Why Technology Transformation Strategy is key to the CIO agenda
Many companies turn to IT transformation during times of crisis, when they need to find ways to do more with less. However, it can be a valuable process for any business looking to improve its efficiency and competitiveness.
The technology industry has faced tough times in the past, and it has always found ways to bounce back. In fact, tech companies have often led the way on various strategies that other industries have later adopted in order to cope with crises. In times of crisis, the need for reliable and efficient systems is greater than ever, and companies that can effectively transform their IT processes will be better positioned to weather the storm.
As a result of the COVID-19 pandemic, technology transformations have become even more important as businesses look to technology to give them a competitive advantage. For example, remote working, globally dispersed supply chains, and managing through disruption. Working and leading from home raises new challenges for organizations in terms of how they leverage digital capabilities. Leaders need to find ways to redefine interpersonal engagement, communication, and development strategies when so many people are working remotely. Furthermore, companies need to continue developing relationships with clients and measure the value they are creating for them.
This has forced companies to reconsider their long-term plans and strategies. Gone are the massive tech transformation projects of the past with a lengthy timeline and inadequate results. The imperative now is to modernize technology to meet the needs of the day and pursue a more comprehensive and long-term vision for change. This new approach, often called "tech forward," takes into account the myriad interlinkages of modern technology with the business. The goal is to deliver value and ensure that the scope of change can continue to expand. This crisis might well spark further creativity and innovation.
This report discusses that while organizations have made headway in technology transformations there is still improvement needed in realizing the real value of technology. In order to maximize the value of technology, transformations must occur across the organization, process, and technology. This means that changes must happen in how the company is structured and how it operates, as well as in the actual technologies used. What is needed is
- A new and creative role of Information Technology
- A remodel for the delivery of technology
- An enduring foundation
It discusses the challenges of the modern business CIO, lessons on how tech transformations can deliver value, actions that can be taken to derive value from new technology and management of digital technology projects.
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