employees have access to the right tools and systems, which can have a direct impact on the overall success of your business.
Things like outdated or slow machines and software can significantly hinder productivity. By considering your employees, their equipment, and the systems you’ll use to communicate with them in your technology plan, you can help them work more efficiently and effectively, which can translate into improved output, deadlines met, high-quality work with reduced errors, and better customer satisfaction.
Moreover, technology planning can also provide your employees with more flexibility and remote work options, which can improve work-life balance and boost morale, which further increases employee productivity. With the ongoing shift towards remote work environments, businesses that embrace flexible work arrangements can attract and retain top talent.
By investing in the right technology and infrastructure, you’re investing in your employees and setting them up for success while ensuring that data security and privacy concerns are addressed.
4. Technology planning can give your business a sense of direction
A well-crafted and strategic technology plan can help give business owners and their teams a sense of direction and a roadmap for their organization’s future. By starting with the end goal in mind, businesses can work backwards to create a technology plan that aligns with their objectives and helps them achieve their goals. Businesses that don’t spend time making and updating a technology plan with the end goal in mind often end up focusing only on immediate concerns – putting out IT fires instead of spending their time, energy, and funds to realize the vision of their organization and goals.
Having a stable IT plan will help business owners to acquire and understand the latest consumer trends and emerging market segments to leverage. With the rapid pace of technological change, companies that fail to keep up can risk falling behind their competitors. By staying abreast of the latest advancements in technology and consumer behavior, businesses can make informed decisions about where to invest their resources and how to pivot their strategies in response to changing market conditions.
It can also lay out detailed risk control management strategies to help identify, avoid, and handle risks that may damage the company.
5. Technology planning helps a company to outperform business rivals
As the technology revolution rapidly gains control of our economy, strategic planning is affecting all types of businesses and how they operate. In today’s highly competitive market, businesses are striving to gain an edge over their competitors, and technology planning can help them achieve that. Having an established technology plan greatly affects the company’s profitability, especially when seen as a growth tool, rather than just a necessary expense.
By investing in the right technology solutions and keeping up with emerging trends, your business can stay ahead of the curve, streamline operations, increase efficiency, and improve customer satisfaction. This can translate into higher profits and a stronger reputation in the marketplace.
Moreover, a solid technology plan to create a solid technology infrastructure is an attractive asset and can also position your business for potential future growth or exit strategies. By having a clear understanding of your technology assets and their value, you can make informed decisions about potential partnerships, acquisitions, or sales.
Ultimately, investing in technology is an investment in your business’s growth and success. A well-executed technology plan can help you outperform your rivals, drive innovation, and position your business for future success.
Now that you have better knowledge of what technology planning is as well as its advantages, you should also realize how crucial it is for businesses to have well-planned and winning technology solutions. Remember as we progress into this digital world, potential threats like cyberattacks, security breaches, and the like are bound to happen. However, having the right technology solutions in place will ensure that your business is prepared for these dangers.
Technology solutions should address your company’s needs and support your existing systems. Gear your company towards business resilience and enjoy profit climbs, longer employee retention, lower operational costs, protected data, and a good reputation.
Technology planning is never a walk in the park, nor can you expect it to always give you instant returns. The road to business success has always entailed time, money, and sacrifice, and the same applies in today’s digital age. However, you can maximize time and funding by leveraging available technology.
Do you think your branding, customer service delivery, and revenue are loosely linked? Where do you see your business in the next 10 years? How do you see your company surviving in the market? Do you aim to outperform your rivals?
If you haven’t already, now is the right time to make a strategic technology roadmap for your business.
How a COUPLE of GURUS Can Help
We have the expertise to secure and streamline your business IT to solve today’s problems and meet tomorrow’s goals. We can help align your business technology with your vision for your organization. We’ve been doing this now for over 20 years and this is what we do for all our Managed IT clients.
Contact us today to learn more!