Technology is an important tool for private companies to achieve efficiency, increase revenue and stay one step ahead of the competition. While private company owners and entrepreneurs understand the importance information technology can play to adding value and driving growth for their business, it’s always a challenge to keep abreast of the latest developments and solutions best suited for the company and its business objectives. Therefore, it is helpful to consider a formal process that maps technology to your business initiatives, making technology an integral part of the overall business plan and an important component on longer term growth initiatives.
It’s key to recognize that technology encompasses both a cost of doing business and an opportunity to do more business, and that there needs to be a dynamic balance between efficiency and innovation. CIOs or heads of the IT department need to be strategic thinkers, able to speak the layman’s language and deliver the message that technology can create new opportunities and enhancements to the business and facilitate growth for the company.