technology strategy for a business plan

Technology Strategy: Framework and Examples

A technology strategy is an overall plan that outlines how a business will use technology to meet its goals and objectives. This includes all technology decisions, from hardware and software to IT support, digital transformation initiatives, and long-term investments in emerging technologies. The strategy should also align with the company’s broader business strategy and objectives.

Key elements of a technology strategy often include:

• Infrastructure:  The hardware, software, networks, and data centers that underpin the business’s operations.
• Applications:  The software tools and platforms that employees use to perform their tasks.
• Data and Information Management:  Strategies for storing, securing, and using data to support the business’s goals.
• Security and Compliance:  Safeguarding company and customer data from threats and ensuring the company meets relevant regulations.
• Human Resources:  Ensuring the business has the necessary skills to use and maintain its technology, in-house or outsourced.
• Emerging Technology Assessment:  The continuous review of emerging technologies that could be adopted to provide a competitive edge or improve operational efficiency.
• Digital Transformation Initiatives:  Integrating digital technology into all business areas fundamentally changes how you operate and deliver value to customers.
• Budgeting and Financing:  Identifying the necessary resources and determining how to finance them, balancing short-term needs and long-term investments.

When creating a technology strategy, it’s essential to have a clear understanding of the business’s goals and the technology landscape. Regular reviews of the technology strategy are also necessary as technology, business needs, and market conditions continue to evolve.

Technology strategy framework

A technology strategy framework helps guide the planning, development, and execution of a business’s technology strategy. Although many variations exist based on specific organizational needs, a basic framework often includes the following components:

• Objective Setting:  Clearly define the strategic goals of the organization and how technology can support these goals. This could include improving operational efficiency, enhancing customer service, or creating new products or services.
• Technology Assessment:  Examine the current technology landscape within the organization and the broader market. This includes an inventory of existing technology assets, an assessment of their effectiveness, and a review of emerging technologies that might offer opportunities for competitive advantage.
• Gap Analysis:  Identify any gaps between the current technology capabilities of the organization and the capabilities needed to achieve the strategic objectives. This could include gaps in hardware, software, data management, security, skills, or other areas.
• Solution Identification:  Identify potential solutions to address the identified gaps. This could include purchasing new technology, upgrading existing technology, outsourcing, developing new organizational skills, or other solutions.
• Implementation Planning:  Create a detailed plan for implementing the identified solutions. This should include a timeline, resource requirements, responsibilities, and key performance indicators (KPIs) to measure progress.
• Execution:  Implement the plan, monitor progress against the KPIs, and adjust the plan based on feedback and changing conditions.
• Review and Evaluation:  Regularly review and evaluate the technology strategy to ensure it effectively supports the organization’s strategic objectives. Adjust the strategy based on changing business needs, technology developments, and lessons learned from implementation.

This is a generalized framework, and each organization may need to tailor it based on its unique needs, resources, and strategic objectives. But this framework provides a solid starting point for developing a comprehensive and effective technology strategy.

Strategic Information System: Planning and Examples

Examples of technology strategy

Technology strategies can vary widely based on an organization’s specific objectives and needs. Here are a few examples of different types of technology strategies a company might adopt:

• Cloud-First Strategy:  An organization might move its data and applications to the cloud to increase scalability, flexibility, and cost-efficiency. This might involve choosing cloud-based SaaS (Software as a Service) solutions whenever possible and transitioning existing systems to the cloud over time.
• Mobile-First Strategy:  With the rise of smartphone usage, many organizations have adopted a mobile-first strategy. This means designing digital experiences (websites, applications, services) for mobile devices first and then scaling to larger screens. This strategy is often driven by the need to reach customers where they are most active. It can also include the development of mobile apps to enhance customer engagement or improve operational efficiency.
• Data-Driven Strategy:  Some organizations prioritize the collection and analysis of data to guide their business decisions. This could involve investing in data analytics tools, building or buying data processing capabilities, hiring data scientists, and implementing practices to ensure data quality and security.
• AI-First Strategy:  Some organizations, particularly those in tech-heavy industries, have adopted an AI-first strategy. This means prioritizing investments in artificial intelligence, machine learning, and related technologies. Such a strategy might include developing AI capabilities in-house, purchasing AI services from vendors, or investing in AI startups.
• Cybersecurity Strategy:  In light of rising cyber threats, some organizations have made cybersecurity a core component of their technology strategy. This might involve investing in advanced security tools, hiring cybersecurity experts, implementing robust security practices, and providing regular security training to all employees.
• Digital Transformation Strategy:  Many traditional businesses have embarked on digital transformation strategies, which involve integrating digital technology into all business areas, fundamentally changing how they operate, and delivering value to customers. This could include digitizing customer interactions, automating business processes, or leveraging technologies like IoT (Internet of Things) to create new services.

Remember, a good technology strategy should align with the company’s overall business strategy and goals and be flexible enough to adapt to changing technologies and market conditions.

What is the technology strategy of top tech brands?

• Apple:  Apple’s technology strategy has long been about creating a seamless, integrated ecosystem of products and services. They focus on designing high-quality, user-friendly products and continue to innovate in areas such as Augmented Reality (AR), Artificial Intelligence (AI), and proprietary chip development (like the M1 chips for Macs). Apple invests heavily in Research and Development (R&D) to bring new technologies to its product portfolio.
• Amazon:  Amazon’s strategy centers around scale, customer convenience, and innovation. They have a broad technology strategy ranging from e-commerce and cloud services (AWS) to consumer electronics (like Amazon Echo). They focus on AI and machine learning, particularly in their AWS offerings and logistics operations. They also experiment with disruptive technologies like drone delivery and cashier-less stores.
• Microsoft:  Microsoft’s technology strategy involves providing integrated solutions to both businesses and consumers. They’ve focused on cloud computing with Azure, productivity software with Office 365, and AI. Microsoft also invests in Mixed Reality (MR) technologies and has a strong presence in the gaming industry with Xbox.
• Google (Alphabet):  Google’s strategy involves organizing and making information universally accessible. They focus on an AI-first approach across their products like Search, Ads, Android, and YouTube. Google Cloud is another key focus area. Alphabet, Google’s parent company, also explores frontier technologies through its “Other Bets” like Waymo (autonomous vehicles) and Verily (life sciences).
• Facebook (Meta):  Facebook’s technology strategy involves connecting people through its platforms (Facebook, Instagram, WhatsApp, and Messenger). They invested in AI to enhance user experience and content moderation. They also invested in virtual and augmented reality through their Oculus products. However, as of late 2021, Facebook announced a rebrand to “Meta” and a new strategic focus on building a “metaverse,” a shared, immersive, and interactive virtual environment.

Please note that these strategies evolve over time, especially as new technologies emerge and business environments change.

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IT Strategic Plan: A 5-Step Planning Process (With Template)

Looking for a way to execute key IT and digital initiatives faster to support business growth? Sounds like you need a strong and well-thought-out IT strategic plan.

On paper, it sounds easy to do, right— “a well-crafted IT strategy should set a clear path on how you’re planning to enhance the business’s performance with technology.”

But developing and executing one isn’t a simple task. According to Gartner’s CIO survey , only 29% of CIOs consider their organization effective at IT strategy and planning. It’s a complex, time-consuming, bang-your-head-against-wall process (if you don’t have the right approach). 

Not to worry—that's why we're here. In this article, we’ll cover the key elements of an IT strategy plan and share a practical step-by-step process with examples to help you create and execute your own. 

Oh, did we mention you get a free IT strategic plan template ?

Ready? Discover how to create an actionable and execution-ready IT strategic plan the Cascade way!

In this article, you’ll discover: 

• What Is an IT Strategic Plan?
• The Benefits of IT Strategic Planning
• Key Components of an Execution-Ready IT Strategic Plan
• The 5 Steps of a Highly Effective Strategic IT Planning Process
• IT Strategic Plan Example + Template

Take Control of Your IT Strategic Planning with Cascade 🚀

What Is An IT Strategic Plan?

An IT strategic plan is a roadmap that outlines an organization's goals and objectives for using technology to achieve its business objectives. It provides a framework for making technology-related decisions and investments that align with the organization's overall strategy .

The Benefits Of IT Strategic Planning For CIOs

In today's fast-paced and competitive environment, CIOs use IT strategic planning process to:

• Set and align IT priorities with business objectives and goals. 
• Prove the value and impact of IT within the organization to increase credibility and influence.
• Assess potential risks and vulnerabilities, and develop proactive measures to prevent financial losses and reputational damage.
• Improve communication and collaboration by breaking down silos, ensuring everyone is on the same page, and rowing in the same direction. 
• Focus on IT projects with the greatest potential for impact and ROI, maximizing the value of IT investments and ensuring efficient use of resources.
• Help organizations stay ahead of digital transformation , technology trends and adapt to changing business needs, keeping technology aligned with organizational needs.

Key Components Of An Execution-Ready IT Strategic Plan

An execution-ready IT strategic plan is more than words on paper. It’s an action plan to improve your company’s technological capabilities and deliver business value. 

If you want to inspire alignment and drive ownership for successful strategy execution, your IT strategic plan should include these elements:

🔎 Focus areas : Where should your team focus the attention and efforts? What area of IT will have the most impact on the business strategy?

📌 Goals and objectives: What do you want to achieve exactly? Your goals and objectives are the outcomes you’re aiming for. 

💰 Budget: What resources do you have to achieve your goals and objectives? Are your plans realistic?

😎 Owners: Who is in charge of projects and accountable for their success? Your IT strategic plan needs individuals or teams to ensure it is executed.

📆 Due dates: When do specific actions, initiatives, and projects need to happen? Your IT strategic plan needs timeframes and deadlines to be enforced and acted upon.

📤 Actions: What specific initiatives, deliverables, or projects need to happen within your focus areas? Your IT strategic plan should provide clear and actionable steps for teams to reach goals.

📈 Measures: How will you track progress as your teams execute? Which are the most important IT KPIs your team should track and report upon? A solid IT strategic plan will have an element of progress tracking that promotes consistency and accountability .

👉 Click here to get your free IT strategic plan template (P.S.: The template has all the key elements described above and is pre-filled with examples so you can start working on it right away.)

The 5 Steps Of A Highly Effective Strategic IT Planning Process

So, now that you know which elements you need to include in your IT strategic plan , let's explore how to get there.

Here are five steps to achieve effective IT strategic planning and execution:

1. The alignment phase: IT strategy is part of your business strategy

While IT strategic planning focuses on medium-term goals, CIOs must consider the realm beyond their IT environment (i.e., your company goals).

In the HBR survey , 77% of respondents said the disconnect between IT and business strategies is resulting in significant costs. 

This is a vital consideration for IT leaders. You must be aware of the dangers of misaligned or isolated strategic planning. Don’t fall into the trap of thinking your IT planning process is separate from other business processes or goals. 

To top it off, a study from Workday found that one-third (31%) of companies are rarely aligned on their digital finance transformation goals, with CFOs citing this as a top barrier to successful digital transformation initiatives. 

Focus less on technology talk and more on business strategy outcomes. 

Schedule a strategic planning workshop and kick it off with a recap and discussion about goals that the company is pursuing to understand how technology can help achieve those goals. 

👉Here’s how Cascade can help you:  

Use the Alignment View to get a visual overview of strategic alignment between your IT plan and business strategy. You can also use it to check how your existing IT initiatives contribute to the success of the business strategy.

2. The analysis phase: What should your IT strategy focus on

According to Gartner 's 2023 CIO and Technology Executive Survey, 95% of organizations struggle to develop a vision for digital change, often due to competing stakeholder expectations.

Sure, the squeaky wheel usually gets the most grease, but don’t use this as your base to identify strategic priorities. This approach won’t move the needle for the organization. Instead, focus on what will have the highest impact on the organization in the future and prioritize those initiatives .

As a strategic leader and changemaker, you’ve got to ask yourself: 

• How should the business approach these challenges? 
• What projects should we prioritize for maximum impact in the future? 
• If everyone’s investing in automation, cybersecurity/information security, and data centers, should we be doing the same? 
• Do we have enough resources to support our current strategy, or do we need to develop new resources? 

Researching IT priorities for your organization based on market impact is a good start, and you can do this with reports, industry research, and other data.

But, Gartner also suggests that you should also look to others within your organization to provide insights and different perspectives on priorities and challenges, for example:

• Leadership signals. 
• Stakeholders in the business who share your vision (Ideal Partners).

💡 Top tip: Your people and teams are valuable assets for identifying areas of IT investment. Bring key stakeholders into your strategic planning process to level up your strategic analysis and research.

3. The goal-setting phase: Who is responsible for what?

Next, decide how your IT strategic plan will filter into actionable projects for different teams to execute.

To drive outcomes, goals need to have owners who will manage their initiatives to completion. These initiatives also need to be aligned with your high-level planning as well as the organization’s broader strategic objectives .

Sound like a difficult balancing act? Not if you take a systematic approach. 

A simple way to get started with goal-setting in a strategy-aligned way is to use a three-column table.  

• Jot down business objectives and problems in column A.
• See how your IT strategy can support or improve them in column B.
• Assign project owners to each initiative in column C.

For example:

Column A: What are our business goals or problems? 

• Improve customer experience

Column B: How can our IT strategy support it?

• Optimize our data analytics capabilities and IT infrastructure.
• Implement new CRM software.
• Develop and deploy new digital solutions to improve customer experience.

Column C: Who is responsible for achieving this?

• Optimize our data analytics capabilities and IT infrastructure → Data Analytics Manager & Data Team.
• Implement new CRM software → Customer Support Team & IT Team.
• Develop and deploy new digital solutions to improve customer experience → Customer Experience Manager & IT Team.

Setting your IT goals this way will ensure that actions consistently align with your company’s strategic objectives. You’ll also be able to see if your strategic goals are realistic and within your budget. Plus, you'll ensure each goal has an owner rather than lacking clarity over accountability and realizing this in your next review. 

Once you’re done, go through your table and look for overlapping imperatives, opportunities to streamline execution, and how to prioritize goals. 

Additionally, share them with other key internal and external stakeholders, get feedback, and make changes based on their perspectives. 

👉Here’s how Cascade can help you:

With Cascade's Strategy Planner, you can easily set IT goals and align them with business objectives in a centralized platform. During setup, you'll be able to add a goal's owner, collaborators, due dates, and measure of success. Doing so can keep everyone on the same page and accountable for progress. 

Here’s an example of IT objectives and goals in Cascade:

4. The execution phase: How to get it right

The way you approach strategy execution can make or break the work you’ve put into your strategic planning. 

A successful and fast execution phase has two equally important parts:

• Building a clear and actionable execution plan with key elements developed in the previous steps. 
• Communicating this plan to your stakeholders. Not just to your IT department, but to everyone who will be involved or affected by the execution of your plan. 

To execute your IT strategic plan successfully, ensure that your stakeholders understand the IT strategy's goals, importance, and potential impact. Clarify IT governance, functions, and responsibilities, and establish communication channels to support transparency and cross-collaboration. 

Clarity and strong execution are critical to achieving your IT goals and delivering real value.

Here are two things you can do to get it right:

• Use visual tools: Create strategic roadmaps to communicate plans and timelines.
• Get the wheel spinning early in the process: Hold a workshop or meeting to officially kick off your execution phase. Use this opportunity to explain the strategic direction, who will be involved in the execution, and why you are doing it. 

👉Here’s how Cascade can help you: 

Simplify how you view your planning and execution: Cascade’s Timeline (Roadmap) view lets you visualize IT goals, plans, and progress in an easy-to-read Gantt-chart-style interface. Use it to plan and monitor your IT strategic plan in one place.

5. The monitoring and adaption phase: Stay on your toes

According to Gartner’s survey of 2,387 CIOs and technology executives, more than half of digital transformation initiatives take too long to execute and more than 50% take too long to realize value.  

Strategy execution isn’t a matter of set-and-forget or one-then-done. 

Plans must be acted on, projects must move forward, and expectations must be met. If you're not actively monitoring strategic initiatives, how do you know if you’ll be able to deliver the promised business value of IT? 

Progress reporting and monitoring should be a top priority for CIOs after a strategy kickoff, especially since only 18% of team members review progress on weekly basis. This means enforcing KPIs (key performance indicators), using the right tools to monitor performance, and regular check-ins with IT project owners. 

Sure,  it’s easier said than done at scale, but here are some tips to get it right:

• Use a performance management system: Use it to get an accurate picture of milestones, top performers, and address execution issues proactively.
• Be ready to adapt and optimize:  Any solid strategic plan will include long-term initiatives that can take three or five years to implement. A great one will be ready to pivot and change in the face of new technology, information, and approaches. Being flexible and open to new opportunities is essential to stay ahead in today's constantly evolving landscape.
• Stop wasting time with manual reporting: The old way of PPT presentations, Word docs, and PDF reports won’t cut it in today’s pace of business. Think about it—every second used to type, send, and read those reports could be channeled into achieving better business outcomes. 

👉Here’s how Cascade can help you: Leverage data sources from anywhere: Cascade's thousands of integrations allow you to consolidate disconnected business tools in one place, reducing context switching and helping to create a single source of truth.

Monitor progress with live dashboards: Use a powerful Dashboards feature to streamline insights into performance, monitor critical metrics, and promote data-driven decision-making.

Keep everyone in the loop: With Cascade’s Strategy Reports , you can instantly visualize data, contextualize any breakthrough or setback, and share updates with your teams in engaging ways.

Example of a report in Cascade.

📌Remember that successful IT strategies depend on:

• Proper research and planning.
• Involving different stakeholders in the strategic planning process.
• Setting realistic goals.
• Communicating the strategic plan effectively to a wider audience.
• Monitoring progress and adjusting as teams execute.

IT Strategic Plan Example + Template 

Get a headstart on your IT strategic planning with our IT Strategic Plan Template . 

What do I get?  This information technology strategic plan comes prefilled with IT KPIs, Projects, Goals, and Focus Areas to help you hit the ground running. 

What if I want to customize it? While it’s pre-filled with examples, you can easily adjust, modify, and customize input to meet your needs. 

Is it right for me? It’s perfect for CIOs, IT departments, and digital transformation leaders who need to create a strategic plan for their departments and show the ROI of IT initiatives to the leadership team. 

👉What are you waiting for? Start developing your IT Strategic Plan today. Click the link here and get your free template. 

✨ This template doesn’t match your needs? You can explore our strategy template library with over 1000 templates, including: 

• Digital Transformation Plan Template
• Technology Roadmap Plan Template 
• Digital Adoption Strategy Template

A well-thought-out IT strategic plan is critical for IT leaders who want their organization to stay relevant in a rapidly changing world.

But it’s not enough to maintain a competitive edge and grow your business. Companies with growth-focused mindsets need a platform that makes strategic execution central to how they do business.

With Cascade, you can turn your IT vision into a future-proof strategic plan your teams can work towards and deliver business results. 

Start today with a free forever plan or book a 1:1 product tour with Cascade's in-house strategy expert.

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Home » Digital Transformation » What Is A Technology Strategy? Frameworks, Examples & Implementation

What Is A Technology Strategy? Frameworks, Examples & Implementation

• Updated May 30, 2024

In an era defined by digital transformation , a technology strategy enables cross-functional solutions for aligning existing business strategies with technology. It identifies the necessary technological capabilities that support business initiatives in facilitating growth and operational resilience . 

A comprehensive tech strategy is essential to any future-ready IT strategy , providing a fundamental framework that guides technology’s role in supporting the business.

Research from Statista shows that many executives recognize technology investments as a valuable competitive advantage and want to reshape their entire business strategies around digital technologies . 

Adopting an appropriate technology framework allows businesses to standardize decision-making, highlight areas of improvement, prioritize tech investments, and streamline system upgrades.

In this article, we will define a technology strategy and explore some common technology frameworks businesses use, including examples of how they have been implemented successfully.

What Is A Technology Strategy?

A technology strategy is a detailed plan outlining how an organization will utilize technology to fulfill its goals and targets. 

The strategy supplements an organization’s overarching IT strategy and comprises key tenets, objectives, and methods related to the role of technology in business advancement. 

This involves determining technology’s prospective application within business environments, including identifying pain points and formulating a roadmap for implementing chosen technologies.

According to the IDC’s Worldwide Digital Transformation Spending Guide, global DX spending will reach $3.4 trillion in 2026, with a CAGR of 16.3% over the next five years .

The scope of a technology strategy transitions from broad to specific, with detailed strategies evolving from broader business ambitions. 

In the process, the technology strategy identifies the required capabilities to achieve these objectives based on the analysis of tangible business scenarios. 

Establishing a clear tech strategy is an essential prerequisite for any forward-thinking business, enabling them to leverage the benefits of technology in the most optimal way.

Why Is A Technology Strategy Important?

According to McKinsey, technology strategies have proven invaluable in helping organizations understand the scale of necessary change and think through interdependencies across various aspects .

Leveraging a strategic technology approach allows businesses to carve out a unique market position, streamline operations, manage risks robustly, utilize data effectively, enhance customer engagement, and prepare for future technological advancements.

Let’s take a closer look at why establishing a technology strategy is so important and some of the benefits that can be realized in doing so:

Competitive Edge

Through the strategic and thoughtful implementation of cutting-edge technologies, businesses can optimize their operations, increasing efficiency and productivity. 

This, in turn, paves the way for the enhancement of product or service quality, enabling organizations to better meet the shifting needs and expectations of their customers. 

An innovative approach such as this empowers companies to secure market dominance and a competitive advantage in the high-octane commercial world.

Operational Efficiency

Implementing a well-defined technology strategy enables efficient automation of routine tasks and seamless integration of various systems. 

This integration leads to the streamlining of processes, resulting in heightened productivity and cost reduction. 

With the elimination of manual efforts and the optimization of technological capabilities, organizations can improve operations resource allocation and bolster overall performance.

Data-driven Decisions

A well-defined technology strategy not only provides a clear roadmap for technology investments but also facilitates informed decision-making that parallels the strategic objectives of the organization. 

By establishing a comprehensive plan that considers the evolving technological landscape and the specific needs of the business, a strategy enables effective asset allocation and maximizes return on investment (ROI).

It also helps identify emerging technologies, assess their potential impact, and ensure that technology initiatives are in line with the long-term vision of the organization. 

Customer Experience Optimization

Cutting-edge technology tools such as AI and data analytics, when strategically applied, have the remarkable ability to enhance customer interactions in countless ways. 

Leveraging the power of AI allows businesses to uncover valuable insights into customer preferences and behaviors. 

This knowledge enables them to craft personalized experiences that boost satisfaction and cultivate enduring loyalty. 

Future Preparedness

Staying current with the latest emerging technology trends and proactively structuring their integration with a well-crafted technology strategy primes businesses for a future-ready state. 

This approach allows them not only to remain adaptable and relevant but also to seize new opportunities. With a keen focus on innovation, holistic learning, and proactive planning, organizations can position themselves as true digital transformation leaders.

What Is A Technology Strategy Framework?

A technology strategy framework plots the actionable approach a company will take to leverage technology in achieving its objectives. 

The framework provides a concrete roadmap for the acquisition, utilization, and management of technology resources, including hardware, software, and human capital.

The strategy often involves identifying key technology trends relevant to the business, establishing technology-related goals, and crafting action plans to meet these goals. This includes evaluating current technology infrastructure, identifying gaps and pain points, and determining the solutions to remedy them.

Different frameworks emphasize different aspects, such as IT governance , data management, cybersecurity, or digital transformation. 

For instance, the Technology Business Management (TBM) discipline guides organizations in managing and communicating the cost, value, and quality of IT services in a business context. 

A well-defined technology strategy framework ensures technology investments remain aligned with business goals and delivers maximum value. 

Technology Strategy Examples

Cloud Computing, Digital Transformation, and Data Analytics strategies characterize three of the top strategic approaches to technology that many leading organizations are currently pursuing

Let’s take a closer look at these areas of interest:

Cloud Computing Strategy

A cloud computing strategy enables organizations to operate on scalable, flexible cloud-based platforms. It involves moving data storage, processing, and management from on-premise servers to the cloud.

This strategy helps save on infrastructure costs, as companies only pay for the resources they use and can scale up or down based on demand. It also enhances accessibility, as employees can access data and applications from anywhere, anytime, improving collaboration and efficiency.

Depending on the organization’s requirements, they can opt for public clouds for cost-effectiveness, private clouds for enhanced security, or hybrid clouds for both.

Digital Transformation Strategy

A digital transformation strategy completely overhauls business operations by integrating digital technology.

It’s not just about updating systems; it’s about fostering a culture that embraces change, innovation, and continuous learning. 

In this regard, a DX strategy provides businesses with a vehicle for capturing the benefits of technology, delivering superior customer experiences, and creating bleeding-edge products and services.

It also improves operational efficiency by automating processes, enhancing data management, and facilitating real-time communication. However, successful digital transformation requires strong leadership, clear vision, and employee engagement.

As shown by McKinsey research— when organizations undertake a large-scale transformation, their efforts fail about 70 percent of the time .

Data Analytics Strategy

A data analytics strategy leverages advanced technologies to convert raw data into actionable insights.

Businesses can analyze vast amounts of data quickly and accurately by harnessing Big Data, Machine Learning (ML), and artificial intelligence (AI). This strategy enables businesses to forecast trends, optimize operations, and better tailor products or services.

For instance, predictive analytics can forecast customer behavior, while prescriptive analytics can suggest actions to achieve business goals. 

However, a successful data analytics strategy requires quality data, skilled analytics officers , and a culture that sees the value of data-driven decision-making.

Technology Strategy Framework Essentials

Developing and implementing a technology strategy involves steps crucial for aligning technology with an organization’s strategic objectives.

To fully understand the mechanics, let’s take a look at key touch-points essential to a technology strategy framework:

• Goal Definition: An organization must explicitly outline strategic objectives and the role of technology in facilitating these objectives. Goals could encompass enhancing operational performance, boosting customer service quality, or reimagining products or services.
• Technology Review: Investigate the existing technology environment within the organization and the larger industry. This entails cataloging current technology resources, evaluating their efficiency, and exploring emerging technologies that could provide a competitive edge.
• Gap Recognition: Pinpoint any discrepancies between the organization’s existing technology capabilities and the requirements necessary to meet strategic goals. These gaps could be present in hardware, software, data management, security measures, and skill sets, among other areas.
• Solution Exploration: Recognize potential remedies to address the identified deficiencies. Solutions could involve acquiring new technology, upgrading current systems, outsourcing, and cultivating new organizational competencies, among other initiatives.
• Plan Development: Devise a comprehensive plan for deploying the identified solutions. The plan should encompass a timeline, necessary resources, responsibilities, and crucial performance metrics (KPIs) to track progress.
• Implementation: Execute the devised plan, track advancement against the KPIs, and modify the plan based on feedback and evolving circumstances.
• Ongoing Assessment: Regularly scrutinize and assess the technology strategy to verify its effective alignment with the organization’s strategic goals. Modify the strategy in response to evolving business requirements, technological advancements, and insights gained from implementation.

What’s Next For Technology Strategies?

As we look ahead, the potentially infinite potential of evolving technology calls for the constant introduction and reshaping of tech strategies for delivering value in both business and wider social zeitgeists.

IT leaders and CIOs can anticipate a landscape dominated by an accelerated pace of innovation, where agility and adaptability become essential survival skills for those companies chasing state-of-the-art status.

Artificial intelligence and machine learning will continue to evolve, offering organizations unprecedented capabilities to analyze data, automate processes, and improve decision-making. 

The adoption of cloud technologies will continue to surge, providing organizations with greater flexibility, scalability, and cost efficiencies. This will be complemented by the rise of edge computing, bringing computation and data storage closer to where it’s needed, improving response times, and saving bandwidth.

Cybersecurity, too, will take center stage, with solutions becoming more nuanced and complex as increasing digitization and connectivity raise new challenges and threats.

“ It is our responsibility to take all measures possible upfront to ensure we increase our resilience over the years for an improved cybersecurity landscape in 2030 and beyond ,” says Juhan Lepassaar, Executive Director at ENISA (European Union Agency for Cybersecurity).

The role of IT leaders and CIOs is set to become more strategic. They’ll be expected not just to manage technology but to drive business value, foster innovation, and continually transform. 

The emphasis will shift from merely keeping the lights on to using technology as a competitive differentiator and a catalyst for growth.

Ultimately, the future of technology strategies will be shaped by those who can blend technical acumen with business savviness and understand that at the heart of every tech strategy lies the goal of creating value for the organization, customers, and stakeholders.

A wonderful team of Digital Adoption, Digital Transformation & Change Management Experts.

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Technology Strategy 101: Planning for the Future

Published: 07 June, 2023

Social Share:

Technology & Engineering

Table of Contents

Introduction

Technology is changing our world. This has been the case since people could remember, but the pace and depth of change have rarely been more apparent than in the last few decades – for example, with the success of the internet – years – with cloud services and digital ecosystems or the new class of digital assets – and months – with the incredible rise of generative AI systems.

In contrast to what is often called IT applications, i.e. systems that make our work easier, new technology has the potential to fundamentally influence what we want, how we work, and how we develop.

Thus, new technology brings opportunities for companies not only to become more efficient but also to develop new, innovative business models and build a growing, loyal customer base through new ways of engaging with customers.

Of course, this potential does not come without risks. New technology has to prove itself in the market, its safety aspects have to be understood, and its acceptance, also by legislators and regulators, still has to be worked out – which is not an easy undertaking given the many conflicts of interest that a disruptive technology entails.

Nevertheless, companies cannot ignore these developments if they want to remain successful in the future. It is important to weigh up the potential and risks of new technologies, to understand the possible medium- to long-term effects on the industry and one’s own company as far as possible, and to learn through this process. It is also important to understand that a new technology only develops its full potential for a company over time. Therefore, foresight is needed.

In this article we will look at approaches to responding to new technological developments, how to analyze them, and how to match them in a structured way to the business strategy . This ultimately leads to a technology strategy that takes into account the short-term needs of the company, but also gives it a competitive advantage in the long term.

What is a Technology Strategy?

The technology strategy document, which should be part of a far-sighted IT strategy, refers to a plan or framework that outlines how an organization will leverage technology to achieve its objectives and gain a competitive advantage. It involves making decisions and setting goals related to the selection, implementation, and management of technology systems, infrastructure, and resources. A technology strategy typically includes considerations such as technology adoption, innovation, resource allocation, risk management, and alignment with business objectives.

A technology strategy can set the direction of development on many levels: It can define the fundamental technologies that provide the basis for a company’s further development, it can designate technologies on which new innovative offerings will be developed, or it can define very specific components of the infrastructure, such as the interface technology or the programming languages to be used.

A well-defined technology strategy ensures that technology initiatives are in line with the organization’s overall objectives, enabling businesses to stay ahead of the competition. We at digital leadership understand the critical role that technology plays, our Technology Strategy service is essential in helping businesses achieve the aforementioned benefits and ensure the success of their technology strategy. It helps businesses address cybersecurity risks and establish robust risk management practices.

In any case, the technology strategy should take into account both the current needs of the company and the business objectives set out in the business strategy. Ideally, the technology strategy, as part of the IT strategy, should be developed together with the business strategy, as we will see in the next chapter.

Exploring the Importance of Technology Strategies in Business

(1) alignment with overall business strategy & business objectives.

Traditionally, IT, which was also solely responsible for the selection of a new technology, was a service function that had to fulfil the requirements set by the business. This relationship has changed fundamentally in recent years. Today, new technologies are both shaping customer behaviour and enabling innovative business models. This requires close cooperation between business and IT.

To ensure such close cooperation, IT should be appropriately represented in strategic management. It is often not enough to leave the task of technological development to the CIO. The CIO is more than busy with operational tasks. Such a role can, for example, fall to a Chief Technology Officer (CTO), who should then, however, be represented on the Executive Board.

The inclusion of a CTO in strategic planning strengthens the exchange of knowledge between IT and business. This also means that the strategic management actively engages with new technologies. This is a challenge for many executive board members, but one that more than pays off in the medium to long term.

If this integrative idea is to be implemented consistently, the technology know-how should also be represented on the strategy-setting board of directors. And I believe that this will increasingly be the case in the future – successful digital companies exemplify this. However, most traditional companies have still a long way to go in this respect.

Furthermore, as already mentioned, the IT strategy, and thus the technology strategy, should be developed in close cooperation between IT and business. This requires an interactive process in which the business defines its initial business strategies . IT proposes a technology for their implementation, and the business adapts its goals based on the potential of the technology. I go into more detail about this interaction in a separate article ( https://digitalleadership.com/blog/it-strategy/ ).

(2) Gaining a Competitive Advantage

New technologies offer companies an opportunity to differentiate themselves from their competitors. In the short term, existing offerings can be brought up to date and, in particular, customer interaction can be brought into line with the most recent standards.

In the medium to long term, however, a well-thought-out technology strategy will realize its full potential. It will allow the company to react quickly and effectively to new demands, to recognize new customer requirements and implement them efficiently, and also create the basis for entirely new, innovative business models.

Most notably, the company will have built up a lot of valuable know-how, as well as the appropriate internal structures to secure a place at the forefront of its industry for a long time to come. I always say to my clients that it is less important for a company to identify and implement the future, new, lucrative business model . Those are difficult to recognize in the initial phase anyway. It is more important to be ready when they become apparent!

(3) Boosting Operational Efficiency

Just as many new technologies introduce a paradigm shift in terms of the design of new offerings or customer interaction, this is often also the case in terms of their operational characteristics.

Whether it is the use of external solutions – for example, in the use of cloud services – or closer cooperation with technology providers – for example, in the development of services based on a new technology platform, new technologies often require adjustments to operational structures.

This initially requires additional effort, but offers a lot of potentials to make future organizations and processes more efficient, and thus to reduce operating costs – so it is worthwhile to prepare a detailed full cost calculation for new technologies over the various integration and runtime phases.

In doing so, it should not be forgotten that future requirements can be implemented faster, more efficiently and at lower cost on the new basis!

In addition, new technological approaches usually provide an opportunity to introduce comprehensive, quantitative monitoring frameworks. This provides additional tools to continuously improve operational efficiency.

(4) Improving Customer Experience

But apart from all the financial, operational and organizational benefits that new technologies can bring, the key one, in my opinion, is that it enables the company to better meet the ever-changing needs of its customers!

Customers are used to a world where the companies they interact with most – which will currently be social media – know them intimately, are constantly improving their services, and are developing ever more personalized offerings. They then carry these expectations into your business.

Even though many companies still have a lot to learn before they become truly customer-centric, a first step is to listen more to these customers and accept them as equal business partners. And of course they are, because they are the ones who finance your business and ultimately pay your wages. All the same, they then reward a good relationship with loyalty and the willingness to extend the business relationship.

(5) Driving Innovation and Creativity

Developing innovative business models and services requires different structures and approaches than improving and expanding existing ones. A good basis to understand this is, for example, the 3 Horizons Model, which describes the fundamentally different requirements between digitization (improvements to existing structures), digital transformation (redesign of existing structures) and innovation (development of new business models ).

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New technology can have an impact on all three change horizons, but this impact is strongest on horizon 3, innovation. This is because the development of new innovative business models should be largely independent of the company’s core organization and infrastructure in order to allow the necessary creativity, flexibility, risk-taking, and entrepreneurial spirit. These characteristics make it possible to explore the possibilities of new technology to the greatest possible extent.

Likewise, these characteristics allow a technology to be explored without imposing additional risks on the core business. In this way, valuable know-how is built up that can later be transferred to the entire company.

(6) Developing a Long-term Vision

As already mentioned, a new technology only develops its full potential over time. In order for it to optimally support and help shape the strategic vision of the company, this potential must be explored and understood as well as possible. In doing so, one should ask oneself fundamental questions such as – the list is of course not exhaustive:

• What role should customers play in the future? How strongly – and how – do you want to allow them to help shape the development of your services?
• To what extent should the company open up for cooperation with third parties?
• In which areas does the company want to distinguish itself from the competition?
• Which know-how has the potential to give the company a competitive advantage in the future?
• What are the principles that should form the basis for the further development of the company (these can be security principles, sustainability, modularity, API approaches, etc.)?
• What are the strengths of our employees and where do they want to develop?

In addition, there are of course business criteria, as well as operational ones, both short-term and medium- to long-term. While the short- and medium-term form the core of the IT strategy and thus the technology strategy, the long-term vision allows us to look even further into the future and to lay the groundwork now for future developments.

The long-term vision, whether strategic or technological, prescribes not so much the immediate development of the company, but much more the direction in which the company should develop, as a beacon into the future.

Key Components of a Technology Strategy Document

Vision and Goals:  The technology strategy should align with the organization’s overall vision, mission, and business strategy . It should outline how technology can support and enable the achievement of these objectives.

Business Alignment:  The strategy should emphasize the alignment of technology initiatives with the organization’s core business functions and processes. It should identify areas where technology can drive efficiencies, create competitive advantage, or enable innovation.

Risk Assessment:  A technology strategy should assess and address potential risks associated with technology adoption, such as cybersecurity threats, data privacy concerns, and regulatory compliance. It should outline measures to mitigate these risks and ensure the security and integrity of technology systems.

Technology Roadmap :  The technology strategy should include a roadmap that outlines the planned technology initiatives over a defined timeframe. This roadmap can include the introduction of new technologies, upgrades or replacements of existing systems, and integration of technology solutions across different business units.

Resource Planning:  An effective technology strategy should consider the necessary resources, including financial investments, skilled personnel, and infrastructure required to implement and support the technology initiatives outlined in the roadmap. It should identify any resource gaps and provide plans for acquiring or developing the necessary resources. This is especially important in case of technological knowledge rarely found.

Innovation and Research:  The technology strategy should promote a culture of innovation and continuous improvement. It should encourage research and development efforts to explore emerging technologies, evaluate their potential impact on the organization, and identify opportunities for competitive advantage.

Collaboration and Partnerships:  Technology strategies often emphasize collaboration and partnerships with external entities, such as technology vendors, research institutions, and industry associations. These collaborations can provide access to expertise, shared resources, and opportunities for joint innovation.

Governance and Management:  The technology strategy, though this is often covered in the IT strategy, should define the governance structure and processes for the decision-making, implementation, and monitoring of technology initiatives. It should include mechanisms for project prioritization, performance measurement, and regular review and adjustment of the strategy based on changing business needs and technological advancements.

Change Management:  A technology strategy should address the people and cultural aspects associated with technology adoption and change. It should include plans for communication, training, and change management activities to ensure smooth transitions and user acceptance of new technologies.

Measurement and Evaluation:  The strategy should establish key performance indicators (KPIs) and metrics to assess the effectiveness and impact of technology initiatives. Regular evaluation of these metrics helps track progress, identify areas for improvement, and make informed decisions for future technology investments.

Developing a Successful Technology Strategy

Step (1): defining a technology roadmap.

The first step in developing a technology roadmap is to identify technologies that have the potential to support the implementation of the company’s vision and strategic goals, but also to meet its current requirements. Often the search is initiated by a specific need in the company – for example, when customers ask for a new class of products, when competitors offer a more customer-friendly service, or when the regulator reprimands patchy controls.

More general requirements, such as reducing costs in the medium term or strengthening data security in the company, can also provide the incentive to achieve this through the use of new technologies. And if a company wants to strengthen its position in the market by developing new, innovative business models, this would be doomed to failure today without taking new technologies into account.

So, as with any transformation, the current needs should be identified first, then the desired medium-term development of the company should be considered, and finally the long-term vision. Of course, as the time horizon grows, the requirements become less concrete.

In the process, each new technology must be analyzed according to certain criteria for its suitability for use. Such a technology audit will have a different focus for each company, but should ask the most important questions:

• Does it fulfill the principles defined in the company (e.g. security, technical structure, transparency, performance) ?
• Is it mature enough for the intended purposes?
• How flexible is it to meet evolving requirements ?
• What would its application mean for the dependency on third parties?
• Does it fit into the intended operational structures ?
• What are its costs – for set-up and operation ?
• Are the legal and regulatory issues sufficiently clarified ?
• Can it be integrated into the current infrastructure ?
• What would such integration mean in terms of available resources ? To what extent are these available on the market ?

In doing so, technologies already in use should not be written off too quickly. These have proven themselves (in part), the know-how is available and every transformation is associated with costs and risks. A renewal should therefore always be approached cautiously.

Once new technologies have been identified that meet the criteria and have the potential to support the growth of the company, their introduction must be prioritised. The effort required for implementation, the dependencies within the infrastructure, the complexity and risks, the resources required, but also the impact on business development must be taken into account.

Here, of course, it is recommended to prioritise technologies on which further developments are based. This is not always easy, as they often provide an important basis but no direct business benefit. Through close cooperation between business and IT, such prioritisation processes can be designed in such a way that tensions are minimised.

Just as the whole selection process should be as transparent and collaborative as possible, the technological goals and objectives should be openly communicated and discussed. New technologies have a big impact not only on infrastructure. Large parts, if not the whole organisation and staff can be affected. Of course, this raises uncertainties and fears that can only be reduced through openness and involvement as early as possible already in the selection process.

Step (2): Designing Technology Solutions

Once the selection of technologies has been completed – whereby decisions can also be returned to as insight grows – the more concrete step is taken, where solutions based on the technologies are looked at. In doing so, it should also be considered in each case whether such should be procured from third-party providers or developed in-house.

We will not go into detail here on the in-depth analysis for solution selection, as this also differs from company to company and can be very time-consuming.

It should only be mentioned that besides objective criteria such as functional coverage, the flexibility of the solution, security, operational fit, implementation, and running costs, or even counterparty risk, subjective criteria such as cultural fit (you have to be prepared to work closely with the provider) or the corporate vision of the third party provider (you will be tied to their future development to a certain extent) are also important.

After the selection of the solutions, or the decision to develop such solutions in the company itself, the integration process starts. A well-planned selection process can even prepare this, for example by requiring the providers to integrate some important components for testing purposes during a Proof of Concept (PoC) phase.

The integration process will rarely be planned on its own. The company will have many other initiatives that need to be combined into a robust integration plan. This is also a larger topic for which there are efficient quantitative approaches. In any case, especially with new technologies, a phased implementation is recommended to gain experience, minimize risks and build the necessary organization. Close collaboration with the users and customers affected is also advisable and will ensure that the right goals are achieved at each further stage of development.

The first deployment of solutions based on new technologies will typically be in areas where higher risks can be absorbed. Especially with technologies that have not yet proven themselves in the market, there is little experience to fall back on, so surprises are to be expected. With good planning, however, this should be largely under control, and in an agile organization, also quickly remedied.

Step (3): Tracking Progress and Measuring Success

Note that a technology strategy is not a static document. With the emergence of new and the further development of existing technologies, the development of new solutions based on them, with the growing market experience and also the growing experience within the company itself, and of course with changes to the business strategy, the technology strategy must be adapted continuously.

However, these adjustments should only be made carefully and cautiously, as they can quickly lead to major efforts and also trigger uncertainty among those affected. Therefore, every adjustment should be accompanied by a well-defined approval process in which all affected parties are involved and the implications of the adjustment are transparent.

It helps to make the success of a new solution measurable through the use of meaningful performance indicators. These should cover business, technical and operational perspectives, as well as user feedback. If set up well, these can also prove to be valuable tools for business steering.

Mitigating Risks in Technology Strategy Formulation

The use of new technologies is naturally associated with risks. The newer a technology is, the less it has proven itself in the market – even in other sectors – and the less is known about the customers’ response to it, the greater the risks. Also, the know-how available in the company and the access to external experts are crucial.

In order to keep these risks under control, the technology strategy should consider risks at different levels, taking into account the specific situation and needs of the company. In doing so, the following categories should be addressed:

• Business-related risks: Risks that are related to business fit, acceptance, costs, and the development of the market environment. This includes, for example, the question of how dependent the company will become on certain future developments with the chosen technology strategy, or how well the current and future needs of customers are known.
• Technology-related risks: These are risks that arise during the integration of new technologies. How does new technology affect the security of the infrastructure? What risks arise from the adaptations to the operational processes? What are the risks of integration?
• Organizational risks: Risks can arise from the need for new organizational forms – for example, if new technologies require close cooperation with external providers and this has not yet been practiced in the company in this form. But also if the necessary know-how is missing in the company, there is the risk of a lack of acceptance or the problem of not being able to build up this know-how sufficiently.
• Legal risks: Is the regulatory landscape clear enough? Is it clear enough in all the countries where you intend to operate? Is it possible to contractually cover all the main aspects to the full satisfaction with the third-party provider of the new technology?

Of course, the more important the area of infrastructure affected by the new technologies, the more relevant an in-depth risk analysis becomes. This is another reason why it is advisable to introduce new technologies gradually and, if one wants to build up new, innovative business models, to do so as independently of the core business as possible.

New technologies always carry risks, but just as well great potential to secure a company a place at the forefront of the competition. Nowadays, companies cannot escape technological development. It is not so much about recognizing and building the new, big business model today, but being ready when future needs emerge.

A robust technology strategy, as part of a far-sighted IT strategy, should take into account the short, medium, and long-term business strategies of the company. This can only happen with close collaboration between business and IT, and consideration of technological developments in the strategic planning bodies.

If a company deals with new technologies at an early stage, it builds up knowledge as well as the necessary internal structures, thus reducing risks and being ready first to seize the opportunities for a new, successful future! 

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Forrester Decisions for Technology Executives

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A winning operating model for digital strategy

For many companies , the process of building and executing strategy in the digital age seems to generate more questions than answers. Despite digital’s dramatic effects on global business—the disruptions that have upended industries and the radically increasing speed at which business is done—the latest McKinsey Global Survey on the topic suggests that companies are making little progress in their efforts to digitalize the business model. 1 The online survey was in the field from May 15 to May 25, 2018, and garnered responses from 1,542 C-level executives and senior managers representing the full range of regions, industries, company sizes, and functional specialties. Respondents who participated in this year’s and last year’s surveys report a roughly equal degree of digitalization as they did one year ago, 2 As measured by the shares of the organization’s sales from products, services, or both sold through digital channels; of core products, services, or both that are digital in nature (for instance, virtualized or digitally enhanced); and of core operations that are automated, digitized, or both, as well as the volume in the organization’s supply chain that is digitized or moves through digital interactions with suppliers. The previous survey was in the field from June 20 to July 10, 2017, and garnered responses from 1,619 C-level executives and senior managers representing the full range of regions, industries, company sizes, and functional specialties. Of those who completed the survey in 2017, 345 also completed the 2018 survey.  suggesting that companies are getting stuck in their efforts to digitally transform their business.

Stay current on your favorite topics

The need for an agile digital strategy is clear, yet it eludes many—and there are plenty of pitfalls that we know result in failure . We have looked at how some companies are reinventing themselves in response to digital, not only to avoid failure but also to thrive. In this survey, we explored which specific practices organizations must have in place to shape a winning strategy for digital—in essence, what the operating model looks like for a successful digital strategy of reinvention. Based on the responses, there are four areas of marked difference in how companies with the best economic performance approach digital strategy, 3 We define a top economic performer as one that has, according to respondents, a top-decile rate of organic revenue growth (that is, of 25 percent or more in the past three years), relative to other respondents. We also looked at respondents in the top decile for growth in earnings before interest and taxes (EBIT) and have made note of any practices for which the top-decile revenue and top-decile EBIT results correspond or differ. compared with all others:

• The best performers have increased the agility of their digital-strategy practices, which enables first-mover opportunities.
• They have taken advantage of digital platforms to access broader ecosystems and to innovate new digital products and business models.
• They have used M&A to build new digital capabilities and digital businesses.
• They have invested ahead of their peers in digital talent.

Increase the agility of creating, executing, and adjusting strategy

One of the biggest factors that differentiate the top economic performers from others is how quick and adaptable they are in setting, executing, and adjusting their digital strategies—in other words, the velocity and adaptability of their operating models for digital strategy. Both are necessary for companies to achieve first-mover (or very-fast-follower) status, which we know to be a source of significant economic advantage. 4 Jacques Bughin, Tanguy Catlin, Martin Hirt, and Paul Willmott, “ Why digital strategies fail ,” McKinsey Quarterly , January 2018. So how do they do it? We looked at the frequency with which companies follow 11 operational practices of digital strategy. With the exception of M&A—which typically requires a much longer time frame than the other ten, often due to regulatory reasons—respondents in the top revenue decile say their companies carry out each one more frequently than their peers (Exhibit 1). The link between frequency and performance also holds up when looking at earnings before interest and taxes (EBIT). 5 In our analysis, we looked at the relationship between frequency and economic performance in multiple ways. The results indicate that when these digital strategy practices are carried out more frequently, revenue and earnings before interest and taxes (EBIT) are greater. The inverse also is true: when companies carry out these practices more slowly, their revenue and EBIT performance is worse.

That speed in strategy links with financial outperformance is not surprising and is consistent with our other work on strategy planning . As the pace of digital-related changes continues to accelerate, companies are required to make larger bets and to reallocate capital and people more quickly. These tactical changes to the creation, execution, and continuous modification of digital strategy enables companies to apply a “fail fast” mentality and become better at both spotting emerging opportunities and cutting their losses in obsolescent ones, which enables greater profitability and higher revenue growth .

Invest in ecosystems, digital products, and operating models

The companies that outperform on revenue and EBIT also differ from the rest in their embrace of the economic changes that digital technologies have wrought. Based on the results, they have done so in three specific ways: taking advantage of new digital ecosystems, focusing product-development efforts on brand-new digital offerings, and innovating the business model. We know that digital platforms have enabled the creation of new marketplaces, the sharing of data, and the benefits of network effects at a scale that was impossible just a few years ago. As these factors have converged, the digital ecosystems created by these platforms are blurring industry boundaries and changing the ways that companies evaluate the economics of their business models, their customers’ needs, and who their competitors—and partners—are. 6 Tanguy Catlin, Laura LaBerge, and Shannon Varney, “ Digital strategy: The four fights you have to win ,” McKinsey Quarterly , October 2018.

Would you like to learn more about  Digital McKinsey ?

The top EBIT performers are taking better advantage of these ecosystem-based dynamics than other companies—namely, by using digital platforms much more often to access new partners and customers. Respondents at these companies are 39 percent more likely than others are to say they do so. And while the share of global sales that move through these ecosystems is still less than 10 percent, other McKinsey research predicts that this share will grow to nearly 30 percent by 2025, making platforms an ever more critical element of digital strategy.

The needs of customers become broader and more integrated in an ecosystem-based world, and the companies that are already active in their respective ecosystems are better positioned to understand these needs and meet them (either on their own or with partners) before their peers do. It makes sense, then, that the top performers seem to be developing much more innovative offerings than their peers. On average, companies’ digital innovations most often involve adjustments to existing products. Yet respondents at the top-performing companies say they focus on creating brand-new digital offerings (Exhibit 2). What’s more, these respondents are about 60 percent more likely than others are to agree that they are more advanced than peers in adopting digital technologies to help them do so. This result is consistent with our previous findings that first movers and early adopters of digital technologies and innovations also outperform their peers.

Last, innovation of the business model is more common at the top-performing companies. In our past survey, only 8 percent of respondents said their companies’ current business models would remain economically viable without making any further digital-based changes. In the newest survey, we see that the companies that have embraced digital are well ahead of their peers in their preparation for digital’s new economic realities. At the top performers, respondents say they have invested more of their digital capital in new digital businesses, compared with all other respondents (Exhibit 3). Our research also shows that companies overall invested a greater share in new digital businesses as the overall digital maturity of their sectors increased. The more successful companies appear to be the ones that made these moves earlier than their peers, rather than being forced into making such investments late in the game.

Use M&A to build digital capabilities and businesses

According to the results, M&A is another differentiator between the top-performing companies and everyone else. Not only are they spending more than others on M&A, but they are also investing in different types of M&A activities (Exhibit 4). At the winners, respondents report spending more than twice as much on M&A, as a share of annual revenue, as their counterparts elsewhere. 7 Includes only respondents working at privately owned companies, n = 767. Respondents working at publicly owned companies (n = 318) were asked how much their organizations invested in M&A as a percentage of market capitalization over the past three years. The same is true of respondents reporting top-decile EBIT growth, relative to respondents at other organizations.

Given the pace of digital-related changes and the challenges companies face to match that speed through organic growth alone, this isn’t so surprising. What is surprising, however, is that top economic performers take a different approach to their M&A activities. While top performers and their peers have used some part of their overall digital investments to acquire new digital businesses in recent years, the top performers are investing more in acquiring both new digital businesses and new capabilities. By contrast, other respondents say their companies focus most of their M&A spending on nondigital ventures—an area where lower-performing companies seem to be doubling down.

Invest ahead of peers in digital talent

From earlier work , we know that getting the right digital talent is a key enabler for digital success—a point that our latest findings only reinforce. Talent is also a major pain point: qualified digital talent is a scarce commodity , as the pace of digital still outstrips the supply of people who can deliver it. But the top economic performers are making a greater effort to solve this problem. Compared with others, these respondents say their companies are dedicating much more of their workforce to digital initiatives (Exhibit 5). It’s not just the degree of investment that distinguishes top performers, though. They are also much nimbler in their use of digital talent, reallocating these employees across the organization nearly twice as frequently as their peers do. This agility enables more rapid movement of resources to the highest-value digital efforts—or to clearing out a backlog of digital work—and a better alignment between resources and strategies.

Looking ahead

• Make your strategy process more dynamic. By definition, a digital strategy must adapt to the digital-driven changes happening outside the company, as well as within it. Given the breakneck pace of these changes, such a strategy must keep up with the pace of digital and enable first-mover opportunities by being revisited, iterated upon, and adjusted much more frequently than strategies have been in the past. Companies need their digital strategies to act as a road map for ongoing transformation—a living organism that evolves along with the business landscape. In other work, we laid out the four main fights that companies must win to build truly dynamic digital strategies. Organizations must educate their business leaders on digital and foster an attacker’s perspective, so people are more likely to look at their business, industry, and the role of digital through the eyes of new competitors. They must galvanize senior executives to action by building top-team-effectiveness programs. Organizations also must leverage data-driven insights to test and learn—and correct course—quickly. And they must fight the diffusion of their efforts and resources—a constant challenge, given the simultaneous need to digitalize their core business and innovate with new business models. These steps will put companies in a better position to move first in delivering new products and meeting customers’ and partners’ evolving needs in the new ecosystems that platforms are creating.
• Invest in talent and capabilities early and aggressively. Talent is already known as one of the hardest issues to solve as companies transform themselves in their pursuit of digitalization. The results confirm that companies need to embrace this reality and then look at how they can solve it best, whether through smarter, more dynamic allocation of these resources or the use of M&A to accelerate the building of new digital capabilities. Digital is driving an ever-faster pace of innovation, and companies can take advantage of the potential benefits only if they have the capabilities to harness it. For the survey’s top performers, one way forward is leveraging M&A to help build their digital capabilities, rather than trying to build them through a slower, organic approach. These companies are also getting the most from their digital capabilities and investments by deploying them in much more agile ways and creating a more flexible, responsive operating model.
• Redefine how you measure success. The digital era requires that companies move nimbly in order to succeed. Yet many are still measuring performance with the same metrics they used previously—which were designed for a slower pace of business and a rigid strategy-setting process. Companies must move away from old metrics (market share, for example) that are no longer meaningful indicators of economic success. With markets becoming ill-defined due to shifts in industry boundaries and shrinking economic pies within a given sector, market share is no longer a gold-standard metric or even relevant. Companies need to hold themselves to new standards that will indicate whether or not they are truly leading the pack on innovation, productivity, and the adoption of digital technologies. In our experience, outcomes such as being first to market with innovations, leading on productivity, and working with other businesses in the ecosystem (that is, moving from an “us versus them” mind-set on digital to one of partnership) are better indicators of future digital success.

The survey content and analysis were developed by Jacques Bughin , a director of the McKinsey Global Institute and senior partner in McKinsey’s Brussels office; Tanguy Catlin , a senior partner in the Boston office; and Laura LaBerge , a senior expert in the Stamford office.

They wish to thank Soyoko Umeno for her contributions to this work.

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Inside this Guide

Introduction, foundations of technology planning, what is a strategic technology plan.

• Considerations from each member of the C-suite
• Creating your plan
• Developing your budget
• Establishing budget size and scope
• Planning for changes

Remaining considerations

Key contributors.

The CEO’s Definitive Guide to Strategic Technology Planning

It’s an inescapable fact of today’s business environment: Growth and efficiency depend on how effectively your organization leverages data and technology.

For centuries, management of cash and physical assets have been central to building a growing, sustainable, successful business. Today, our technology systems that underpin the lifecycle of data are just as critical an asset as the cash and physical components.

Key Takeaways

• Learn how to look at technology through a strategic executive lens
• Discover frameworks and strategies to develop more accurate budgets and forecasting
• Learn how to avoid pitfalls of hardware vs systems thinking
• See how to make your plan more effective and actionable
• Uncover the building blocks of a strong technology assessment
• Learn how to manage changing circumstances in the marketplace

Technology: The bedrock of modern business

Data and technology provide the lifeblood of every aspect of a modern business, including driving internal process improvements, maximizing marketing impacts, building sustainable customer relationships , accelerating sales and providing effective customer support.

There is now a clear imperative for all CEOs and boards to have a strategic understanding of the technology strategies, choices and investments their organizations need to make. Vistage International found that 40 percent of small- and medium-business CEOs surveyed plan to increase their technology investments for 2021. We’ve found a similar result among the clients and markets we serve.

The CEO’s challenge is to develop an appropriate strategic perspective on the choices to be made, so effective guidance and decisions can determine budgeting, investment priorities and talent strategies across the organization.

All modern organizations require a strategic investment plan for technology. This plan should be sponsored and championed by the CEO and executive leadership, and ultimately reviewed and approved by the board where appropriate.

But that is often easier said than done.

In this guide, you’ll discover the process of creating a strategic technology plan that aligns with your business’s key growth and performance objectives.

In the simplest terms, a technology plan addresses the data and underlying technical capabilities needed to enable the organization to achieve its strategic objectives. It can be boiled down to:

• A vision about how data and technology will enable strategic outcomes.
• A roadmap and platform architecture that defines the blueprint for forward-looking capabilities.
• A short-term action plan that moves implementation forward while delivering near-term value to the organization.
• A plan to streamline and automate the organization’s processes in alignment with technology investment priorities.
• A  resources plan that aligns structures, skills and functional capabilities with the roadmap and planned technology investments.
• Operating and capital budgets and multi-year projections that follow a “run, grow or transform” investment model.

An effective technology plan, then, does not simply encompass future needs based on your current operating framework. It must accommodate the evolution of the operating model and be driven by a handful of future scenarios.

A real-life example of technology planning in action

Consider the case of one of our past clients, a publisher who sold a series of highly valuable annual reference books with lots of tabular data.

A thorough review with the customers of the books found most only bought them every two to three years and used them mainly for reference. After converting to a web-based annual subscription model, combined with an Excel plug-in, the publisher more than tripled its revenue.

Considerations from the C-suite

The six elements above are required for any effective strategic technology plan. But success in these areas will depend on embracing some core principles.

One is to place an “outside-in” customer perspective at the core of the design of all digital products and services. Another is to ensure the strategic technology plan is closely aligned with the business’s strategic operating plan and is owned by the entire executive leadership team.

Most important, however, is effective communication.

The plan must be written in plain language and be understandable by the entire organization, including the board. Technical details should be placed in the appendix

Steps to creating an effective technology plan

Based on our work in technology strategy over the last several years, it’s safe to say you’ll require a master technology plan and then several smaller functional-specific plans for key strategic investments or operating transformations.

Here are three key steps to creating an effective plan:

1. Analyze your current technology state

Ensure you have the proper experience and expertise to conduct the technology assessment , either with in-house skills and expertise or by enlisting an external consulting firm . External partners should be able to demonstrate the depth of expertise in real-world technology operations valid for assessing your needs.

Interview key technology and business stakeholders to understand the current state of their technology landscape, capabilities and operational alignment with strategic objectives and – most importantly – perceived gaps and deficiencies in current capabilities.

Particular focus should be placed on the following functional domains:

• Data architecture and data life-cycle management practice
• Development and software engineering capabilities
• Application and technology solution delivery processes
• Technology operations playbooks and processes
• Compliance processes
• Licensing portfolio costs and management processes
• Contracted third-party services portfolio processes and costs

2. Develop your technology roadmap

Identify any functional gaps between your defined forward-looking business strategy and your current enabling technology landscape.

Quantify the costs and investments associated with addressing prioritized investments. Analysis should include engineering costs, third-party consulting, software licensing or cloud-based operating expenses, new staffing required to fill skills gaps, etc.

Define priorities and sequencing based on alignment to high-impact strategic requirements and the level of investment and associated risk.

Make sure your plan adopts the following principles:

• Forward-looking viability
• True ability to scale

3. Manage the technology implementation

Establish a small, dedicated team to manage the implementation. This also can be handled internally, but key staff should still be closely involved if the job is outsourced to a consulting firm .

The team will define implementation options and create a phased schedule that addresses dependencies and linkages between each investment stream.

Adopt an agile approach to carrying out the project, with success measured in short, manageable sprints and frequent value delivery of value.

Developing your technology budget for growth

Once you have your plan, it is time to establish budgets. While it’s often contemplated in terms of which one comes first, it is difficult to budget without knowing what type of growth and change you want your technology to drive.

Working with so many organizations and technology budgets, we’ve seen a lot of dos and don’ts when it comes to budgeting.

Too often, budgets and reviews are focused simply on line-items such as hardware, software, security, networking, data center and staffing costs. But these don’t tell the whole story of the business, nor do they speak to the rationale for how technology investments are supporting the business today or paving the way for future growth.

Technology budget size and scope

Understanding your industry benchmarks is a good way to begin determining the size and scope of your technology plan. Start by defining your industry as narrowly as possible. Map the industry leaders, followers, mainstream and laggards and map your own place on this continuum today and in the future.

Then, you’ll want to define and benchmark each of your technology spending platforms and categories such as end-user computing, security, networking, e-commerce and customer relationship management (CRM) . You can obtain benchmark data from such sources as Gartner, Forrester and IDC, among others.

Don’t stop at benchmarking.

Once you have the data, analyze where in the range your technology budgets fall, and where the opportunity may be to make allocations both more efficient and effective for growth.

A final reminder when looking at your budget is the importance of teamwork.

As a CEO, your job is to bring together the plans between operations, finance, product, technology and service departments. A reserve, a capital spending plan or some other flexible approach to reallocate budgets based on changing priorities may be necessary to create future products. This may also be necessary to seize new market opportunities and improve the customer experience in a changing competitive landscape.

Planning for changes and “what if” scenarios

While change is the only constant in our world today, it’s a component we must consider as we plan and manage technology.

Many companies establish three- to five-year cycles for their in-depth business strategy review, with annual review and update cycles. The technology plan cycle should match this business strategy cycle.

The majority of growth-minded, mid-market organizations revisit their technology plans on an annual basis and monitor spending throughout the course of the year, whether monthly or quarterly.

Major accomplishments or events can lead to the update of the plan.

For example, if a new CRM platform has been implemented, or a cloud policy has been established, these events should trigger a review of the plan to ensure any consequences are accurately reflected in the plan.

Obviously, there is no one single approach to developing and implementing a strategic technology plan. But we hope the guidance above sparks some thinking about how to tackle the problem in manageable pieces.

Developing a plan in a way that makes all stakeholders feel included is key.

Keeping the customers’ needs in mind, as well as the business’s imperatives, is also a core part of our message. And, when budgeting, deciding which functions you want to run, grow and transform will help you allocate your spending in a way that keeps current business operations intact while finding new revenue and staying current with customers fast-changing technology demands.

• CIO strategy
• 8 free IT strategic planning templates and examples for CIOs

As technology becomes a business differentiator, a well-thought-out IT strategy plan is more crucial than ever. These IT strategy templates help CIOs make IT a business driver.

• Linda Tucci, Industry Editor -- CIO/IT Strategy

An effective IT strategy plan clearly defines an IT organization's mission and requirements, and it translates that mission into long- and short-range actionable goals. An effective IT strategic plan also reflects and drives the enterprise's business strategy and goals. Sounds straightforward enough, right? But as technology has become a business differentiator , IT strategic planning is both more crucial and more challenging than ever before. The IT function no longer exists to simply support business goals; IT must help drive the business.

These free IT strategic planning templates and examples of IT strategic plans will help CIOs develop strategies that become powerful tools for the business.

What goes into IT strategic planning: Free templates and in-depth guides

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Gartner is of the mind that IT strategic plans are WORN, i.e., written once, read never. To address the sit-on-the-shelf fate of such documents, Gartner analyst Heather Colella offers " Your one-page IT strategy template and guide ." A central tenet of this plan -- besides being on one page -- is that CIOs will help their companies perform better by using storytelling to show how IT strategies drive business success. "Storytelling helps CIOs and IT leaders to engage business leaders in a strategy business conversation by visualizing the business model in a way that can be easily shared for collaboration across the enterprise," Colella explained.

Gartner recommends following four steps in preparation for your one-page plan:

• Step 1. Know how you succeed.
• Step 2. Understand your differentiators.
• Step 3. Develop a rich story from a specific viewpoint.
• Step 4. Draw a picture to commit your strategy to paper.

The details on translating your strategy story into a strategic plan are spelled out in this downloadable PDF. The one-page document includes the three foundational elements of any strategic plan: business objectives, business capabilities and key performance indicators.

This article is part of

The evolving CIO role: From IT operator to business strategist

• Which also includes:
• 10 factors reshaping the role of the CIO in 2024
• Top 7 CIO challenges in 2024 and how to handle them

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SOURCE #2: Info-Tech Research Group OFFERING: SME IT Strategic Plan Template

This free IT strategic plan template spells out simple yet effective procedures for aligning IT strategy with your company's strategic objectives and initiatives. It is designed for small and midsized enterprises. (Registration is required and can take a few minutes to gain access.)

The template includes the following sections:

• purpose of plan;
• corporate strategy;
• business initiatives to support corporate strategy;
• IT strategy;
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• IT strategic plan -- Gantt Chart .

SOURCE #3 : CIO Index OFFERING : IT Strategy Template

This IT strategic planning template lists 21 questions aimed at helping IT executives develop a plan that reflects business pain points and objectives. (Registration required for the downloadable template.)

The 21 questions are grouped in five categories.

• Baseline.  This section is designed to establish a baseline for IT and the business leaders by asking questions such as: "What are your top five business pain points?" "What are your top five business objectives?" "How do you plan to achieve these objectives?" "What will we gain by leveraging IT capability across the business?" Charts and tables help build an accurate picture of the current state of IT and the business.
• Business Analysis.  This category deals with your company's customers, products and competition. Questions include: "Who is your customer?" "What is [your] current business model?" "What is each products' profitability, market and channel?" This section includes a SWOT chart to analyze the company's strengths, weaknesses, opportunities and threats.
• IT Strategy Analysis.  This section of the IT strategy template digs into factors that thwart business success. Questions include: "What is in the way of achieving business imperatives?" (The template offers examples of several possible complications that hinder success.) "Can IT help achieve your business imperatives?" "What will we gain by leveraging IT capability (selling, manufacturing, buying or servicing) across the business?"
• Environment Trend Analysis.  The two questions in this category ask you to think about the five top business trends and the five top technology trends, then assess which of the five in each area will affect your business and how.
• Current IT Capability Analysis.  This section asks you to analyze how much you spend on IT, where you spend it and why. Questions include: "What is your technology ROI ?" "Does your business plan include a technology plan?"

SOURCE #4: Business 2 Community OFFERING: Strategic Plan Template

Clive Keyte, managing director of strategy at mapping consultancy Intrafocus, shared his expertise on developing strategic plans . "The mistake that is often made in strategic planning is to jump straight to initiatives or projects without considering business impact carefully," Keyte said. He offers the following five things to do to embed strategy into your culture:

• Include subject matter experts in strategy formulation.
• Solicit strategy ideas from staff through social media.
• Communicate your strategy through a simple diagram.
• Include your strategic measures in monthly reports.
• Publish your strategic wins frequently.

His editable strategic plan template, replete with planning charts and examples, includes sections for vision, mission, core values, strategic themes, a strategy map, business objectives, strategic initiatives and a financial summary.

SOURCE #5: Apptio OFFERING: 10 Essential KPIs for the IT Strategic Planning Process

Apptio's guide to developing an effective IT strategic plan lays out the 10 key performance indicators ( KPIs ) deemed essential for delivering business value. "IT strategic plans need KPIs that show financial fundamentals, delivery, innovation, and agility to support the business strategy. These aren't operational measures of "feeds and speeds" -- they are proof points that IT is delivering business value." (Registration required to access the full guide.)

Apptio's list of "10 essential KPIs for the IT strategic plan"

• IT spend vs. plan (Opex and Capex variance)
• Application and service total cost
• Percent of IT spend on cloud
• Product lead time
• Business value delivered by portfolio per quarter
• Percent of IT investment on run, grow and transform-the-business
• Percent of project spend on customer-centric initiatives
• IT spend by business unit
• Customer satisfaction scores for business-facing services
• Percent of IT investment by business initiative

Three IT strategic plan examples

IT strategic plans for higher education institutions and government agencies are readily found on the web. Here are three examples.

SOURCE #6 : Harvard University EXAMPLE: IT strategic plan

This IT strategic planning document takes pains to align IT initiatives with the broader business and academic priorities of the institution.

Harvard University's IT strategic plan updates the university's previous plan and sets forth eight new initiatives established by Harvard's CIO Council. To ensure that the IT initiatives reflected university-wide priorities, the report states that a working group interviewed sources across Harvard, including deans and vice provosts. "The collective input became the foundation on which we built the plan," the report asserts.

The current plan also includes an IT mission statement and lists the IT organization's ongoing priorities: information security; enterprise architecture ; shared service model; research computing and research data compliance; IT workforce development; IT procurement and vendor management; change management ; and sustainability and green IT. The new IT strategic plan document also includes an IT vision statement. (It is downloadable as a PDF.)

SOURCE #7: University of South Florida System EXAMPLE: Information Technology Strategic Plan 2019 - 2023

The University of South Florida (USF) Information Technology Plan includes an executive summary, mission statement, vision statement, list of current services, guiding principles and strategic goals. The executive summary notes that the Office of Campus Computing typically has a much faster planning cycle than other disciplines due to rapid technological changes. It also states that the system's information technology requests "continue to grow at unprecedented rates, and place significant stress on existing Campus Computing infrastructure." The plan lays out estimated costs per year to meet Campus Computing's strategic goals. (It is downloadable as a PDF .)

SOURCE #8: Department of Homeland Security EXAMPLE: DHS Information Technology Strategic Plan 2019-2023

As the introduction notes, the IT department of the Department of Homeland Security plays a powerful role in supporting the agency's mission to keep the country safe and secure. The eight-page plan includes a mission statement, vision statement and seven guiding principles. The plan is built around four goals: culture, connectivity, cybersecurity and customers. Each goal is broken down into a list of objectives and their focus areas.

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Technology Business Plan Template

Written by Dave Lavinsky

Technology Business Plan

You’ve come to the right place to create your own Technology business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Technology businesses.

Technology Business Plan Example & Template

Below is a Technology business plan template and sample to help you create each section of your own business plan.

Executive Summary

Business overview.

Kearney Tech Inc., located in Houston, Texas is a tech startup that focuses on developing and commercializing new artificial intelligence (AI) technology applications designed for small-to-medium sized businesses. The company has created proprietary technology that helps businesses improve their profitability by using AI to increase customer engagement. We offer multiple products, including AI hardware, marketing AI software, and CRM AI software. Many of our most basic services are free, but the rest can be accessed by paying a subscription fee. By providing flexible and affordable subscription options for our clients, Kearney Tech Inc. aims to be the next big technology company in the AI space for small and medium-sized businesses.

Kearney Tech Inc. was founded and is led by Abigail Kearney. Abigail has been a senior software engineer for nearly 10 years and has extensive experience in artificial intelligence and machine learning. In addition to her experience, she has a bachelor’s degree in computer science and an MBA. Her education and experience are sure to lead Kearney Tech Inc. to success.

Product Offering

Kearney Tech Inc. will showcase a variety of different applications for its AI technology that companies can utilize to increase their customer engagement from day one. Businesses can choose the platform package that works for them, based on a freemium subscription pricing structure.

The following are the services that Kearney Tech Inc. will provide:

• AI Hardware
• Marketing AI Software
• Customer Relationship Management AI Software
• Customer Support AI Software
• Technology Training: Training sessions on how to use our AI solutions and integrate them into their businesses

Customer Focus

Kearney Tech Inc. will serve small to medium-sized businesses within a 30-mile radius of Houston, Texas. Many of the businesses in our target demographic are startups looking to expand their reach and thus would benefit from technology that can increase their customer base.

Management Team

Kearney Tech Inc. will also employ an experienced assistant to work as a business analyst and help with various administrative duties around the office. She will also hire several developers, salesmen, and other administrative staff to assist her.

Success Factors

Kearney Tech Inc. will be able to achieve success by offering the following competitive advantages:

• Management: Abigail Kearney has been extremely successful working in the technology industry and will be able to use her previous experience to provide the best service experience. Her unique qualifications will serve customers in a much more sophisticated manner than Kearney Tech Inc.’s competitors.
• Relationships: Abigail Kearney knows many of the local leaders, business managers, and other influencers within Houston, Texas. With her 10 years of experience and good relationships with business leaders in the area, she will be able to develop an initial client base.
• Proprietary technology : The company has developed proprietary AI technology that will be used to add new data sources, expand on valuable insights, launch advanced features like benchmarking, provide predictive and prescriptive analytics, and ensure self-guided data discovery.
• Client-oriented service: Kearney Tech Inc. will have full-time customer service and sales managers to keep in contact with clients and answer their everyday questions.

Financial Highlights

Kearney Tech Inc. is seeking a total funding of $400,000 of debt capital to open its office. The funding will be dedicated to office design, software development, marketing, and working capital. Specifically, these funds will be used as follows:

• Office design/build: $50,000
• Software development: $150,000
• Three months of overhead expenses (payroll, rent, utilities): $150,000
• Marketing costs: $25,000
• Working capital: $25,000

The following graph below outlines the pro forma financial projections for Kearney Tech Inc.:

Company Overview

Who is kearney tech inc..

Abigail began researching what it would take to create her own technology company and did a thorough analysis of the costs, market, demographics, and competition. Abigail has compiled enough information to develop her business plan in order to approach investors.

Kearney Tech Inc.’s History

Once her market analysis was complete, Abigail Kearney began surveying the local vacant office space and located an ideal location to house the technology company. Abigail Kearney incorporated Kearney Tech Inc. as a Limited Liability Corporation in April 2023.

Since incorporation, the company has achieved the following milestones:

• Located available office space for rent
• Developed the company’s name, logo, and website
• Determined equipment and necessary supplies
• Began recruiting key employees

Kearney Tech Inc. Services

Industry analysis.

As of 2021, the global technology industry was valued at approximately $5.2T. Of all countries worldwide, the United States currently has the largest technology market, with 32% of the market share at $1.7T. The technology industry in the U.S. accounts for a large part of the nation’s economy.

The Information Technology market can be segmented by categories such as software, devices, infrastructure IT and business services, emerging technology, and telecom services. In the United States, IT and business services hold the greatest market share (30%), followed by software (20%) and telecom services (20%).

Market drivers include the economy, employment rates, and the digital transformation of daily life for a growing number of people and businesses worldwide. Corporations and organizations are seeking IT service providers that can help improve their software, cybersecurity, data, and infrastructure. Technology companies that can provide products and services that cater to these issues can be competitive in the constantly evolving market.

Technology is an integral part of society. Developments in AI and machine learning are essential to keep society moving forward and make businesses more efficient. Therefore, businesses will always be in need of AI solutions to bring in more customers and streamline their services and products. According to Market Watch, the Technology industry is set to grow at a CAGR of 25.73% from now until 2027. Very few industries see this growth, which shows how much demand there is for technological solutions. Therefore, we expect Kearney Tech Inc. to see great success in our local market.

Customer Analysis

Demographic profile of target market.

Kearney Tech Inc. will serve the small and medium-sized businesses of Houston, Texas, and the surrounding areas.

Many small businesses in the community are startups or established enterprises looking to expand their reach and thus would benefit from technology that can increase their customer engagement.

Customer Segmentation

Kearney Tech Inc. will primarily target the following customer profiles:

• Small businesses
• Medium-sized businesses

Competitive Analysis

Direct and indirect competitors.

Kearney Tech Inc. will face competition from other companies with similar business profiles. A description of each competitor company is below.  

Tekuserv has been a reliable technology company in Houston, Texas for more than fifteen years. The company is known for its wide range of technology solutions that serve many small-to-medium-sized businesses. With its large number of experts focused on delivering customer satisfaction, the organization maintains its high standard of developing quality products and providing exceptional customer service. Tekuserv provides business software on a freemium subscription basis. It develops enterprise technology solutions with a focus on customer relationship management.  

Prime AI Business Solutions

Prime AI Business Solutions is a technology development company in Houston, Texas. In business for several years, the company has developed highly-rated AI solutions used by many well-known businesses in a variety of industries. Prime AI Business Solutions now offers a range of AI hardware and software products geared toward helping businesses of all sizes increase their customer base. The company has also introduced a “pay-as-you-grow” pricing model that scales to provide users with more support as they scale up.  

AICE Developments

AICE stands for Artificial Intelligence for Customer Engagement. AICE Developments is also a local technology company that manufactures and distributes a variety of technology products. AICE Developments was established in 2009 in Houston, Texas, providing integrated AI applications and platform services. Its products include applications and infrastructure offerings delivered through various IT deployment models, including on-premise deployments, cloud-based deployments, and hybrid deployments. The company serves automotive, financial services, healthcare, hospitality, retail, utilities, construction, etc. It provides AI solutions for enterprise marketing and customer engagement.

Competitive Advantage

Kearney Tech Inc. will be able to offer the following advantages over the competition:

• Proprietary technology: The company has developed proprietary AI technology that will be used to add new data sources, expand on valuable insights, launch advanced features like benchmarking, provide predictive and prescriptive analytics, and ensure self-guided data discovery.

Marketing Plan

Brand & value proposition.

Kearney Tech Inc. will offer a unique value proposition to its clientele:

• Service built on long-term relationships
• Big-firm expertise in a small-firm environment
• Thorough knowledge of the clients and their varying needs
• Proprietary technology developed by skilled software engineers

Promotions Strategy

The promotions strategy for Kearney Tech Inc. is as follows:

Kearney Tech Inc. understands that the best promotion comes from satisfied customers. The company will encourage its clients to refer other businesses by providing economic or financial incentives for every new client produced. This strategy will increase in effectiveness after the business has already been established.

Social Media

Kearney Tech Inc. will invest heavily in a social media advertising campaign. The brand manager will create the company’s social media accounts and invest in ads on all social media platforms. It will use targeted marketing to appeal to the target demographics.

Website/SEO

Kearney Tech Inc. will invest heavily in developing a professional website that displays all of the features and benefits of the technology company. It will also invest heavily in SEO so that the brand’s website will appear at the top of search engine results.

Direct Mail

Kearney Tech Inc. will blanket businesses with direct mail pieces. These pieces will provide general information on Kearney Tech Inc., offer discounts, and/or provide other incentives for companies to use the AI platform.

Kearney Tech Inc.’s pricing will be on par with competitors so clients feel they receive great value when purchasing the technology.

Operations Plan

The following will be the operations plan for Kearney Tech Inc.:

Operation Functions:

• Abigail Kearney will be the Owner and CEO of the company. She will oversee all the operations and executive functions of the company. In the beginning, she will also provide customer support and market/sell AI products to potential clients.
• Abigail will employ an experienced assistant to work as a business analyst and help with various administrative duties around the office.
• Abigail will also hire several developers to maintain and develop AI products and services.
• Abigail will also hire a solid sales team to sell our products to potential clients. As the company grows, she will also hire a team that is solely dedicated to customer service.

Milestones:

Kearney Tech Inc. will have the following milestones completed in the next six months.

5/2023 – Finalize lease agreement

6/2023 – Design and build out Kearney Tech Inc.

7/2023 – Hire and train initial staff

8/2023 – Kickoff of promotional campaign

9/2023 – Launch Kearney Tech Inc.

10/2023 – Reach break-even

Financial Plan

Key revenue & costs.

Kearney Tech Inc.’s revenues will come primarily from its technology solution subscription sales. The company will use a freemium subscription model, in which basic functions can be used by any company for free. Additional solutions and support will be available in a tiered package model based on the enterprises’ size and the number of users.

The office lease, equipment, supplies, and labor expenses will be the key cost drivers of Kearney Tech Inc. Ongoing marketing expenditures are also notable cost drivers for Kearney Tech Inc.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and pay off the startup business loan.

• Average number of clients per month
• Annual rent: $20,000

Financial Projections

Income statement.

Balance Sheet

Cash Flow Statement

Technology Business Plan FAQs

What is a technology business plan.

A technology business plan is a plan to start and/or grow your technology business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections. You can easily complete your Technology business plan using our Technology Business Plan Template here .

What are the Main Types of Technology Businesses?

There are a number of different kinds of technology businesses, some examples include: Network technology, Software technology, and Customer relationship technology.

How Do You Get Funding for Your Technology Business Plan?

Technology businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Technology Business?

Starting a technology business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Technology Business Plan - The first step in starting a business is to create a detailed technology business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your technology business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your technology business is in compliance with local laws.

3. Register Your Technology Business - Once you have chosen a legal structure, the next step is to register your technology business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your technology business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Technology Equipment & Supplies - In order to start your technology business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your technology business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

Learn more about how to start a successful Technology business: How to Start a Tech Company

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How to Build a Technology Roadmap

What is a technology roadmap.

A technology roadmap is a high-level visual summary that maps out the vision and plans for a complex technology undertaking. Businesses use technology roadmaps to plan and manage internal IT projects.

When and Why Would You Need a Technology Roadmap?

Making any change to a business’s technology environment can be a complicated task. It can also create a ripple effect across the organization.

If the company implements a change without thinking through the implications, it could create problems for the business’s operations. It could also introduce security and regulatory weaknesses. And even if the company addresses these risks, the change itself could be disruptive.

For these reasons, a business should use a technology roadmap to strategically plan any complex adjustment to its IT environment, including addressing technical debt . Using a technology roadmap can help a company plan out the best way to introduce a technological change in the business. This plan would include rolling out new software for employees, upgrading the organization’s digital network, or migrating to a new email program.

Here are a few other benefits of technology roadmaps.

What are the Benefits of a Technology Roadmap?

1. it helps you see and understand the implications of your plan..

Before introducing any IT changes to your organization, you need to think through how the change will affect the business.

For instance, are you thinking about upgrading to new servers? You’ll need to know how moving your data will affect your employees’ work. You’ll also need to figure out how to make the switch without leaving any holes in your cybersecurity process.

A technology roadmap helps you and your team think through how your plans will impact other areas of the business.

2. It helps you communicate your plan’s big-picture goals and benefits.

When you decide to change corporate email systems or some other aspect of your IT environment, you will need to earn the support of affected stakeholders across the company.

A technology roadmap can help you do this by allowing you to clearly and persuasively summarize your strategic thinking behind your plan, and the benefits you anticipate the change will deliver to the company.

3. It helps keep your team on track during the process.

All complex projects face obstacles. Your executive staff might freeze budgets across the company while your technology implementation is only halfway complete. Or an IT emergency in the company might force your team to pause on this project while you address that urgent problem.

How to Create a Technology Roadmap

Here’s a five-step plan for building a technology roadmap.

Step 1: Identify your strategic objectives.

Before you can plan the specific tactics of your technology project, you need to figure out why you’ve decided this initiative is essential. That means your first step is to identify and clearly articulate the “why” behind your proposed change.

Ask yourself, “How will this IT change benefit our business?” — and place your brief response at the top of your technology roadmap.

Step 2: Determine the roadmap’s audience(s).

You might be planning highly technical changes for your company. But if you’re going to present this roadmap to your executive staff, you don’t want it to read like a technical manual. Those executives might not understand any of the terms you use in conversation to discuss this project with your IT coworkers.

Figure out which audiences will be viewing your technology roadmap, so you can build the roadmap using language those people will understand. If you plan to share the roadmap with more than one audience, you will want to use web-based roadmap software . It allows you to quickly and easily build several versions of the same roadmap and switch effortlessly among the different views during your presentations.

Step 3: Establish your roadmap’s major themes.

Now that you’ve decided on your primary strategic goals, it’s time to turn those goals into a plan. You’ll want to start with the highest-level actions. You can then drill down into each to figure out the details.

Note: The high-level strategic elements on a roadmap are called themes , followed by epics . (Several related epics can fall under one high-level theme.)

Step 4: Share your roadmap with relevant stakeholders

When your technology roadmap is ready to share with key stakeholders, you should call a meeting with them. At this stage, you should have a compelling message about why this technology change will help the business and a clear vision of how you plan to execute it.

Expect your stakeholders — particularly your executive team — to ask you to explain both points.

Step 5: Meet with your team to assign responsibilities — and start making progress.

Once you have your themes and epics in place, you will need to translate those high-level plans into actionable tasks.

Bring your team together to review your technology roadmap. In this meeting, you will want to determine which projects to work on in which order, estimate how long each project will take, and decide which team members will be responsible for each action item.

One final suggestion: Review and reassess your roadmap often.

The projects covered in a technology roadmap typically take months to complete. And because your team’s priorities can change many times during that period, you’ll want to review your technology roadmap regularly throughout the process. That way, your team is continuing to make progress according to your original plan and goals.

Tips for Sharing Your Technology Roadmap

In Step 4 of our process above, we suggested you present your roadmap to relevant stakeholders, so they can understand — and, with any luck, support — your proposed technology implementation. How can you improve your chances of making that meeting a success? Here are a few tips for sharing your technology roadmap:

1. Talk benefits, not tactics.

Until they know how your technology plan will benefit the business, your coworkers and executives won’t care how you plan to accomplish it.

Start with your big-picture thinking. Tell your audience why you’re proposing this change. Then explain what you expect it to do for the company, and why you’re sure it’s a smart move.

Note: Even if you are not presenting the roadmap to an audience but simply sharing it digitally with coworkers, you still want to follow this approach of explaining the big “why” behind your plan. So, make sure you include a short description of the strategic benefits right at the top of your technology roadmap.

2. Leave the technical details out.

Your roadmap should be visually compelling, and it should tell a story your audience can digest within a few seconds after you’ve put the roadmap up on the conference room’s screen.

Be concise. For each epic or theme on the roadmap, explain in just a few words what you plan to do, what you anticipate it will achieve for the company, and why that’s a good thing.

3. Have evidence to support your claims.

There is one caveat to our suggestion — that you keep the details out of your roadmap. You should have some data supporting your plans and goals somewhere in the roadmap.

With the right roadmap app, of course, you can add relevant stats, charts, or links to data beneath each item; keeping that information hidden from view until you’re ready to present it. You’ll keep your roadmap presentation clean and free of clutter, but still be able to pull up evidence immediately if someone challenges you or asks for supporting data.

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Schedule a few minutes with us to share more about your product roadmapping goals and we'll tailor a demo to show you how easy it is to build strategic roadmaps, align behind customer needs, prioritize, and measure success.

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7 steps to create a technology startup business plan.

• Published on: April 26, 2022
• Author: masschallenge

Many entrepreneurs still overlook the importance of a technology startup business plan. In a space as competitive as the tech industry, a lack of preparation will surely pave the way to disappointment.

Instead of diving in without any concrete strategy, a plan provides a foundation for sustainable business growth.

In this article, we’ll explore the essential elements of a tech startup business plan, and provide the insights you need to create a plan for success.

What Is A Business Plan?

A tech startup business plan is a document that details the premise of your technology business, summarizing vital financial objectives and operational goals, as well as details on how you will accomplish these goals.

Put simply:

It’s a road map that describes what you intend to do, and how you intend to do it.

A typical business plan will comprise the following seven elements:

• Executive Summary
• Company Description

Market Research

• Description of Products and/or Services
• Management & Operational Structure
• Marketing Plan
• Financial Plan

3 Reasons You Need a Business Plan

Before we dive into the individual aspects of a startup business plan, let’s first consider why you need one.

Just what are the benefits of a business plan?

1. It Offers Greater Clarity

Having a business plan will give you a much better understanding of your business and the objectives you are trying to achieve. Even the most basic technology startup business plan example will seek to define your goals in more objective terms.

For example, you can set specific targets for website traffic, sales volumes, or profit margins. This makes it easier to track and measure success and aligns your decision-making with sales and marketing initiatives.

2. It Increases the Chances of Success

A report from the Harvard Business Review found that companies with a business plan are 16% more likely to succeed.

Furthermore, companies that have a business plan also enjoy higher growth rates than companies without a plan.

3. You Are More Likely to Get Investment

Angel investors and venture capitalists aren’t in the habit of making bad bets. When they part with large sums of money, it’s a carefully considered decision they base on the likelihood of earning a positive return on investment (ROI). When you have a business plan, you give your startup strategic focus, which helps you create an identity that is built to succeed. This makes for a more attractive prospect in the eyes of investors, so it’s easier to raise capital for your startup when you have a plan.

How to Write a Business Plan for Your Tech Startup (7-Steps)

So, now that you understand the motivation behind creating a tech startup business plan, it’s time to see how it’s done. By including the seven elements below, you’ll have a plan that gives your company a much stronger footing.

1. Executive Summary

The executive summary is, without a doubt, the most critical element of your tech startup business plan. Despite this, a lot of plans fail here because the summary doesn’t captivate readers. If you can’t hook prospective investors, partners, or employees with your executive summary, they may never read the rest of your business plan.

Source: The Balance

This section should be compelling yet concise, giving people enough to understand what makes your startup unique, and how it will be able to offer solutions in an existing, competitive market.

While you want to keep it brief, there is a lot to pack into this opening section of your business plan. Here are the crucial components of an executive summary:

• Business Model – What is your product or service? How will you make money?
• Target Market – Who will benefit from this product or service?
• Business Opportunity – Why do consumers need your product or service?
• Marketing Strategy – How will these consumers learn more about your product or service?
• Competition – What other companies are competing for market share?
• Goals – How will your startup transform the marketplace with this product or service?

As the executive summary is such a vital aspect, it’s a smart move to write it last. By waiting until you have finished the rest of the business plan, you can draw from the other sections to craft an excellent executive summary.

2. Company Summary

The company summary essentially boils down to a single sentence, otherwise known as a headline statement.  When it’s done right, this summary can be the perfect elevator pitch to capture the imagination of would-be financial backers or partners, and it will serve as a natural lead-in to your more detailed business plan.

Source: Gusto (credit: LivePlan)

The company summary or headline statement should do the following:

• Give people a brief overview of what your company does.
• Communicate the value you offer.
• Highlight the opportunity in the market.

Here is a good template to create your company summary:

<Your company> is a <type of business> who sells <product or service> to <target customer> , who needs <solution> , but doesn’t get it from <competition> .

Don’t worry if you can’t create the perfect summary now. When you develop your business plan, you will get a better understanding of what this headline statement should be, and then you can refine it to reflect your vision and value proposition.

We’re sure you have a great idea, but that’s no guarantee that everyone is going to love it as much as you do. No matter how good you think your startup may be, you still need to conduct proper market research to learn more about your ideal customers and competitors.

Identify your Target Market

Without a viable market for your product or service, your business is doomed.

Many startups have failed quickly because the owners were so obsessed with their own product that they were effectively blind to the fact that nobody else cared about it.

Source: CB Insights Image: Cleveroad

Initially, you can adopt a broad scope to get a sense of your total addressable market (TAM), which is the potential revenue opportunity your new product or service could generate. Of course, with the competition, and changing consumer interests, it’s unlikely you will dominate the entire TAM.

Once you have this broad idea, you can hone your sights to go more niche. While this presents a smaller audience, it is more effective. By narrowing your targeting, you can market to a more engaged audience that will be more receptive and likely to purchase your product or service.

Consider the following factors when segmenting your audience:

• Demographic – What age group? What gender?
• Geographic – In what country or city do your prospects live?
• Behavior – What websites/blogs/news sources do they use? What are their purchasing habits? What retail sites or brands do they buy from?

With in-depth data analysis and evaluation of your prospective customers, you can create detailed buyer personas that help you refine your marketing strategies.

Perform Competitor Analysis

During the market research stage of your tech startup business plan, you should also carry out a thorough competitor analysis.

This will help you determine the key differentiators between your company and the competition.

Ask yourself these questions:

• Why should people choose my product or service?
• How can I improve on the existing solutions in the market?
• Why do people not already buy the products in the market?

By thinking about current trends or flaws in existing products, you can identify opportunities for innovation so that your business can connect with customers on a deeper level.

Knowing your audience is crucial, and therefore, your business plan must demonstrate a deep understanding of your target market, and your competitors.

3. Description of Products and/or Services

Here, you must highlight the link between what you are offering, and what people need, so you can prove that people are ready and willing to pay for your product or service.

Research Problems in Market

It helps to conduct some face-to-face research, asking potential customers about the problems they have. Don’t try to usher the conversation in any direction or shoehorn their answers to fit your product – instead, look to learn from their honest responses about the solutions they need.

You should do this research before creating the product. After all, it makes more sense to create a product for an existing problem, instead of trying to find a problem for your product.

Source: ProductTribe

Tailor Product to Problems

After doing your research on the existing problems in the market, trim your list to focus on a few of the most important issues. Describe how your product or service will be the ultimate solution to these problems.

For instance, if people believe the existing solutions are too expensive, you can offer a product with a more attractive price point.

By matching up consumer problems with specific solutions, you can develop a product or service that has a more significant value proposition.

4. Management & Operational Structure

The next stage of the traditional technology startup business plan template delves into the people that make up your company. You must highlight the strengths and experience of your existing team, as new partners effectively invest their money in the team as much as the business idea.

Ideally, your team will consist of several experts whose respective skill-sets complement one another. For example, your tech startup may have a coder, a graphic designer, an inbound marketing expert, and a sales professional. Discuss the merits of each team member to convey the value they add to the business.

You can also speculate about prospective new hires and the key attributes you will seek in future team members. If you haven’t already got a chief financial officer (CFO), it’s a smart move to mention adding one soon. This will add backbone to your business plan by reassuring people that you have good financial sense.

Organizational Chart

Here, your plan should clearly define the organizational structure of your startup. For now, it may just be you and a couple of business partners.

However, by including a graphic that visualizes the structure you intend to build, people will get a clear understanding of the distribution of power and chain of command.

For example, it may look something like this:

Having a hierarchy prepared before starting helps prevent any debates about who is in charge of each department, and makes it easier to understand who reports to who.

5. Marketing and Sales plan

No tech startup business plan would be complete without mentioning the marketing and sales strategies you intend to use.

Sales channels

To clarify the difference, marketing channels are used to promote your business, and its products or services, whereas sales channels are the mediums that enable people to purchase those products or services.

You may only have one direct sales channel to begin with, such as an online e-commerce store. Make sure you explain it in your business plan.

Marketing activities

In this section, you must detail how you will acquire leads and customers.

At the base level, you should do the following:

• Launch a company website
• Develop strategy to get organic traffic (i.e. visitors from search engines like Google)
• Develop a PPC strategy to get immediate online exposure for your most important product/service keywords
• Develop channel partnerships
• Build an email subscriber list

Over time, you can use marketing to nurture stronger customer relationships, which in turn, help you build an audience of loyal followers that will, hopefully, become customers.

The marketing section of your business plan will need to account for several factors, including your goals, risks in the market, and your budget. Which brings us to the final aspect of your tech startup business plan.

6. Financial Plan

Lastly, any good business plan must include pertinent details about your company budget and sales goals.

This can be daunting for many new entrepreneurs and is all the more challenging when you have no balance sheets, cash flow reports, or even any stable income on which to base your projections.

That being said, it’s still possible to make educated projections – so long as you have done solid market research.

When it comes to financial matters, your business plan should include details about:

• Revenue streams – how will the company generate income?
• Major expenses – What high costs do you anticipate in the year ahead?
• Salary demands – Are you still bootstrapping or are you and the partners taking a salary? If so, how much?
• Financial milestones – Detail your expansion strategy by considering future hires or store openings that will impact the books.

Many startups aren’t profitable in the first year. Your financial projections should maintain a long-term view for success, keeping ambitions realistic and honest. That way, you’ll be able to produce a more accurate break-even analysis .

With these long-term projections, you must consider the financial impact of expanding. You may be making more money in Year 3, but opening a new store will set you back.

Keep everything in perspective and make sure you don’t set yourself or your investors up for any nasty shocks down the road.

5 Tech Startup Business Plan Templates

When you have all the elements above in place, your business plan will be in good shape. However, presentation matters. If you want to make the best first impression, getting creative with your technology startup business plan template can make a big difference.

Not only will your research and expertise shine through, but you will have a visually stunning presentation that catches the eye of investors.

Here are five tech business plan examples to inspire you.

Business Plan Infographic PowerPoint

This plan allows you to present in-depth market analysis, statistics, and projections in a professional visual infographic. With several hundred editable slide options, it’s well worth the $16 fee for the license.

Source: Medium

Emaze Business Planning With Analytics

This is more than the average technology startup business plan template. Emaze has a diverse array of creative collaboration tools, making it easy and enjoyable for teams to create unique plans together from any of the built-in templates. Furthermore, you can incorporate analytics, which is perfect for impressing investors. That said, $19 per month for the premium version may seem a little steep for some small businesses.

Source: Emaze

Lean Canvas 1-Page Business Plan

A tech startup business plan doesn’t need to take weeks to create. In fact, with this template, you can have a basic – yet brilliant – business plan all together on a single page in just 20 minutes.

Source: Lean Stack

StartUp Pitch

For $15, you can access the full array of colorful slides in this presentation, which are all customizable to your needs. This template includes many ready-made aspects of the typical business plan, such as SWOT analysis, competitor analysis, and project timelines.

Source: Envato

This is another user-friendly tool for creating short business plans. You enter the information, and then LivePlan will generate a one-page plan in an infographic style.

Source: LivePlan

Make Your Tech Startup Business Plan a Priority

It’s not enough to have a great startup idea.

If you want to stand out from the pack, secure investment, and build a successful company that can earn real profits, growth, and customer loyalty, then you absolutely must have a solid tech startup business plan.

It’s time to create yours.

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Information Technology Strategy Examples: Creating a Comprehensive IT Plan

Technology Strategic Plan: The 7 Steps to Success

How does a business owner create an information technology strategic plan? What’s included to make it useful to scale-up? And, how do you make sure it helps with short-term plans?

Owners may be concerned that a strategic technology plan is too dry. They want something real and practical. The plan is about putting meat on the bone and turning a vision into reality. The business vision is the driver, and tech is a key part of turning that into a reality.

In this three-part series, we take an in-depth look at technology plans for scale-ups. We looked at “Technology Plan: 6 Reasons Why Scale-Ups Need One” in Part-One. Part-Two looks at putting a technology plan together. In the final part we look at turning that into a roadmap to make it happen.

Looking for an in-depth guide on Strategic Planning? Check out  Strategic Planning: An Essential Guide to More Success . An in-depth article on strategic planning to help you create a more successful business future. It’s a step-by-step guide from theory to action.  

Business and technology are so closely connected that plans must fit like a hand in glove. The business plan often relies on tech. In some cases, disruptive tech is foundational. Therefore, these plans extend the business strategy to show the digital pathway.

Any plan starts with where you are now, where you want to be and how to get there. Then you can fill in the detail about resources, timescales and milestones. Although it’s good to think about the long-term, say five years out, technology is changing so fast that it’s best to keep that high-level. The focus of a technology strategic plan is on the next couple of years. So, what should it include?

#1 Business goals and strategy

If possible, I find it best to start with the business goals and strategy. After all the technology plan is all about delivering against these goals. If these are not known, you can start with why the business wants to use technology . In this way you may be able to identify a few statements that tie back to core business drivers such as increased turnover, margin, market share or new markets. You’re looking to get agreement and clarity about why technology is important for future success.

#2 Mission and Vision

Now you’ve looked at the big picture of where the business is going, the next step is to look at the big picture for technology. This is a key step because it helps you see how tech fits into the context of the whole business. Many businesses (small and big) fall into the trap of solving individual problems without understanding that context. Failing to map solutions to the wider context results in disjointed and costly outcomes. Throwing tech together without thinking about the bigger picture can ruin a business.

#3 Assessment

Next, you want to work out where you are, where you’re going and describe the gap. Again, this needs to be in the context of the business. The earlier steps force you to think about the longer-term plans for the business and how technology will help. Having a more complete view helps to prioritise what’s important for the business.

This is where you get into the specifics. You need to be thorough, otherwise you’ll miss the big picture and opportunities. Look at each area of the business: Work through each of the core and supporting activities. You might look for gaps around people such as training, process or technology. This avoids looking to solve a problem without a full understanding of what’s involved.

#4 Prioritise

Although not strictly part of a strategic technology plan, you may want to take this opportunity to review the gaps and put them into short, medium and long-term buckets. You can then use that to define your short, medium and long-term goals and objectives. You may find that priorities shift in time, so it’s good to manage these gaps in a backlog where you can rank them.

#5 Goals and objectives

Now you know where you are, where you’re going and have a prioritised list of gaps, it’s time to create a few goals and objectives. This will help you with communication and resource planning. Using the information, you’ve gathered so far, you’ll be able to set short, medium and long-term goals.

Depending on the nature of the plan, you might want to measure business improvements. Metrics will vary from business to business. For example, you might measure adoption, customer satisfaction, increased volumes, speed, accuracy or savings. The key is choosing a metric that helps you drive toward your business goals.

#7 Resource

Now you know what you’re up against, have a clear idea of the deliverables and timescales, it’s time to plan the resources.  This might be part of growing internal capabilities, using external resources or a mix. Making it happen may require other products or services. This starts the budgeting process, so that you know what’s needed to make this a success.

Creating a strategic plan for technology in a business is exciting, because it’s translating the business goals into action. Rather than a dry document, this is all about creating a vision for how technology will help drive the business toward success. The business strategy should be at the heart of a technology plan. Its goals should be directly linked to the business goals. Its measures directly linked to business success. In this way the technology is aligned with the business, and it’s through this alignment, the business will benefit the most.

If you’d like to explore the ideas in this article further or need help and advice, please contact Rogan at  [email protected]  – to arrange an informal chat.

If you’ve found this blog interesting or useful, please ‘like’, ‘comment’ or ‘share’ so it can help others too.

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Technology Business Plan Template

Written by Dave Lavinsky

Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create business plans to start and grow their technology businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a technology business plan template step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Technology Business Plan?

A business plan provides a snapshot of your technology business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Tech Company

If you’re looking to start a technology business, or grow your existing technology business, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your technology business in order to improve your chances of success. Your technology business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Technology Businesses

With regards to funding, the main sources of funding for a technology business are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for technology businesses.

Finish Your Business Plan Today!

If you want to start a technology business or expand your current one, you need a business plan. Below are links to each section of your technology business plan template:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of technology business you are operating and the status. For example, are you a startup, do you have a technology business that you would like to grow, or are you operating technology businesses in multiple markets?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the technology industry. Discuss the type of technology business you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of technology business you are operating.

For example, you might operate one of the following types of technology businesses:

• Network technology : this type of technology company specializes in providing the computers, printers, scanners, and phones within an organization and making sure they are all linked together in order to work seamlessly with one another.
• Software technology: this type of technology company specializes in providing and/or installing the appropriate software needed for the business. This will include the programs and productivity tools for the organization’s computer network.
• Customer relationship technology: this type of technology company focuses on providing a customer relationship management system (CRM) that keeps track of all customer interactions and information in order to consistently provide exceptional customer service.

In addition to explaining the type of technology business you will operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of client companies served, number of positive reviews, reaching X amount of client companies served, etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the technology industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the technology industry educates you. It helps you understand the market in which you are operating. 

Secondly, market research can improve your strategy, particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your technology business plan:

• How big is the technology industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your technology business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your technology business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, small businesses, and local companies that need technological services.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of technology business you operate. Clearly, large companies would respond to different marketing promotions than small businesses, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other technology companies. 

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes technology companies such as Geek Squad, local stores that sell and rehab tech equipment, online technology companies, etc.

With regards to direct competition, you want to describe the other technology businesses with which you compete. Most likely, your direct competitors will be technology businesses located very close to your location.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of technology do they provide?
• What areas do they serve?
• What type of technology company are they?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Is your technology business more capable than the competition?
• Will you provide technology services that your competitors don’t offer?
• Will you provide faster technology service?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a technology business plan, your marketing plan should include the following:

Product : In the product section, you should reiterate the type of technology company that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to technology services, will you provide computer repair, 24/7/365 service, phone installation, and any other services?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.

Place : Place refers to the location of your technology company. Document your location and mention how the location will impact your success. For example, is your technology business located near an office complex, an urban setting, or a busy neighborhood, etc. Discuss how your location might be the ideal location for your customers.

Promotions : The final part of your technology marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Website and SEO marketing
• Commercials
• Social media marketing
• Local radio advertising
• Business networking

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your technology business, including updating technology, client communication and scheduling, marketing, and implementing and installing the new technology for a client.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to obtain your XXth client company, or when you hope to reach $X in revenue. It could also be when you expect to expand your technology business to a new location.  

Management Team

To demonstrate your technology business’ ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company. 

Ideally you and/or your team members have direct experience in managing technologys. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a technology business or are connected to a wide network of professional organizations that frequently utilize technology.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you take on one new client company at a time or multiple new client companies ? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your technology business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. 

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a technology business:

• Cost of technology to be installed
• Cost of software and equipment
• Payroll or salaries paid to staff
• Business insurance
• Taxes and permits
• Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your list of technology services, types of clients you will be targeting, and the areas your technology business will serve.  

Putting together a business plan for your technology business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the technology industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful technology business.  

Don’t you wish there was a faster, easier way to finish your Technology business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how a Growthink business planning advisor can create your business plan for you.

Other Helpful Business Plan Articles & Templates

Use a 5-Stage Strategic Plan to Implement New Technology

A version of this article originally appeared in Construction Executive.

All industries benefit from advances in technology. From leveraging mobile computing technologies, cloud-based services, and even consumer electronics, there are a plethora of vendor offerings.

However, with all the available technology choices in the market today, how can your organization determine which technology is worthwhile to implement? How can you get a competitive advantage over your peers or improve operations?

The process for developing a strategic technology plan is no small undertaking, even though it’s a worthwhile exercise. It requires a project champion to spearhead the effort, buy in from executive management and department heads, and considerable planning.

But in the end, your organization will have undergone a comprehensive process to help lead its digital transformation. The plan will ease the transition of adopting technologies that ultimately benefit the organization, and the amount of upfront effort will be worth the time and energy.

How to Establish a Strategic Technology Plan

A strategic technology plan serves as a roadmap for digital transformation of organization operations. It helps align new technology project implementations and changes with the future vision for the organization and its objectives.  

5-Stage Process

With a strategic technology plan, an organization can anticipate and map out the resources to purchase, implement, train, and deploy selected solutions.

The plan’s process can be divided into five distinct stages:

• Establish a steering committee and brainstorm
• Review your current setup
• Interview key individuals
• Analyze and assess the data
• Prioritize plans

Establish a Steering Committee and Brainstorm

The first step is to assign a steering committee made up of the various stakeholders in the organization, including owners and executives, engineering, project management, superintendents, and administrative teams.

Begin by brainstorming. Think big. What information do you wish you had at a time and place for business advantage? New ways of thinking about what you’re already doing can yield impressive results. 

Here are key considerations for the brainstorming process:

• Increasing resource utilization
• Improving schedules and forecasts
• Lowering working capital tied up in work-in-process projects
• Streamlining routine processes to create more efficiency

In many cases, better information is a current barrier to these ambitions, and new technologies can quickly eliminate these barriers. 

Results of a brainstorming session, no matter how futuristic, will help reveal areas to pursue real organizational value. This phase should produce a high-level roadmap of improved organization and information capabilities and a vision statement that illuminates the value.

It’s also a good idea to get an outside perspective and broaden the outlook of what’s possible. Methods can be learned from other industries to gain benefits.

Review Your Current Setup

Next, get a lay of the land with regards to your IT environment and its current capabilities.

Here are some critical questions to ask:

• What data am I not getting from existing systems that would help our team deliver better services?
• What setup and access limitations exist in the network and systems?
• How can current IT systems provide faster and more accurate access to data needed at job sites and project planning meetings?

This is also the point where you should consider the real-time pulse of your organization and the differences between what’s possible and what’s probable.

Interview Key Individuals

Once your setup has been reviewed, interview key individuals in executive management, engineering, project management, information technology, sales and marketing, and administration services like accounting, procurement, and the front office.

The purpose of these interviews is to:

• Obtain an understanding of everyone’s pain points and deficiencies when it comes to the daily use of existing systems
• Understand what system improvements they need to make their jobs easier and operate more efficiently
• Gain insight on how their jobs may be evolving based on the industry’s direction

Employees can provide a lot of input on technology trends from industry conferences they’ve attended, technologies they’ve encountered with competitors, and technologies they may have researched on their own. Executive management or ownership can provide their perspective of how technology should align to established strategies, how much the organization expects to rely on certain technologies, and what these technologies may cost.

The interviews should allow you to update the high-level roadmap and vision statement you completed during the initial brainstorm. In some cases, this is a good time to consider pilot projects that can quickly be implemented to test a new technology. Pilots can uncover additional considerations, reveal other related value, and build support for broader implementation. 

Analyze and Assess the Data

Once all data is gathered from the existing technology environment and interviews with key staff and management are completed, it’s necessary to analyze and assess the data to identify technology needs and deficiencies. Then, you can create potential projects to address both of these issues.

Analysis and assessment of the data collected should consider the following questions:

• How do the needs of the individual organization units match up to the strategic goals set by executive management?
• What technology projects should the organization undertake to address its needs, and which projects are most beneficial to the organization as a whole?
• What are the expected resource needs—capital, time, and people—to ensure that the strategic technology plan is actually feasible and realistic?

A potential list of technology projects should result from the analysis and assessment exercise.

For each potential project, there should be ample information provided to help with the prioritization and plotting of the project in the plan schedule, which can be a Gantt chart or similar.

Key information includes:

• Clear description of the project that states—in layman’s terms—what it is and what issue or need it fulfills
• Strategy it addresses
• Benefits of implementation
• Drawbacks or risks
• Order of magnitude costs for acquisition, implementation, customization, consultation needs, employee training, and maintenance
• People resource needs in terms of anticipated project hours
• Approximate duration for completion

Prioritize Plans

Once the project descriptions and associated details are documented, hold a project prioritization meeting among the steering committee. The purpose of the meeting is to identify and prioritize the technology projects that should occur over the next three-to-five years.

Each project should be discussed and scrutinized by the steering committee to determine if it’s worthwhile to pursue, given a pre-established set of criteria.

Criteria considerations may include:

• Does the project benefit the entire organization?
• Is the project customer-focused?
• Will it have an immediate impact on revenue growth?
• How long will it take to implement?
• What resources are needed?
• What’s the degree of risk involved?
• Can an overall cost be determined?

As projects are prioritized, they are subsequently plotted on a timeline spanning the plan’s coverage period. Anticipated availability of funds for special projects should be noted for each year of the plan to apply towards technology projects.

Technology projects are then assigned to specific years based on priority and the availability of budgeted funds to allocate toward each project. In the end, the organization should have a Gantt chart, or similar project plan, to serve as an illustrative roadmap of future technology projects and where technology funds and resources will be spent. This roadmap aligns with the organization’s strategies because it considers needs and input from all aspects of the organization.

We’re Here to Help

Developing a strategic technology plan that aligns with overall organization-wide strategies can help you navigate technology changes and guide technology spending over future years. Most importantly, leadership needs to start the conversation. The perfect time will never arrive, and perceived limitations are often overcome with new perspectives.

For more information on how to develop a strategic technology plan for your organization, please contact your Moss Adams professional.

The material appearing in this communication is for informational purposes only and should not be construed as legal, accounting, tax, or investment advice or opinion provided by Moss Adams LLP or its affiliates. This information is not intended to create, and receipt does not constitute, a legal relationship, including, but not limited to, an accountant-client relationship. Although these materials have been prepared by professionals, the user should not substitute these materials for professional services, and should seek advice from an independent advisor before acting on any information presented. Moss Adams LLP and its affiliates assume no obligation to provide notification of changes in tax laws or other factors that could affect the information provided.

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Developing a Strategic 5-Year Technology Plan: An In-Depth Guide

Start with the End in Mind

Like an architect laying out a blueprint for a complex structure, as a leader you’re tasked with envisioning your organization’s technological framework. This blueprint will serve as the guiding document, influenced by your foresight and vision, for all the tactical decisions to follow.

We’re in a brainstorming phase here. Think big, there are no bad ideas at this stage! The evaluation and pruning stages will come later; for now, we’re populating a universe of possibilities as tech continues to evolve rapidly. Sure, budgets and resources are real constraints, but they shouldn’t limit your thinking at the onset.

Set blocks of time aside for the overall process over the next several weeks. The amount of time you need to set aside depends on the number of pieces of technology you want to look at. Think beyond the usual SaaS tools or CRM systems. How about leveraging AI for customer experiences or blockchain for security? These big ideas can often inspire smaller, more immediately actionable steps.

Envision what you want your technology to look like in five years.One key question to ask yourself is, “can your current tech stack support Web 3.0 and technology that will be coming five years down the line?” Think about technologies that are just emerging now and how they might be critical later.

Think Big About What You Want Your Technology To Do For You

While tackling these next steps, you become a critic of your own tech stack. A few things to consider during this step to keep an eye on…

Eliminating bottlenecks: Is your current system slowing down processes? Impeding progress altogether? Maybe it’s time to think about automation tools that streamline workflows.

Doing more with less : Could integrations streamline clunky processes or eliminate them altogether? Do you have to consider a smaller workforce to get more done?

Increasing efficiency: Would a new business management system shave hours off everyone’s daily tasks? Could a better CRM increase sales conversion rates?

Decreasing employee frustration: No one likes to work with slow, buggy systems. Happy employees are more productive, and better tools contribute to happiness at work and more success that can (and does) impact the bottom line.

Providing more visibility in the business: What would it be like if your technology gave you clear insight into what is going on in your business? What would that visibility look like?

Reducing risk in the organization : With solid data comes solid business decisions. What do you need to know about your organization to reduce inherent risks?

Increasing profitability: What could you do with more revenue? Grow more, hire more talent, explore new markets? What needs to happen in your business to increase profits?

Building Your Tech Ecosystem

Now that you have a better vision of what a successful tech stack could do for your organization it’s time to gain an understanding of where your current systems are and how some may need to be eliminated, integrated or added on. It’s time to think about where your current tech is lacking the above benefits.

One by one, determine what needs to be done to each component to get it on the right path. Consider items such as

• Core business systems
• Ad hoc systems
• Off the shelf systems
• Custom systems
• Integrations

Start with the core of your tech stack as a hub and determine what other spokes need to extend off the hub for a complete ecosystem.

Let’s take the following example. At the core there is one central platform… for this example we’re going to use a manufacturing company. At the center of the system is the ERP, it is the nucleus of the technological ecosystem. But that’s not enough. For a truly integrated and seamless operation, various subsystems (the spokes) must integrate perfectly with the nucleus.

You’ll want to surround your central system with everything you have operating currently within your business…and everything you do not.

A few things to consider might include…

Other spokes to consider:

• Accounting and Finance
• Marketing / automation
• Public facing website
• Human Resource Information System (HRIS)
• Mobile app extensions of the core system
• Estimating and contracting
• Manufacturing Execution Systems (MES)
• Field service management
• Project and deliverable management
• Quality Management System
• Payroll and Learning Management Systems (LMS)
• Internal Communications
• Dashboards and analytics

Grab your pen, or dry erase marker, or mouse and start mapping out what your current spoke and wheel framework looks like and what you’d like it to look like going forward. This helps you and your team visually see each component of the overall system. Whether you’re a tactile thinker who prefers scribbling on a physical whiteboard or a digital native who lives in virtual workspaces, visualization tools can help you see both the forest and the trees.

Reviewing Each Component

By reviewing each component of your technology stack, you’re ensuring that no stone is left unturned. It’s not just about what your technology can do for you today, but also about how it will support your business goals five, ten, or even fifteen years down the road. Consider strategies such as…

Assessing Current Capabilities

What is this particular piece of technology capable of right now? Is it meeting expectations? Where is it falling short? This will help you identify gaps that need to be filled, either through upgrades, additional training, or possibly replacing the technology altogether.

Evaluating Scalability

A crucial but often overlooked aspect is scalability. As your business grows, will this technology grow with you? If it’s a custom mobile or web app solution , who will be your development partner? If it’s an off-the-shelf solution, are there plans for future updates?

Understanding Integrations and Compatibility

Your technology pieces have to work well together. Evaluate how easy it is to integrate the components with other systems. Are there open APIs available? If you’re planning to bring in new technology, how well will it play with your existing stack?

Cost-Benefit Analysis

Sometimes expensive technologies save money in the long run, while cheap solutions can end up being costly due to inefficiencies or security risks. Always balance the upfront and ongoing costs against the expected benefits, both tangible and intangible.

Compliance and Security

Compliance with legal regulations is non-negotiable, especially for components that deal with sensitive data. Similarly, assess the security features of the technology. Would you need additional cybersecurity measures to protect your data?

Bringing in More Brain Power

Once you have come up with your end vision, team involvement and feedback is your next secret weapon! Your team members are the end-users. They have insights that you don’t. Include them in this journey to ensure you’re solving real problems, not just perceived ones. Ask them to find gaps that are missing from your initial analysis.

Have representatives from each department provide insights into what’s working and what’s not. Their feedback could be invaluable. Get their input on the existing plan and be open to feedback of all types. Once you’ve got the team involved, find out what is

• Not working
• Somewhat working
• Needs improvements

Using the start, stop, continue approach developed by Phil Daniels, a psychology professor at Brigham Young University, works well in this phase where your team discusses what they want to start doing, stop doing, and continue doing with each component of your tech.

This phase requires meticulous scrutiny. For each component—whether it’s your CRM, ERP, accounting software, or internal communications platform—you’ll want to conduct a deep dive. Consider preparing a SWOT analysis for each technology component to assess its Strengths, Weaknesses, Opportunities, and Threats.

Next begin laying out the tactics that need to take place for each system. This may include…

• Buying off-the-shelf software
• “Renting” SaaS solutions
• Using online websites
• Developing websites
• Developing mobile app
• Developing integrations
• Infrastructure updates
• Cloud solutions
• Mobile solutions
• And other options

Prioritize and Execute

After assessing each component, create a realistic timeline for the changes that need to be made. Consider seasonal business fluctuations, budget cycles, and other potential delays while planning. Prioritize what you need to start on first.

We love a quick win! Quick wins can give everyone the confidence that the strategy is working. It’s also an excellent way to demonstrate value early in the game, which can secure further buy-in from stakeholders.

This is a marathon, not a sprint. Consistency in focus, execution, and review will drive your tech strategy to fruition. Again, looking at the calendar of the team ahead of time will help you stick to getting the project across the finish. Stick to the plan… but be willing to adapt as you go along.

What if things don’t go as planned? Always have a Plan B. Whether it’s reverting to an older version, temporarily outsourcing a function, or having a redundant system in place, contingencies can save you from significant setbacks.

Step on the gas and never let up. It’s really easy for day-to-day to knock you off your game quickly. Make sure to block out time in advance for weekly meetings and progress reports. Let your team know those time blocks are an absolute, and cannot be interrupted.

The Bottom Line

A 5-year technology strategy is a monumental task, but it’s critical for the long-term success of your business. By looking at the bigger picture, focusing on details, and aligning each component of your tech stack with your broader business objectives, you’ll build a future-ready organization. This isn’t just about surviving the next industry disruption; it’s about staying several steps ahead of it. Prepare today, prosper tomorrow.

If this is all a little too overwhelming, there is help available. Swip Systems can help you build out your 5 year technology plan. When you’re ready to start brainstorming how your technology looks today and what you want it to look like tomorrow, let’s explore the possibilities together. Swip Systems will help you evaluate your current tech, brainstorm what your tech could look like, and lay out a plan to bridge the gap. We love to talk tech! Call us today. 877.377.SWIP .

Contact Us to Learn More

Tom established Swip Systems in 1995 and has been providing business automation, software development, web application, and mobile app solutions ever since. As a business owner himself, he’s aware of the challenges and what’s necessary to stay competitive, which is why he is on a mission to help business owners grow and maintain profitability through technology. Tom is also the founder of Midwest Manufacturing Leaders (MML) and a keynote speaker .

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What is Technology Roadmap? : Key Components with Examples

A technology roadmap serves as a powerful strategic tool, guiding organizations through the complex landscape of technological evolution. It offers a clear path, helping teams align their technology investments with broader business objectives. But creating an effective roadmap isn’t just about plotting out future initiatives—it’s about ensuring that every step you take is purposeful and aligned with your company’s vision. Whether you’re aiming to innovate, streamline operations, or improve customer experience, a well-crafted technology roadmap is your blueprint for achieving these goals.

What is a Technology Roadmap?

A technology roadmap is a strategic tool that outlines the evolution of an organization’s technical capabilities to support business and customer needs. It typically includes a visual representation that displays how current and future technology investments align with business objectives. The primary purpose of a technology roadmap is to provide a clear, aligned pathway for technological growth and system enhancements, ensuring that all stakeholders are on the same page.

Who Uses Technology Roadmaps?

Technology roadmaps are essential for several key stakeholders within an organization:

IT Managers: They use roadmaps to plan and oversee the implementation of new technologies, ensuring they fit within the company’s strategic goals.

Technical Product Managers: These professionals leverage roadmaps to align product development with technological advancements.

Program Managers : They utilize roadmaps for resource allocation and to track progress towards achieving long-term technological objectives.

The creation process of a technology roadmap typically involves several stages: starting with strategy, collecting and prioritizing ideas, defining necessary work, organizing tasks into releases, choosing an appropriate view, and frequently updating the roadmap to reflect any changes. For a detailed guide on creating product roadmaps, refer to How to Create a Product Roadmap

By integrating tools like Creately, businesses can significantly enhance their technology roadmapping process. Creately provides a collaborative visual workspace that simplifies the creation, updating, and sharing of technology roadmaps, ensuring they remain dynamic and aligned with strategic goals. Learn more about the capabilities of Creately’s roadmap maker at Roadmap Maker

Benefits of Technology Roadmaps

Strategic alignment.

A technology roadmap serves as a blueprint to align technology initiatives with your company’s overarching business goals. By establishing a clear link between IT projects and strategic objectives, you can create a unified direction for all departments. This strategic alignment ensures everyone is working towards the same targets, fostering collaboration and shared understanding. Implementing a roadmap helps you prioritize tasks and streamline resources effectively, making sure each technology investment supports long-term business objectives. It provides clarity on how technology advancements contribute to achieving business outcomes.

Innovation and Growth

Supporting innovation and strategic growth is another vital reason for developing a technology roadmap. By defining a clear pathway for technology updates and new launches, companies can stay ahead of market trends and introduce novel solutions. A well-structured roadmap facilitates continuous improvement, enabling your team to identify and seize innovative opportunities quickly. This proactive approach supports strategic growth, allowing your business to adapt and thrive in an ever-changing technological landscape.

Moreover, a technology roadmap assists in mastering task management , ensuring that the most critical projects receive appropriate attention. Using prioritization frameworks like the RICE Framework Template , you can systematically prioritize your initiatives, balancing short-term demands with long-term goals. This systematic approach improves focus and productivity, driving your company’s technological and business growth forward.

Risk Management

A technology roadmap serves as an essential tool for risk management in IT projects and digital transformations. By outlining future technology initiatives and their dependencies, organizations can anticipate potential challenges and bottlenecks. This foresight allows teams to develop mitigation strategies proactively, reducing the likelihood of project delays or failures. Additionally, a roadmap helps identify areas where legacy systems may become obsolete, enabling timely planning for system upgrades or replacements. This approach minimizes the risks associated with outdated technology, such as security vulnerabilities or compatibility issues, ensuring a more stable and secure IT environment.

Resource Optimization

Technology roadmaps play a crucial role in optimizing resource allocation across an organization. By providing a clear overview of planned technology initiatives, timelines, and interdependencies, roadmaps enable more effective budgeting and staffing decisions. This visibility allows leadership to allocate financial and human resources more efficiently, avoiding overcommitment or underutilization. Furthermore, a well-structured roadmap helps identify opportunities for resource sharing across projects, potentially reducing redundancies and costs. It also aids in capacity planning, ensuring that the right skills and expertise are available when needed for each phase of technology implementation or development.

These additional benefits complement the existing points on strategic alignment and innovation, providing a more comprehensive view of why technology roadmaps are valuable for organizations.

Key Components of a Technology Roadmap

A well-structured technology roadmap serves as a blueprint for aligning technical capabilities with business objectives. Let’s delve into the critical elements that constitute an effective technology roadmap.

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Goals and Initiatives

Establishing clear, achievable goals and initiatives is fundamental. These goals should align with both long-term and short-term business objectives. Your initiatives should focus on enhancing technology systems, improving infrastructure, and ensuring continuous growth. Utilizing milestone chart templates can help in tracking progress and keeping initiatives on course.

Timeline and Milestones

Setting realistic timelines and defining crucial milestones is paramount to success. This involves specifying dates and timeframes for when the tasks will be completed and distinguishing between team readiness and customer availability. Tools like the perfect timeline diagram can visually represent timelines, ensuring clarity and accessibility for all stakeholders.

Resources and Training

Resources encompass the essential capital, personnel, and time needed to execute the roadmap. Detailed planning should account for financial and human resources, ensuring all necessary components are secured. Training is another critical element. Effective onboarding and ongoing education for team members guarantee the adoption and proficient use of new technologies.

Incorporating these key components into your technology roadmap not only clarifies your strategy but also optimizes your team’s ability to execute it efficiently. Leveraging Creately’s collaborative visual workspace can significantly enhance this process by providing intuitive tools for visualization, planning, and tracking technical projects, ensuring a seamless alignment with your business goals.

Technology Roadmap Templates: Types of Technology Roadmaps

Technology roadmaps come in various forms, each serving distinct purposes and addressing specific organizational needs. The primary types include:

IT Systems Roadmap: This roadmap focuses on the infrastructure and core systems essential for business operations, like CRM, ERP, and data analytics platforms. It outlines current and future IT capabilities, ensuring system optimization and seamless integration.

Technology Projects Roadmap: Dedicated to specific projects, these roadmaps help manage timelines, resource allocation, and deliverables. They are ideal for organizations undertaking significant tech upgrades or developing new software solutions.

• IT Team Roadmap: This type provides a high-level overview of the IT department’s strategic initiatives, training plans, and major milestones. It supports team-wide alignment and readiness for upcoming tech implementations.

How to Create a Technology Roadmap

Step 1: defining strategy.

Creating a technology roadmap begins with a clear and well-articulated strategy. Start by identifying your organization’s strategic objectives and how technology can enable these goals. Whether it’s scaling operations, enhancing customer experiences, or driving innovation, your technology roadmap should reflect these overarching goals. Engaging key stakeholders, such as IT managers, product managers, and business strategists, in this initial phase ensures a unified understanding of the objectives.

Articulate SMART objectives that align with the overall business strategy.

Engage key stakeholders to gain internal buy-in and alignment.

Ensure the roadmap directly supports these strategic goals.

Start by hosting strategic planning sessions utilizing visual tools like Creately. Creately’s Marketing Roadmap template can be adapted for technology roadmapping to map out a high-level view of your IT strategy and link these to business goals.

Step 2: Collecting and Prioritizing Ideas

The next step involves gathering a broad set of ideas and assessing them for strategic fit. Input from various departments is crucial as different teams might highlight different needs or opportunities. Encourage brainstorming sessions and leverage tools like Creately’s Ideation Techniques templates to foster creativity and capture diverse viewpoints.

With limited resources, it’s essential to focus on high-impact projects. Evaluate and prioritize initiatives by considering:

Impact on strategic objectives

Ability to address identified gaps

Effort versus impact analysis

Required dependencies and timing

Comprehensive risk assessment

Once a list of potential ideas is compiled, prioritize them based on impact and feasibility. Frameworks such as the RICE (Reach, Impact, Confidence, Effort) methodology can be helpful to systematically evaluate and prioritize these initiatives.

Step 3: Organizing Work into Releases

After prioritizing, it’s time to organize the initiatives into executable work packages or releases. Define clear, actionable items for each release, specifying the features, tools, or improvements that need to be developed and deployed. This structured approach ensures incremental progress while staying aligned with long-term strategic goals.

Use Creately’s visual strategy mapping tools to lay out these releases visually. By doing so, you’ll see a coherent picture of the work ahead, making it easier to communicate plans with stakeholders and your team. It also facilitates tracking progress, adjusting priorities, and managing dependencies as you move forward.

Explicitly define milestones for each release to measure progress and celebrate success within your team. Creately offers customizable milestone charts and timelines to keep everyone on the same page and highlight critical checkpoints.

Step 4: Incorporating Resources and Training

An effective technology roadmap must consider the required resources—both human and material. Define the resources needed for each phase of your roadmap, including team member roles, budget, tools, and timeframes. Explicitly outline training needs to ensure the team is well-prepared to handle new technologies or methodologies introduced.

Creately’s infinite canvas and resource mapping templates can help detail out these requirements, ensuring that you have a comprehensive view of what’s needed, and nothing is overlooked.

Consider financial, human, and technological resource requirements for each initiative.

Identify potential risks that could impede progress.

Develop mitigation strategies and contingency plans for each identified risk.

Establish performance monitoring measures to track resource utilization and risk factors.

Step 5: Choosing a Suitable View and Updating Regularly

The final step in creating a technology roadmap is to choose how you will visualize it and ensure it’s maintained as a ‘living document’. A clear, concise, and visually appealing roadmap enhances understanding and engagement from all stakeholders.

Regular updates are critical to reflect any changes in priorities or external conditions. With Creately, you can easily make adjustments and share a dynamically updated roadmap, ensuring continuous alignment with strategic goals.

Establish regular status updates for each initiative.

Define and monitor key performance indicators (KPIs) aligned with roadmap objectives.

Utilize project management tools like Jira to track task completion, deadlines, and resource allocation.

Regularly review and adjust the roadmap based on progress and changing business needs.

Explore Creately’s powerful collaboration platform today to start building your technology roadmap that not only aligns with your business strategy but also adapts as your organization grows.

By following these steps and leveraging tools like Creately, you can craft a highly effective technology roadmap that aligns with business goals, facilitates innovation, and drives strategic success.

Tips for Creating Effective Technology Roadmaps

Creating an effective technology roadmap requires careful planning, collaboration, and flexibility. Here are some tips to help you build a roadmap that aligns with your organization’s goals and adapts to changing needs:

1. Align with Business Objectives

Ensure that your technology roadmap is closely aligned with the overall business strategy. The roadmap should support the company’s broader goals, such as improving customer experience, driving revenue growth, or enhancing operational efficiency. Regularly revisit these objectives to ensure that your roadmap remains relevant as business priorities evolve.

2. Involve Key Stakeholders Early

Involving key stakeholders from the outset is crucial for buy-in and alignment. This includes not only IT and product teams but also representatives from other departments like marketing, sales, and finance. Their input can provide valuable perspectives on customer needs, market trends, and potential risks. Regular communication with stakeholders throughout the process ensures that the roadmap addresses the right priorities and has their support.

3. Prioritize Flexibility and Adaptability

The business and technology landscapes are constantly changing. Build flexibility into your roadmap by allowing for adjustments as new information becomes available or as priorities shift. Regularly review and update the roadmap to reflect changes in the market, technology advancements, or internal company shifts. This adaptability will help your organization stay responsive and competitive.

4. Break Down Large Initiatives into Manageable Chunks

Large projects can be overwhelming and difficult to manage. Break them down into smaller, manageable initiatives that can be delivered incrementally. This approach not only makes the workload more manageable but also allows for quicker wins, which can boost team morale and demonstrate progress to stakeholders.

5. Use Visual Tools for Clarity

A clear, visually appealing roadmap is easier to understand and more engaging for stakeholders. Use tools like Gantt charts, Kanban boards, or timeline views to present your roadmap. Visual tools help in tracking progress, identifying dependencies, and communicating the plan to various audiences. Ensure that the visual representation is tailored to the needs of the audience, whether it’s a high-level overview for executives or detailed task tracking for the IT team.

How Creately Helps in Creating Technology Roadmaps

Creately emerges as a powerhouse for building effective technology roadmaps. Its collaborative visual workspace fosters seamless visualization and real-time sharing, key to maintaining strategic alignment with business goals. Whether defining intricate software architecture, planning business strategies, or designing scalable cloud infrastructures, Creately ensures an organized and transparent process.

Define Software Architecture: Comprehensive support for UML, C4, database, and infrastructure modeling to precisely define and document software architecture from multiple viewpoints.

Cloud Architecture Design: Visual tools to design and manage AWS, GCP, and Azure architectures effectively with annotated metadata, ensuring coherent cloud infrastructures.

Business Strategy Planning: Utilize multiple frameworks and an infinite canvas to visually map out business strategies, ensuring they are aligned with organizational goals.

Design Better Systems: A flexible visual canvas to transition from architecture to implementation, maintaining traceability throughout the project lifecycle.

Creately’s dynamic roadmapping capabilities ensure your roadmap stays updated with ongoing developments and adjustments in strategy. Regular updates using Creately mean that your team consistently works towards clearly defined goals, ensuring the roadmap evolves in tandem with your business needs. Visual roadmaps constructed on Creately support crucial IT planning and operational decisions while providing insights that help mitigate risks and overcome potential challenges.

Join over thousands of organizations that use Creately to brainstorm, plan, analyze, and execute their projects successfully.

FAQs on Technology Roadmaps

What are the items of a technology roadmap, what are the three phases of a technology roadmap, how does a technology roadmap support innovation and growth, more related articles.

Chiraag George is a communication specialist here at Creately. He is a marketing junkie that is fascinated by how brands occupy consumer mind space. A lover of all things tech, he writes a lot about the intersection of technology, branding and culture at large.

5 advantages of technology in your business strategy

How adding technology as a core business strategy can take your company to the next level

By the team at Slack February 24th, 2023

As long as technology has been evolving, companies have been trying to keep up. But it was the Covid-19 pandemic that forced businesses of all sizes across all industries to shift to remote operations virtually overnight. Many employees are still working remotely, and quite a few plan to keep it that way.

According to a May 2021 Gallup poll , 52% of the entire labor force works remotely, with numbers higher than 80% in many industries. A stunning 35% of all workers want to stay remote long-term, rising to more than 50% in several fields.

When the pandemic hit, everyone was forced to scramble, doing the best they could with whatever technology they already had or could swiftly implement. This caused a fundamental shift in how we work, and companies have had to take a hard look at their business strategies. Business and technology are now inextricably linked, so it only makes sense to implement technology as a core part of a successful business strategy.

What is technology as a business strategy?

Technology as a business strategy refers to the concept of implementing technology in all levels of your business plan. Rather than putting technology in its own silo under the direction of the company’s chief technical officer (CTO) or chief information officer (CIO), it becomes a core component in all aspects of business operations.

Depending on the nature of your company, technology as a business strategy can generally be split into three core categories:

• Protection . Cyber hacks have become a common threat against companies of all sizes. Implementing technology as a core business strategy helps you direct resources toward security upgrades and training, as well as disaster planning and recovery. It allows you to develop security strategies for employees at all levels, across every department.
• Enhancement . With a largely remote workforce and a user base that became accustomed to shopping online during the pandemic, technology is more important than ever. Technology as a business strategy lets you plan for key rollouts that improve the experience for both employees and customers.
• Innovation . Unfortunately, even companies that have implemented tech tools for cybersecurity and enhanced operations are not taking advantage of in-house innovation. Carving out innovation periods every week, month or quarter lets your tech professionals both tinker with your existing tools and examine new options to provide the most-comprehensive solutions for your business.

Who’s doing it and why?

As you might expect, tech companies are leading the way in exploring the advantages of technology within their own business models. For example, at Slack, we are continually iterating on our IT and business technology tools.

Even as we strive to give our employees and customers the best possible experiences, we look at ways to improve how we scale, evolve with our users, and expand our areas of operational focus. To meet emerging needs, an internal tool called Slack on Slack helps us quickly build new bots, apps and other solutions within the platform.

But technology as a business strategy isn’t limited solely to tech companies. Whether you’re in manufacturing or customer service, technology is likely already part of your business. Implementing it as a core business strategy builds on what you’re already doing to streamline operations, add flexibility and rapidly adapt to changing circumstances (like a pandemic suddenly shutting down the globe).

5 advantages to putting technology in your business strategy

Adding technology to your business strategy can pay off for your company in a big way. Here are five major advantages of adopting technology as a business strategy.

1. Choose targeted technology solutions

The rapid evolution of technology has led to a seemingly endless number of products and solutions on the market. In a siloed company that walls off the IT department, team members have to make decisions based on relatively limited information. And each decision may solve only a single problem.

When you implement technology as a business strategy, you can make technology choices from a broader perspective. You know what you are trying to do, you have data to drive your decisions and you can look for solutions that meet multiple needs all at once. With time to iterate, you can also take advantage of the advanced capabilities of a platform like Slack, building customized solutions rather than grabbing yet another product to solve a specific issue.

2. Boost organizational productivity

You probably already know that technology can help drive productivity by providing you with data on sales figures, ROI and other crucial information. But did you know that technology can also help increase productivity at the individual level ? From bots that automatically send reminders about overdue tasks to apps that offer visual data on a project’s progress, implementing technology across all parts of your organization can help everyone perform their best.

3. Enhance collaboration

This is especially important with so many people working remotely. Platforms such as Slack and Zoom help everyone move forward in the same direction and ensure important tasks don’t get overlooked.

But technology as a business strategy also helps with customer collaboration. Consumers grew more comfortable with online shopping during the pandemic. Now is a great time to start using tools to more closely mirror the in-person shopping experience. From product videos to bots that serve as shopping assistants to real-time collaboration between designers and customers, technology can help your online shoppers feel important.

4. Set long-term goals and objectives

A solid business plan should include a series of short-, medium- and long-term goals, along with a road map for achieving them. But your technology plans may be more ad hoc right now, picking and choosing solutions when problems arise. Adding technology as a business strategy lets you scale your technology along with your business, anticipating needs and implementing strategies ahead of time.

5. Improve security

Today’s cyber attackers are more sophisticated than ever, and an old-fashioned security posture that relies solely on firewalls and antivirus software is no longer sufficient. Making technology a core part of your business strategy adds cybersecurity tools and training throughout your organization. Frontline workers and the C-suite alike are all informed about emerging threats and receive both the tools and the ongoing training they need to counter those threats.

Final thoughts

The pandemic accelerated everything from online grocery shopping to telemedicine in ways we could never have imagined. With customers now shopping online and a great deal of the workforce planning to continue working remotely, now is the time to prioritize technology throughout your organization. Rather than a siloed IT department, consider implementing technology as a core business strategy that runs throughout your organization.

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• 7 strategic planning models, plus 8 fra ...

7 strategic planning models, plus 8 frameworks to help you get started

Strategic planning is vital in defining where your business is going in the next three to five years. With the right strategic planning models and frameworks, you can uncover opportunities, identify risks, and create a strategic plan to fuel your organization’s success. We list the most popular models and frameworks and explain how you can combine them to create a strategic plan that fits your business.

A strategic plan is a great tool to help you hit your business goals . But sometimes, this tool needs to be updated to reflect new business priorities or changing market conditions. If you decide to use a model that already exists, you can benefit from a roadmap that’s already created. The model you choose can improve your knowledge of what works best in your organization, uncover unknown strengths and weaknesses, or help you find out how you can outpace your competitors.

In this article, we cover the most common strategic planning models and frameworks and explain when to use which one. Plus, get tips on how to apply them and which models and frameworks work well together. 

Strategic planning models vs. frameworks

First off: This is not a one-or-nothing scenario. You can use as many or as few strategic planning models and frameworks as you like. 

When your organization undergoes a strategic planning phase, you should first pick a model or two that you want to apply. This will provide you with a basic outline of the steps to take during the strategic planning process.

During that process, think of strategic planning frameworks as the tools in your toolbox. Many models suggest starting with a SWOT analysis or defining your vision and mission statements first. Depending on your goals, though, you may want to apply several different frameworks throughout the strategic planning process.

For example, if you’re applying a scenario-based strategic plan, you could start with a SWOT and PEST(LE) analysis to get a better overview of your current standing. If one of the weaknesses you identify has to do with your manufacturing process, you could apply the theory of constraints to improve bottlenecks and mitigate risks. 

Now that you know the difference between the two, learn more about the seven strategic planning models, as well as the eight most commonly used frameworks that go along with them.

1. Basic model

The basic strategic planning model is ideal for establishing your company’s vision, mission, business objectives, and values. This model helps you outline the specific steps you need to take to reach your goals, monitor progress to keep everyone on target, and address issues as they arise.

If it’s your first strategic planning session, the basic model is the way to go. Later on, you can embellish it with other models to adjust or rewrite your business strategy as needed. Let’s take a look at what kinds of businesses can benefit from this strategic planning model and how to apply it.

Small businesses or organizations

Companies with little to no strategic planning experience

Organizations with few resources 

Write your mission statement. Gather your planning team and have a brainstorming session. The more ideas you can collect early in this step, the more fun and rewarding the analysis phase will feel.

Identify your organization’s goals . Setting clear business goals will increase your team’s performance and positively impact their motivation.

Outline strategies that will help you reach your goals. Ask yourself what steps you have to take in order to reach these goals and break them down into long-term, mid-term, and short-term goals .

Create action plans to implement each of the strategies above. Action plans will keep teams motivated and your organization on target.

Monitor and revise the plan as you go . As with any strategic plan, it’s important to closely monitor if your company is implementing it successfully and how you can adjust it for a better outcome.

2. Issue-based model

Also called goal-based planning model, this is essentially an extension of the basic strategic planning model. It’s a bit more dynamic and very popular for companies that want to create a more comprehensive plan.

Organizations with basic strategic planning experience

Businesses that are looking for a more comprehensive plan

Conduct a SWOT analysis . Assess your organization’s strengths, weaknesses, opportunities, and threats with a SWOT analysis to get a better overview of what your strategic plan should focus on. We’ll give into how to conduct a SWOT analysis when we get into the strategic planning frameworks below.

Identify and prioritize major issues and/or goals. Based on your SWOT analysis, identify and prioritize what your strategic plan should focus on this time around.

Develop your main strategies that address these issues and/or goals. Aim to develop one overarching strategy that addresses your highest-priority goal and/or issue to keep this process as simple as possible.

Update or create a mission and vision statement . Make sure that your business’s statements align with your new or updated strategy. If you haven’t already, this is also a chance for you to define your organization’s values.

Create action plans. These will help you address your organization’s goals, resource needs, roles, and responsibilities. 

Develop a yearly operational plan document. This model works best if your business repeats the strategic plan implementation process on an annual basis, so use a yearly operational plan to capture your goals, progress, and opportunities for next time.

Allocate resources for your year-one operational plan. Whether you need funding or dedicated team members to implement your first strategic plan, now is the time to allocate all the resources you’ll need.

Monitor and revise the strategic plan. Record your lessons learned in the operational plan so you can revisit and improve it for the next strategic planning phase.

The issue-based plan can repeat on an annual basis (or less often once you resolve the issues). It’s important to update the plan every time it’s in action to ensure it’s still doing the best it can for your organization.

You don’t have to repeat the full process every year—rather, focus on what’s a priority during this run.

3. Alignment model

This model is also called strategic alignment model (SAM) and is one of the most popular strategic planning models. It helps you align your business and IT strategies with your organization’s strategic goals. 

You’ll have to consider four equally important, yet different perspectives when applying the alignment strategic planning model:

Strategy execution: The business strategy driving the model

Technology potential: The IT strategy supporting the business strategy

Competitive potential: Emerging IT capabilities that can create new products and services

Service level: Team members dedicated to creating the best IT system in the organization

Ideally, your strategy will check off all the criteria above—however, it’s more likely you’ll have to find a compromise. 

Here’s how to create a strategic plan using the alignment model and what kinds of companies can benefit from it.

Organizations that need to fine-tune their strategies

Businesses that want to uncover issues that prevent them from aligning with their mission

Companies that want to reassess objectives or correct problem areas that prevent them from growing

Outline your organization’s mission, programs, resources, and where support is needed. Before you can improve your statements and approaches, you need to define what exactly they are.

Identify what internal processes are working and which ones aren’t. Pinpoint which processes are causing problems, creating bottlenecks , or could otherwise use improving. Then prioritize which internal processes will have the biggest positive impact on your business.

Identify solutions. Work with the respective teams when you’re creating a new strategy to benefit from their experience and perspective on the current situation.

Update your strategic plan with the solutions. Update your strategic plan and monitor if implementing it is setting your business up for improvement or growth. If not, you may have to return to the drawing board and update your strategic plan with new solutions.

4. Scenario model

The scenario model works great if you combine it with other models like the basic or issue-based model. This model is particularly helpful if you need to consider external factors as well. These can be government regulations, technical, or demographic changes that may impact your business.

Organizations trying to identify strategic issues and goals caused by external factors

Identify external factors that influence your organization. For example, you should consider demographic, regulation, or environmental factors.

Review the worst case scenario the above factors could have on your organization. If you know what the worst case scenario for your business looks like, it’ll be much easier to prepare for it. Besides, it’ll take some of the pressure and surprise out of the mix, should a scenario similar to the one you create actually occur.

Identify and discuss two additional hypothetical organizational scenarios. On top of your worst case scenario, you’ll also want to define the best case and average case scenarios. Keep in mind that the worst case scenario from the previous step can often provoke strong motivation to change your organization for the better. However, discussing the other two will allow you to focus on the positive—the opportunities your business may have ahead.

Identify and suggest potential strategies or solutions. Everyone on the team should now brainstorm different ways your business could potentially respond to each of the three scenarios. Discuss the proposed strategies as a team afterward.

Uncover common considerations or strategies for your organization. There’s a good chance that your teammates come up with similar solutions. Decide which ones you like best as a team or create a new one together.

Identify the most likely scenario and the most reasonable strategy. Finally, examine which of the three scenarios is most likely to occur in the next three to five years and how your business should respond to potential changes.

5. Self-organizing model

Also called the organic planning model, the self-organizing model is a bit different from the linear approaches of the other models. You’ll have to be very patient with this method. 

This strategic planning model is all about focusing on the learning and growing process rather than achieving a specific goal. Since the organic model concentrates on continuous improvement , the process is never really over.

Large organizations that can afford to take their time

Businesses that prefer a more naturalistic, organic planning approach that revolves around common values, communication, and shared reflection

Companies that have a clear understanding of their vision

Define and communicate your organization’s cultural values . Your team can only think clearly and with solutions in mind when they have a clear understanding of your organization's values.

Communicate the planning group’s vision for the organization. Define and communicate the vision with everyone involved in the strategic planning process. This will align everyone’s ideas with your company’s vision.

Discuss what processes will help realize the organization’s vision on a regular basis. Meet every quarter to discuss strategies or tactics that will move your organization closer to realizing your vision.

6. Real-time model

This fluid model can help organizations that deal with rapid changes to their work environment. There are three levels of success in the real-time model: 

Organizational: At the organizational level, you’re forming strategies in response to opportunities or trends.

Programmatic: At the programmatic level, you have to decide how to respond to specific outcomes or environmental changes.

Operational: On the operational level, you will study internal systems, policies, and people to develop a strategy for your company.

Figuring out your competitive advantage can be difficult, but this is absolutely crucial to ensure success. Whether it’s a unique asset or strength your organization has or an outstanding execution of services or programs—it’s important that you can set yourself apart from others in the industry to succeed.

Companies that need to react quickly to changing environments

Businesses that are seeking new tools to help them align with their organizational strategy

Define your mission and vision statement. If you ever feel stuck formulating your company’s mission or vision statement, take a look at those of others. Maybe Asana’s vision statement sparks some inspiration.

Research, understand, and learn from competitor strategy and market trends. Pick a handful of competitors in your industry and find out how they’ve created success for themselves. How did they handle setbacks or challenges? What kinds of challenges did they even encounter? Are these common scenarios in the market? Learn from your competitors by finding out as much as you can about them.

Study external environments. At this point, you can combine the real-time model with the scenario model to find solutions to threats and opportunities outside of your control.

Conduct a SWOT analysis of your internal processes, systems, and resources. Besides the external factors your team has to consider, it’s also important to look at your company’s internal environment and how well you’re prepared for different scenarios.

Develop a strategy. Discuss the results of your SWOT analysis to develop a business strategy that builds toward organizational, programmatic, and operational success.

Rinse and repeat. Monitor how well the new strategy is working for your organization and repeat the planning process as needed to ensure you’re on top or, perhaps, ahead of the game. 

7. Inspirational model

This last strategic planning model is perfect to inspire and energize your team as they work toward your organization’s goals. It’s also a great way to introduce or reconnect your employees to your business strategy after a merger or acquisition.

Businesses with a dynamic and inspired start-up culture

Organizations looking for inspiration to reinvigorate the creative process

Companies looking for quick solutions and strategy shifts

Gather your team to discuss an inspirational vision for your organization. The more people you can gather for this process, the more input you will receive.

Brainstorm big, hairy audacious goals and ideas. Encouraging your team not to hold back with ideas that may seem ridiculous will do two things: for one, it will mitigate the fear of contributing bad ideas. But more importantly, it may lead to a genius idea or suggestion that your team wouldn’t have thought of if they felt like they had to think inside of the box.

Assess your organization’s resources. Find out if your company has the resources to implement your new ideas. If they don’t, you’ll have to either adjust your strategy or allocate more resources.

Develop a strategy balancing your resources and brainstorming ideas. Far-fetched ideas can grow into amazing opportunities but they can also bear great risk. Make sure to balance ideas with your strategic direction. 

Now, let’s dive into the most commonly used strategic frameworks.

8. SWOT analysis framework

One of the most popular strategic planning frameworks is the SWOT analysis . A SWOT analysis is a great first step in identifying areas of opportunity and risk—which can help you create a strategic plan that accounts for growth and prepares for threats.

SWOT stands for strengths, weaknesses, opportunities, and threats. Here’s an example:

9. OKRs framework

A big part of strategic planning is setting goals for your company. That’s where OKRs come into play. 

OKRs stand for objective and key results—this goal-setting framework helps your organization set and achieve goals. It provides a somewhat holistic approach that you can use to connect your team’s work to your organization’s big-picture goals.  When team members understand how their individual work contributes to the organization’s success, they tend to be more motivated and produce better results

10. Balanced scorecard (BSC) framework

The balanced scorecard is a popular strategic framework for businesses that want to take a more holistic approach rather than just focus on their financial performance. It was designed by David Norton and Robert Kaplan in the 1990s, it’s used by companies around the globe to: 

Communicate goals

Align their team’s daily work with their company’s strategy

Prioritize products, services, and projects

Monitor their progress toward their strategic goals

Your balanced scorecard will outline four main business perspectives:

Customers or clients , meaning their value, satisfaction, and/or retention

Financial , meaning your effectiveness in using resources and your financial performance

Internal process , meaning your business’s quality and efficiency

Organizational capacity , meaning your organizational culture, infrastructure and technology, and human resources

With the help of a strategy map, you can visualize and communicate how your company is creating value. A strategy map is a simple graphic that shows cause-and-effect connections between strategic objectives. 

The balanced scorecard framework is an amazing tool to use from outlining your mission, vision, and values all the way to implementing your strategic plan .

You can use an integration like Lucidchart to create strategy maps for your business in Asana.

11. Porter’s Five Forces framework

If you’re using the real-time strategic planning model, Porter’s Five Forces are a great framework to apply. You can use it to find out what your product’s or service’s competitive advantage is before entering the market.

Developed by Michael E. Porter , the framework outlines five forces you have to be aware of and monitor:

Threat of new industry entrants: Any new entry into the market results in increased pressure on prices and costs. 

Competition in the industry: The more competitors that exist, the more difficult it will be for you to create value in the market with your product or service.

Bargaining power of suppliers: Suppliers can wield more power if there are less alternatives for buyers or it’s expensive, time consuming, or difficult to switch to a different supplier.

Bargaining power of buyers: Buyers can wield more power if the same product or service is available elsewhere with little to no difference in quality.

Threat of substitutes: If another company already covers the market’s needs, you’ll have to create a better product or service or make it available for a lower price at the same quality in order to compete.

Remember, industry structures aren’t static. The more dynamic your strategic plan is, the better you’ll be able to compete in a market.

12. VRIO framework

The VRIO framework is another strategic planning tool designed to help you evaluate your competitive advantage. VRIO stands for value, rarity, imitability, and organization.

It’s a resource-based theory developed by Jay Barney. With this framework, you can study your firmed resources and find out whether or not your company can transform them into sustained competitive advantages. 

Firmed resources can be tangible (e.g., cash, tools, inventory, etc.) or intangible (e.g., copyrights, trademarks, organizational culture, etc.). Whether these resources will actually help your business once you enter the market depends on four qualities:

Valuable : Will this resource either increase your revenue or decrease your costs and thereby create value for your business?

Rare : Are the resources you’re using rare or can others use your resources as well and therefore easily provide the same product or service?

Inimitable : Are your resources either inimitable or non-substitutable? In other words, how unique and complex are your resources?

Organizational: Are you organized enough to use your resources in a way that captures their value, rarity, and inimitability?

It’s important that your resources check all the boxes above so you can ensure that you have sustained competitive advantage over others in the industry.

13. Theory of Constraints (TOC) framework

If the reason you’re currently in a strategic planning process is because you’re trying to mitigate risks or uncover issues that could hurt your business—this framework should be in your toolkit.

The theory of constraints (TOC) is a problem-solving framework that can help you identify limiting factors or bottlenecks preventing your organization from hitting OKRs or KPIs . 

Whether it’s a policy, market, or recourse constraint—you can apply the theory of constraints to solve potential problems, respond to issues, and empower your team to improve their work with the resources they have.

14. PEST/PESTLE analysis framework

The idea of the PEST analysis is similar to that of the SWOT analysis except that you’re focusing on external factors and solutions. It’s a great framework to combine with the scenario-based strategic planning model as it helps you define external factors connected to your business’s success.

PEST stands for political, economic, sociological, and technological factors. Depending on your business model, you may want to expand this framework to include legal and environmental factors as well (PESTLE). These are the most common factors you can include in a PESTLE analysis:

Political: Taxes, trade tariffs, conflicts

Economic: Interest and inflation rate, economic growth patterns, unemployment rate

Social: Demographics, education, media, health

Technological: Communication, information technology, research and development, patents

Legal: Regulatory bodies, environmental regulations, consumer protection

Environmental: Climate, geographical location, environmental offsets

15. Hoshin Kanri framework

Hoshin Kanri is a great tool to communicate and implement strategic goals. It’s a planning system that involves the entire organization in the strategic planning process. The term is Japanese and stands for “compass management” and is also known as policy management. 

This strategic planning framework is a top-down approach that starts with your leadership team defining long-term goals which are then aligned and communicated with every team member in the company. 

You should hold regular meetings to monitor progress and update the timeline to ensure that every teammate’s contributions are aligned with the overarching company goals.

Stick to your strategic goals

Whether you’re a small business just starting out or a nonprofit organization with decades of experience, strategic planning is a crucial step in your journey to success. 

If you’re looking for a tool that can help you and your team define, organize, and implement your strategic goals, Asana is here to help. Our goal-setting software allows you to connect all of your team members in one place, visualize progress, and stay on target.

Related resources

How to streamline compliance management software with Asana

15 creative elevator pitch examples for every scenario

How Asana streamlines strategic planning with work management

How to create a CRM strategy: 6 steps (with examples)

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Developing a winning tech strategy for your organization

Business leaders must embrace team cross-functionality if they want their tech strategy to succeed, Deloitte’s Frank D’Amelio and John Marcante write.

Frank D’Amelio is an independent advisor for Deloitte’s CFO Program and the former CFO of Pfizer. John Marcante is an independent advisor for Deloitte’s CIO Program. Views are the authors’ own.

The hallmark of a winning team is their ability to work together effectively toward a common goal by leveraging their various skill sets and diverse experiences.

Professional athletes display this teamwork regularly, and it is part of what makes the New York Yankees and Philadelphia Phillies games so fun to watch.

Put simply, athletes at the top of their game often operate as one cohesive unit. Businesses need to foster the same level of teamwork, communication, and shared understanding to achieve organizational agility and secure successful outcomes.

Cultivating a team of corporate athletes among employees not only enhances an organization’s overall capabilities, but also enables the business to respond swiftly to challenges while anticipating the evolving needs of their stakeholders.

Businesses that operate with increased agility are primed to succeed in an ever-changing corporate landscape, and finance and technology chiefs are on the frontlines of that agility. We believe that business leaders must embrace team cross-functionality and work at the intersection of finance and technology if they want their organizations to succeed.

Embracing technology as a team

As technology continues to be top-of-mind for business leaders and innovation becomes more woven into the fabric of business priorities, having a well-rounded team of leaders who understand how these roles intersect is vital to an organization’s success.

Now is the perfect time to focus on these efforts. Organizing, managing, and rationalizing technology strategy within the organization was identified as the CIO and tech leaders’ top priority, according to findings from Deloitte’s US CIO Program’s CIO Perspectives report .

Companies should consider opening sightlines between finance and tech leaders to optimize performance and provide greater visibility into each function’s priorities. This can help create a deeper understanding of how both teams work together to achieve more significant organizational priorities.

While a finance or tech specialist role certainly has its place, organizations can derive greater value from employees by encouraging them to broaden their skill sets through integrated, cross-functional teams. An agile operating model enables employees to develop a well-rounded skillset that prepares them — and the organization — for the interwoven challenges of a modern business landscape.

Deloitte’s CFO Agenda 2024 emphasizes the value of finance chiefs assuming the mindset of technologists and working hand-in-hand with IT to make informed decisions on whether or how to integrate breakthrough technologies like AI into workflows. 

Employers can cultivate this “team” mindset in their employees by coupling offense (innovation-focused) and defense (security-focused) mindsets to accomplish broader organizational goals. Each team member has a wealth of knowledge and experience to share, and leaders should encourage their teams to stretch beyond their traditional roles and leverage their colleagues’ expertise as appropriate.

This way of working requires more responsive, lean processes. Revolutionizing operations begins with embedding cross-functionality within each team member — a pivotal step towards a dynamic and modernized organizational framework.

Fostering well-rounded understanding

A cross-functional approach lowers barriers that typically discourage practice leaders from collaborating and communicating effectively. Leaders tend to foster insularity when they exclusively prioritize their own practice, inadvertently creating silos within the organization. Creating cross-functional leaders requires executives to manage their organization’s functions holistically, not in segments.

By setting the tone at the top and communicating the expectation for all leaders to collaborate across functions, leaders can encourage their entire team to become balanced, well-rounded performers for organizational success.

True transformation comes from a deeper understanding of the entire organization’s strategic priorities, which drives value creation. Leaders should look for opportunities to revolutionize their operations to thrive in the dynamic and modern business landscape.

Anticipated benefits for organizations that make this transformation include unlocking superior problem-solving, improved adaptability, and a fortified foundation of resiliency that propels the business forward and differentiates it from competitors.

Commitment from the top

The aspirations outlined above remain unattainable unless there is commitment and endorsement from company leadership.  Finance and tech leaders in particular must clearly articulate the need for synergies between both functions and seek to empower their teams to collaborate closely across overarching initiatives. The rise of generative artificial intelligence (GenAI) has created a great opportunity for leaders to put this kind of synergy into action.

Although Deloitte’s CFO Signals Survey 2Q 2024 indicated that GenAI was a top internal risk for CFOs, they are increasingly turning toward talent and successors with experience in emerging technologies, underscoring that CFOs must expand their skillsets to include tech fluency.

CEOs looking to embed the technology within their organizations might ask their tech practice leader to evaluate the best options from a functionality perspective, while finance teams research investment costs and anticipated value drivers. Collaboration between tech and finance departments ensures seamless integration of financial systems, enhancing data accuracy and efficiency.

Deloitte’s framework for AI governance within organizations encourages establishing multi-disciplinary teams to activate their company’s GenAI agenda within established guardrails. The responsibility for smart investments and strategic implementation lies with the entire organization — not just one team. Furthermore, operational continuity should be ensured beyond the current leadership and potential successors.

Contrary to historical beliefs, strong defense alone doesn’t win championships, and organizations that rely on tried-and-true business practices for fear of failure could be left behind.

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More From Forbes

A four-step customer experience blueprint for c-level executives.

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Miri Patrenko Laufer is the Head of Digital and Customer Experience for the Nerivio brand at Theranica.

Think of customer experience (CX) as the pulse of your company's brand. Whether engaging with your business through an app, phone call or in-store visit, customers are well aware of how they're treated. They can sense whether your organization is a vibrant hub of innovation and care or just another faceless operation.

McKinsey research "shows that companies that are leaders of CX achieved more than double the revenue growth of 'CX laggards' between 2016 and 2021." To C-level executives, delivering a truly meaningful CX means more than just boosting customer satisfaction—it's fundamental to sustainable growth. Here are the steps you can follow to embed CX in your business and make a lasting impact.

1. Start with strategic vision and leadership.

Set a strategic vision..

A customer-centric approach should be embedded into corporate strategy and implemented through actions. Simply claiming to be customer-centric is insufficient without supporting it with concrete efforts. By linking CX initiatives directly to key business metrics—such as revenue growth, customer retention and brand loyalty—your company can focus on achieving tangible outcomes.

$36 Trillion ‘By The End Of 2024’—Elon Musk Backs Serious U.S. Dollar Inflation Warning That’s Predicted To Cause An ‘Inevitable’ Bitcoin Price Crash

The world’s best single malt scotch—according to the 2024 scotch whisky masters, election 2024 swing state polls: harris leading trump narrowly in michigan and wisconsin—but tied in pennsylvania, develop dedicated leadership..

Developing CX champions within the organization is crucial for driving change and innovation. Establish a dedicated CX leadership role to guide the way and address any organizational resistance and fragmented accountability. This role should ensure that CX is delivered consistently across all business functions and create a culture where every department understands the importance of prioritizing customer needs.

Allow cross-functional unified delivery.

Achieving impactful CX relies on seamless collaboration across all departments—no more silos. Aligning departments helps ensure a consistent experience, maximizes the impact of each interaction and can lead to greater satisfaction and loyalty. Develop a CX road map that aligns all business functions and is communicated to everyone.

2. Develop a change management plan.

Minimize resistance to change..

Nonmarketing departments that lack direct customer interaction may struggle to see how their work affects CX. To address this, keep everyone informed and involved. Include employees in pilot programs and feedback sessions to foster ownership and buy-in. Celebrating milestones and successes can also maintain momentum and highlight the importance of CX improvements.

Communicate and follow up.

Develop a structured change management plan that outlines steps for rolling out new processes, addressing potential obstacles and monitoring results. Regular updates and transparent communication on progress and results will keep everyone engaged in this transformation.

3. Invest in the right technology from the get-go.

Create a single customer data view..

Integrating data from all touchpoints to create a comprehensive customer profile is crucial for addressing the challenge of fragmented customer data. A single customer view will allow your organization to deliver personalized experiences and across different channels.

Prioritize an omnichannel experience.

To provide a seamless CX, it's important to integrate and synchronize interactions across all channels. Providing an omnichannel experience means your customers can engage with your brand through various touchpoints—online, in-store, mobile and so on—while having a consistent experience and continuity in service and support. If you've implemented a single customer data view, you can excel in this.

Build a lean but smart technology ecosystem.

Invest in a customer relationship management (CRM) system, automation platform and analytics tool that work together. For smaller businesses that can't yet use a customer data platform (CDP) to consolidate a wide tech stack, opt for a lean services structure that combines all or most of the CX initiatives into one solution. For example, start with a service that manages support/ticketing, CRM, marketing automation and API integrations.

Balance AI tools and automation with human interaction.

Chatbots, natural language processing (NLP), predictive analytics and self-service tools can improve efficiency and maximize scale. However, it's important to implement them in a way that doesn't compromise the personal touch in customer interactions. Human agents should always be available for more complex or sensitive issues and occasionally provide context and recognize intent.

4. Monitor, learn and improve.

Don't be afraid to talk to your customers..

Regularly gathering and analyzing customer feedback helps drive continuous improvement in CX. In addition to utilizing surveys and AI tools to gain insights at scale, don't miss the opportunity to talk to your users one-on-one. These direct interactions provide deeper, qualitative insights and build stronger relationships, allowing you to identify nuanced needs and refine your marketing, business and operational strategies.

Measure short-term and long-term effectiveness.

To ensure your CX strategies are impactful and remain relevant, track and analyze both short-term effectiveness and long-term trends. Evaluate how customers interact with different touchpoints to identify immediate opportunities for improvement and address friction points. Simultaneously, monitor long-term CX trends to understand evolving customer preferences and expectations.

Prioritize the right KPIs.

Net Promoter Scores (NPS), customer satisfaction scores (CSAT) and customer effort scores (CES) are the three basic KPIs of CX. Prioritizing revenue-driven KPIs like customer lifetime value (CLV), customer retention rate (CRR) and churn rate can also help you achieve bottom-line results.

If your CX efforts are effective, you might start seeing early wins within three to six months, like boosts in CSAT, NPS and CES. After six to 12 months, you may notice significant improvements in customer retention and operational efficiency. For more substantial gains, such as increased revenue or greater CLV, you might need to wait one to two years. This time frame accounts for the return of customers, which depends on the product cycle and requires time to build up.

Navigating the complexities of customer experience requires more than just strategy—it demands a commitment to innovation, a deep understanding of your customer and a lot of patience. By prioritizing a holistic CX approach and adapting to challenges and opportunities, your customer interactions can make a lasting impact. As you implement these strategies, remember that exceptional CX isn't a destination but an ongoing journey toward meaningful engagement and sustainable growth.

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Keep Strategy Simple

• Graham Kenny

How to recognize when you need a strategic plan — and when you don’t.

Few companies have a clear idea of where strategy making ends and execution begins. As a result they develop strategic plans where they’re not required and fail to develop strategic plans where they are. To help prevent this happening to you Graham Kenny offers a few dos and don’ts: (1) Don’t develop strategic plans for functions; (2) Confine “strategy” to the business level; (3) Keep strategy and action separate; and (4) Be careful how you use the terms “strategy” and “strategic.”

In one of my recent LinkedIn discussions about business strategy, a commenter lamented : “Unfortunately, many of the strategic plans we see are no more than a mish-mash collage of ‘individual level’ rush-to-do’s, often missing out on an ‘organization-level’ cohesive and thought-through design intent.”

• Graham Kenny is the CEO of Strategic Factors and author of Strategy Discovery . He is a recognized expert in strategy and performance measurement who helps managers, executives, and boards create successful organizations in the private, public, and not-for-profit sectors. He has been a professor of management in universities in the U.S. and Canada.

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