IT Strategy: 6 Steps to Building Your Technology Roadmap
Posted: Tue Dec 10, 2024 9:43 am
In my daily interactions with business owners, I see the impact of technology (or lack thereof) on the customer experience.
Recently, I had a surprisingly pleasant experience when I was called about – get this – servicing my furnace.
I looked at the service options online and then called the company with a question. The customer service representative immediately accessed my device information, then explained my warranty and options for scheduling an appointment . I received an email confirmation with the date and time of my appointment , then a reminder email and call from the technician letting me know he was on his way.
At the end of his visit, the technician walked me through the checklist and details about my heater, had me sign it, and then sent me a digital version of the report, along with my invoice and payment confirmation – all from his tablet.
In short, the company has leveraged various technologies to deliver a superior customer experience.
The technology roadmap as a starting point for major technology initiatives
This experience got me thinking about the many companies that want to automate and synchronize their activities to increase efficiency, but are hesitant to invest, either because of the costs and complexity of the technologies or because they don't know where to start without a well-defined plan to do so.
Major technology initiatives, such as implementing a new customer relationship management or enterprise resource planning system , can be daunting. They are typically costly, time-consuming, have a high risk of failure, and can significantly impact a company’s day-to-day operations. Software that focuses on specific business functions, such as scheduling , while more affordable, also comes with its own set of challenges, such as limited functionality and the need to integrate various systems.
Despite these challenges, companies that have invested in digital technologies report increased productivity, reduced costs and improved product quality. As a recent BDC study on Industry 4.0 indicates , these companies are also better positioned to respond more quickly to market changes and have better growth prospects.
A technology roadmap can help you take action with confidence while avoiding costly mistakes. It will help you align your IT projects with your strategic priorities, plan for the long term, and determine your needs and priorities before investing.
Here are six steps to follow to build your technology roadmap.
1. Determine your strategic objectives
What are your strategic priorities? What are your expectations regarding the financial and operational benefits you want?
Reducing effort and waste is a good initial goal, but take your thinking further.
What tools and information could improve your team's knowledge, proactivity and responsiveness?
How could you provide a better experience or added value to your customers?
What could you do to make your company easier to do business with?
For an IT strategy to be effective, you need to clearly define your strategic objectives and how technology will enable you to achieve them.
2. Plan for the future
Investments that target immediate needs are less cost-effective, lead to duplication of effort, and inflate costs. Today’s customers expect to be able to interact with you across multiple channels—mobile apps, social media, websites—and want the experience to be seamless and consistent, regardless of the channel.
The explosion of affordable mobile devices, for example, has enabled advertising database many companies to use real-time data to build deeper relationships with customers, optimize resources, and track performance. The Internet of Things (IoT) and other technology trends are becoming competitive advantages that attract customers and separate winners from losers in the marketplace.
Your business cannot afford to stagnate.
When building your roadmap, take a long-term view and think about what you’ll need to keep your business competitive over the next three to five years. Technology that’s flexible, scalable, and extensible enough to meet your long-term needs will help you maximize the return on your investment.
3. Define your functional needs and priorities
Without a clear definition of your needs and priorities, you will not be able to properly evaluate your options and plan effectively.
When creating your roadmap, be sure to do the following:
Examine your business processes and identify inefficiencies
Identify technology gaps or deficiencies in existing systems
Determine the functional capabilities required to successfully support or improve your processes
Prepare a list of actions to be taken, taking into account their order of priority.
In my work, I have noticed that my clients consistently express a desire to improve their reporting, performance indicators and predictive analytics to help them plan, execute and deliver their products and services according to expectations. However, it is important to determine the underlying data required to meet expectations, as well as the criteria for data collection: how, when, where, by whom.
4. Measure costs
Major technology initiatives can be costly and require significant investments. For example, BDC’s Industry 4.0 study of Canadian manufacturing companies found that they invested an average of $261,000 in digital technology projects over the past two years.
The investments required can vary greatly depending on the size of your business, your industry and the complexity of your needs.
Research pricing and establish a realistic cost estimate for each project in your roadmap. Also factor in additional or recurring costs like the cost of new infrastructure, subscription fees, and annual maintenance and support fees.
5. Set realistic deadlines
It’s important to have the right resources for your projects, but you can’t do everything at once. Your roadmap should include a realistic timeline and deadlines based on your priorities, the duration of each project, and available resources. Don’t forget to plan for constraints that could impact your ability to execute, such as busy periods.
Using external advisors can help ease the workload on your internal staff. Plus, external resources give you access to valuable knowledge and experience that can inspire you and help you avoid certain pitfalls.
6. Have an IT steering committee
Because personal needs and opinions can vary greatly from department to department, it can be difficult to build consensus and gain support for the technology roadmap.
An IT steering committee comprised of leaders from the IT team and other key departments can facilitate communication and help avoid silos. The steering committee can also use the roadmap to assess project progress and achievement of established goals.
A document that evolves over time
As your business grows, your priorities may change, and new challenges or opportunities may arise.
Therefore, your IT strategy may also change. Building your technology roadmap is not a one-time activity. The roadmap is a living document that needs to be reviewed, evaluated, and updated periodically.
Don’t try to build a perfect technology roadmap the first time. Get to work and keep at it until you’re on track to achieve your goals.
Have you ever created a technology roadmap for your business? How did it go ? I invite you to share your experience in the section below .
Recently, I had a surprisingly pleasant experience when I was called about – get this – servicing my furnace.
I looked at the service options online and then called the company with a question. The customer service representative immediately accessed my device information, then explained my warranty and options for scheduling an appointment . I received an email confirmation with the date and time of my appointment , then a reminder email and call from the technician letting me know he was on his way.
At the end of his visit, the technician walked me through the checklist and details about my heater, had me sign it, and then sent me a digital version of the report, along with my invoice and payment confirmation – all from his tablet.
In short, the company has leveraged various technologies to deliver a superior customer experience.
The technology roadmap as a starting point for major technology initiatives
This experience got me thinking about the many companies that want to automate and synchronize their activities to increase efficiency, but are hesitant to invest, either because of the costs and complexity of the technologies or because they don't know where to start without a well-defined plan to do so.
Major technology initiatives, such as implementing a new customer relationship management or enterprise resource planning system , can be daunting. They are typically costly, time-consuming, have a high risk of failure, and can significantly impact a company’s day-to-day operations. Software that focuses on specific business functions, such as scheduling , while more affordable, also comes with its own set of challenges, such as limited functionality and the need to integrate various systems.
Despite these challenges, companies that have invested in digital technologies report increased productivity, reduced costs and improved product quality. As a recent BDC study on Industry 4.0 indicates , these companies are also better positioned to respond more quickly to market changes and have better growth prospects.
A technology roadmap can help you take action with confidence while avoiding costly mistakes. It will help you align your IT projects with your strategic priorities, plan for the long term, and determine your needs and priorities before investing.
Here are six steps to follow to build your technology roadmap.
1. Determine your strategic objectives
What are your strategic priorities? What are your expectations regarding the financial and operational benefits you want?
Reducing effort and waste is a good initial goal, but take your thinking further.
What tools and information could improve your team's knowledge, proactivity and responsiveness?
How could you provide a better experience or added value to your customers?
What could you do to make your company easier to do business with?
For an IT strategy to be effective, you need to clearly define your strategic objectives and how technology will enable you to achieve them.
2. Plan for the future
Investments that target immediate needs are less cost-effective, lead to duplication of effort, and inflate costs. Today’s customers expect to be able to interact with you across multiple channels—mobile apps, social media, websites—and want the experience to be seamless and consistent, regardless of the channel.
The explosion of affordable mobile devices, for example, has enabled advertising database many companies to use real-time data to build deeper relationships with customers, optimize resources, and track performance. The Internet of Things (IoT) and other technology trends are becoming competitive advantages that attract customers and separate winners from losers in the marketplace.
Your business cannot afford to stagnate.
When building your roadmap, take a long-term view and think about what you’ll need to keep your business competitive over the next three to five years. Technology that’s flexible, scalable, and extensible enough to meet your long-term needs will help you maximize the return on your investment.
3. Define your functional needs and priorities
Without a clear definition of your needs and priorities, you will not be able to properly evaluate your options and plan effectively.
When creating your roadmap, be sure to do the following:
Examine your business processes and identify inefficiencies
Identify technology gaps or deficiencies in existing systems
Determine the functional capabilities required to successfully support or improve your processes
Prepare a list of actions to be taken, taking into account their order of priority.
In my work, I have noticed that my clients consistently express a desire to improve their reporting, performance indicators and predictive analytics to help them plan, execute and deliver their products and services according to expectations. However, it is important to determine the underlying data required to meet expectations, as well as the criteria for data collection: how, when, where, by whom.
4. Measure costs
Major technology initiatives can be costly and require significant investments. For example, BDC’s Industry 4.0 study of Canadian manufacturing companies found that they invested an average of $261,000 in digital technology projects over the past two years.
The investments required can vary greatly depending on the size of your business, your industry and the complexity of your needs.
Research pricing and establish a realistic cost estimate for each project in your roadmap. Also factor in additional or recurring costs like the cost of new infrastructure, subscription fees, and annual maintenance and support fees.
5. Set realistic deadlines
It’s important to have the right resources for your projects, but you can’t do everything at once. Your roadmap should include a realistic timeline and deadlines based on your priorities, the duration of each project, and available resources. Don’t forget to plan for constraints that could impact your ability to execute, such as busy periods.
Using external advisors can help ease the workload on your internal staff. Plus, external resources give you access to valuable knowledge and experience that can inspire you and help you avoid certain pitfalls.
6. Have an IT steering committee
Because personal needs and opinions can vary greatly from department to department, it can be difficult to build consensus and gain support for the technology roadmap.
An IT steering committee comprised of leaders from the IT team and other key departments can facilitate communication and help avoid silos. The steering committee can also use the roadmap to assess project progress and achievement of established goals.
A document that evolves over time
As your business grows, your priorities may change, and new challenges or opportunities may arise.
Therefore, your IT strategy may also change. Building your technology roadmap is not a one-time activity. The roadmap is a living document that needs to be reviewed, evaluated, and updated periodically.
Don’t try to build a perfect technology roadmap the first time. Get to work and keep at it until you’re on track to achieve your goals.
Have you ever created a technology roadmap for your business? How did it go ? I invite you to share your experience in the section below .