As new technologies emerge to expand the limits of IT knowledge and capacity, the management of assets and processes requires the integration of new IT strategic initiatives and multiple layers of technologies across disparate locations and business functions.
Recent studies suggest that only 7% of companies have implemented a technology plan aligned with their business strategy regardless of how fast technology is moving forward. Consequently, we see many corporations investing in costly new automation technologies only to see sales performance decrease after implementing this new technology.
Quantifying the cost of Ineffective Business Technology can be difficult for many organizations, mainly because the cost factors can range from the inability to scale, business performance degradation, and dangerous technology investments. Undoubtedly, many essential elements need to be considered to get the highest value from any information technology investment.
Enabling business performance requires a deep understanding of the corporation's present and future needs, based on the business goals and strategies that are defined by the firm. These goals and strategies must be effectively translated into actionable plans, including identifying business-appropriate technologies and budgets.
To achieve their goals, companies need to align and integrate business processes with new IT strategic initiatives to understand the impact of technology on their performance. They must have an effective communication system between business and IT to ensure and prioritize services, support, and investments appropriately.
This paper guides readers to understand the possible benefits of using cross-functional teamwork in strategic IT initiatives and realizing the limitations of IT capabilities to know how and when it can perform efficiently and when to bring in help.