In these challenging times, it’s completely natural for businesses to wonder what’s around the...
Note: This post was originally written by Anna Fogelstrom in our Swedish studio and translated by Emily Yates and ChatGPT in our UK office.
It is not easy to navigate today's technology, and unfortunately, it can be quite fast to fall behind in a highly competitive world. Having a technology strategy is therefore increasingly important for companies that want to be sure that they are using the right technology to develop and achieve their goals. But for the technical strategy to be as successful as possible, it must align with the company's overall business goals. Here are our top five tips for success.
In today's fast-moving and competitive business world, it is more important than ever to have a well-defined technical strategy in place to make the best use of technology. When it works like that, the technology strategy should undoubtedly be one of the key factors driving your business forward. Here are some of the many benefits a technology strategy can bring to your business:
- Increased efficiency
- Increased competitiveness
- Cost savings
- Satisfied customers and satisfied employees
Some time ago we published this blog post that goes into more detail about what a technology strategy is and why it is so important to your business. Here, we have instead chosen to focus on why it is so important that the technical strategy aligns with the overall business goals and best practices to achieve it.
Why is alignment between strategy and business goals so important?
A technical strategy that lives its own life and lacks connection to the overall business goals increases the risk that it will be more difficult for everyone to reach their common goals. Just as there are benefits to a well-defined technical strategy, there are of course risks in not aligning it with the overall business goals.
Simply explained, one can say that the benefits simply go hand in hand with the main risks; waste of resources (in terms of time and money), missed competitiveness, lack of efficiency and productivity, weak user acceptance and reduced innovation power are the main risks.
To take an example - If your company has a policy of offering employees a hybrid work environment, then the technology strategy must enable them to access the technological aids they need in a secure way - regardless of location or device. This, in turn, requires, among other things, cloud-based systems, which then need to be part of the technical strategy.
5 tips for aligning the technical strategy with the business goals
We know that aligning a strategy with business goals is easier said than done, but the work it requires is ultimately worth it. Here are our top tips on best practices for success.
1. Clear communication and good cooperation
Good communication and a well-functioning collaboration between those who control the overall business goals and the team(s) that mainly work with the company's technology are crucial in this case.
It’s essential to create an open dialogue and a common understanding of the business strategy as well as the opportunities and limitations of the technology. A functioning collaboration between these departments contributes to a strong consensus and reduces the risk of unnecessary misunderstandings.
2. Design clear and measurable goals
Without common goals, it will undeniably be difficult to know what you should strive for. In this case, it is therefore important to define clear and measurable goals on both a business and technical level. Goals should always be specific, achievable and have a time frame. The goals make it easier for the teams involved to work together towards the same thing.
3. Gain a deep understanding of the business needs
The whole purpose of a technology strategy is for it to meet the company's specific needs and goals using the right technology. Therefore, it is of the utmost importance to have a great understanding of what the needs are, and to be aware of what challenges the company is facing. An understanding of the business needs makes it easier to make decisions about what technical solutions and investments are required and how they are best implemented and used to make the most benefit in the company's pursuit of its goals.
4. Flexibility and adaptability
The business landscape is changing quicker than it ever has, and therefore there must be room for flexibility and an ability to adapt. Neither the business goals nor the technical strategy should be completely written in stone, there needs to be an agile and responsive attitude to the fact that certain adjustments may need to be made according to the company's needs and market conditions over time.
5. Continuous evaluation and optimization
Aligning the business goals with the technical strategy is an ongoing process, nothing is done over a meeting and then it's done. Therefore, it is important to regularly evaluate and optimize the strategy based on the results. By continuously measuring and analysing performance, you can identify areas for improvement and take the necessary actions to ensure that you are still on track in your joint journey towards goals.
And then a little summary…
In line with today's rapid technological development, it is increasingly important for companies to have a strategy for what kind of technology to implement and which contributes to achieving the overall business goals. A lot of technology is expensive, and misinvestment and waste of resources can cost companies a lot of money unnecessarily on the bottom line.
By adapting the company's technical strategy to the overall business goals, it becomes easier for everyone involved to reach the goals together. As in so many other cases, clear communication, strong collaboration, flexibility and continuous evaluation are important factors for interaction between technology and company goals.
Do you need help choosing to move forward with your technical strategy?
Our tech specialists are at your disposal and are happy to help your company navigate today's technology to effectively invest correctly. Contact us and we'll talk about your company's current situation, challenges and plans.