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This chapter discusses the crucial role of IT strategy formulation and planning in modern organizations. It elaborates on how this process helps in aligning technology objectives with business goals and presents a roadmap to leverage technology for value creation, innovation, and maintaining competitive advantage. The text also outlines the key steps for formulating an effective IT strategy, along with best practices. Through examples and case studies, it provides practical insights into how different organizations have successfully implemented their IT strategies to overcome challenges, seize new opportunities, and stay competitive.