"Do or Die" IT Strategy: Are You Making the Most of It?

Changes in technology have caused enterprises to reengineer or reinvent themselves on a regular basis, but today, it all seems to be happening faster and more fluidly than before. Discussions are also not so much around big ERP systems implementations, but increasingly about enabling technology – the technology that supports business intelligence. It's, also about collaborating with third parties to develop and implement technologies that enable those all-important business processes. McKinsey just posted an article on "do-or-die questions boards should ask about technology." And it's not a moment too soon. With digital technologies disrupting business as we know it, it's the right time for corporate boards to drive some clarity around their technology strategies. Here are some of the points Paul Wilmott, from McKinsey's London office, makes: –how will IT change the basis of competition in your industry? Social media and location-based services are redefining the customer experience. It's an arms race out there, he warns, and you best be prepared. –what does it take to exceed customers' expectations in the digital world? Apple and Amazon have a lot to answer for. They were the first to elevate the customer experience to a new level–and they have driven standards ever since. Today, convenience and service is a differentiator, and companies that are not digital natives need to invest and be, for example in data analytics, to keep up. –do your business plans reflect the full potential of technology to improve performance? Technology impacts everything: top line, bottom line, margins. Its impact on the business is disproportionate to its cost. And yet technology can be expensive, and IT directors are not always given the green light. –what is IT's impact on operational and strategic agility? In a word: huge. On the sales side it's cutting time to market. On the strategic side, business integration is becoming faster and easier. And not to forget, it's also easier to introduce changes to systems which in turn impacts business agility. –who is accountable for IT? This isn't always clear, and the emergence of new roles such as digital officer or data officer creates additional layers. Best practice companies map they are activities onto the end IT operating model. The shape of this model is determined by whether cost and control or growth and agility are a priority. Other areas touched upon include risk, capability, and communication technology strategies to an external market. Read the full article here.

"Do or Die" IT Strategy: Are You Making the Most of It?

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