IT Strategy: 4 Steps to Building Your Technology Roadmap

I reviewed the service options online, then called the company with a question. The customer service representative immediately accessed my device information, then explained my warranty and options for scheduling an appointment . I received an email confirmation with the date and time of my appointment , then a reminder email and call from the technician letting me know he was on his way.

At the end of his visit, the technician presented me with the checklist and details about my heating unit, had me sign it, and then sent me a digital version of the report, along with my invoice and payment confirmation – all from his tablet.

In short, the company has leveraged various technologies to deliver a superior customer experience.

The technology roadmap as a starting point for major technology initiatives

This experience made me think about the many companies that want to automate and synchronize their activities to increase efficiency, but are hesitant to invest, either because of the costs and complexity of the technologies or because they don’t know where to start without a well-defined plan to do so.

Major technology initiatives, such as implementing a new customer relationship management or enterprise resource planning system , can be daunting. They are typically expensive, time-consuming, carry a high risk of failure, and can significantly impact a company’s day-to-day operations. Software focused on specific business functions, such as scheduling , while more affordable, also comes with its own set of challenges, such as limited functionality and the need to integrate various systems.

Despite these challenges, companies that have invested in digital technologies report increased productivity, reduced costs, and improved product quality. As a recent BDC study on Industry 4.0 indicates , these companies are also better positioned to respond more quickly to market changes and have better growth prospects.

It will help you align your IT projects with your strategic priorities, plan for the long term, and determine your needs and priorities before investing.

Here are six steps to follow to build your technology roadmap.

1. Determine your strategic objectives

What are your strategic priorities? What are your expectations regarding the financial and operational benefits you want?

Reducing effort and waste is a good initial goal, but take your thinking further.

How could you provide a better experience or added value to your customers?

For an IT strategy to be effective, you need to clearly define your strategic objectives and how technology will enable you to achieve them.

2. Plan for the future

Investments that target immediate needs are less cost-effective, lead to duplication of effort, and inflate costs. Today’s customers expect to be able to interact with you through multiple channels—mobile apps, social media, websites—and want the experience to be seamless and consistent, regardless of the channel.

The explosion of affordable mobile devices, for example, has enabled many businesses to use real-time data to build closer relationships with customers, optimize resources, and track performance. The Internet of Things (IoT) and other technology trends are becoming competitive advantages that attract customers and separate winners from losers in the marketplace.

Your business can’t afford to stagnate.

Technology that’s flexible, scalable, and expandable enough to meet your long-term needs will help you maximize the return on your investment.

3. Define your functional needs and priorities

Without a clear definition of your needs and priorities, you will not be able to properly evaluate your options and plan effectively.

When building your roadmap, be sure to do the following:

Review your business processes and identify inefficiencies

Identify technology gaps or deficiencies in existing systems

Determine the functional capabilities required to effectively support or improve your processes

Prepare a list of actions to be taken, taking into account their order of priority.

In my work, I’ve noticed that my clients consistently express a desire to improve their reporting, performance indicators, and predictive analytics to help them plan, execute, and deliver their products and services according to expectations. However, it’s important to determine the underlying data required to meet expectations, as well as the criteria for data collection: how, when, where, and by whom.

4. Measure costs

Large-scale technology initiatives can be costly and require significant investments. For example, BDC’s Industry 4.0 study of Canadian manufacturing companies found that they invested an average of $261,000 in digital technology projects over the past two years.

Research pricing and establish a realistic cost estimate for each project in your roadmap. Also consider additional or recurring costs such as the cost of new infrastructure, subscription fees, and annual maintenance and support fees.