The widespread perception that business and technology exist in two distinct spheres is mistaken — and expensive — to maintain.
In the course of the conversation regarding the connection between business and technology, or, more precisely, between business and IT, a great number of pixels and toner cartridges have been wasted. These conversations, both in their vocabulary and their tone, reveal a sincerely held notion that the two are, in some way, distinct from one another. Although this viewpoint is absurd, it is held by a significant number of influential people in the business and technology sectors. This raises the question: what does it mean to run a company by utilizing technology?
Businesses that are at the forefront of technological advancement are businesses that…
- rather than using information technology for increased cost take-out, integration, etc., the company uses technology to drive revenue growth and improve the customer experience.
Businesses that are in the lead with technology are aware of the fact that growth is the most important task for technology in the digital economy.
- possesses a distinct comprehension of the relevant priorities, objectives, and tactics.
Companies that are at the forefront of technology not only understand their essential requirements, but also the steps or adjustments that must be made to realize their objectives. This is especially true when it comes to objectives that are not articulated primarily in terms of monetary gain.
- Identifies the issues faced by businesses by describing the core of the problem in order to establish a cause-and-effect relationship between technology and results.
These companies communicate their challenges using if-then statements, which means they say things like, “If we can resolve X, then we will achieve Y goal.” Alternatively, they speak in metrics, such as increasing sales by 25%, and assume there is a causal relationship between the information technology they choose and achieving their objective. They are able to foresee the upcoming most likely issue.
- focuses on the potential of information technology to generate and broaden strategic options rather than viewing IT as a means to facilitate decisions that have already been made.
If you look at technology after you have decided on a plan, you are setting yourself up for failure and destroying your competitive advantage. According to the words of one business leader who is also a Gartner customer, “Every company works from a similar set of rules, but competitiveness comes from the underlying technologies and the differences they create.” These differences become apparent when technology has an effect on points of differentiation.
- Rather of relegating technological considerations to a separate department known as “IT,” this perspective views technology as an integral part of business operations.
If business involvement in information technology projects consists solely of providing cash and giving approval, then you are not leading the business with technology; rather, you are enabling it with information technology.
- Has both ongoing investments in technology and long-term commitments to the employment of said technology within the company.
This stands in contrast to investments made through a program or a project, which can result in lumpy or step-level individual projects. According to the words of one of Gartner’s clients who is also a successful company leader, “technology is not a tool you take out occasionally to mend something.” It is not important how much money you spend, but rather how regularly you invest in technology; “It is part of the fundamental business.”
- invests in technology as a means of accomplishing its goals and objectives, typically with the intention of remaining ahead of or in the vanguard of prevailing trends and forces.
The management and organization of business investments are made easier when a company is led by technology. You are not leading the business; rather, you are following the pack if you name projects after the technologies that they utilize (for example, “the AI project”).
- invests in solutions that are specifically customized to company requirements. This includes developing one of a kind solutions, as opposed to purchasing solutions that are already on the market and modifying them to match your needs after the fact.
When it comes to technology, leading a company means having the self-assurance to get value for the company from investments that are one-of-a-kind rather than focusing on controlling the cost and schedule of deploying typical solutions.
- rather than expecting IT solutions to remain stable over time, the company adapts its technology to the rate at which the business evolves.
According to the explanation provided by a successful business leader who is also a Gartner client, “Companies traditionally invested in technology that was expected to stay for years.” Since we are aware that technological advances occur at an ever-increasing rate, we are obliged to update our own systems frequently.
- Has low walls both within their company and between it and its customers, providers, and suppliers, among other parties.
Companies that are at the forefront of technology are aware that no single company can afford to possess every component that makes up a solution. Simply put, it is too cumbersome, time-consuming, and expensive to manage. Instead, they encourage low borders that make it easier for resources to flow toward a problem or opportunity regardless of where those resources came from. The other option is to break the issue up into smaller pieces and hope that everything will work out in the end. This strategy is not very successful.