Planning Your IT Investment
Do you have an IT strategic plan to guide your IT spending? Many successful businesses don’t have a plan that aligns technology with business operations.
A three-year IT strategic plan is a prudent approach to managing limited IT funds. This plan should include an executive summary of the planning process and IT vision. The plan should have three components: where you are (assessment), where you want to be (opportunities to leverage technology) and how you get there (planning matrix of initiatives). The assessment includes work flow and system utilization analysis of the order-to-cash, procure-to-pay, customer service and back-office operations. The opportunities are based on gaps in current systems, best practices and industry requirements. The planning matrix presents the implementation of initiatives that align technology to business objectives over a three-year time frame. The planning matrix also estimates the cost of ownership over that time.
A strategic plan is dynamic—it needs to be reviewed every six months and revised to address changes in business operations and technology advancements. The execution of planning initiatives requires project management and IT governance policies and procedures. The scope of IT governance includes how to plan, procure, deploy and monitor IT resources.