What is IT Strategy

IT strategy is a complete plan that summarize the way technology should be applied to meet IT and business goals. It is a recorded document that presents information about several elements affecting the enterprise’s investment in technology and how it is used. IT strategy must include every facet of technology management such as cost management, human capital management, hardware and software management, vendor management and risk management.

Guidelines

The implementation of IT strategy includes three major points of process consisting of summarizing the business goals, finding business principles and forming business plan. The guidelines for an IT strategy include:

· Line up IT strategy with the business strategy and governance.

· Ensure that the business needs are achieved.

· Provide Infrastructure and Service Management to ensure reliability and scalability.

· Determining project goals and specifying project scope in accordance to business goals

· Designing project activities, schedules and timetables

· Organizing IT tools and resources

· Evaluating total project time

· Implementing a budget in keeping with project goals and budget

· Producing supporting documentation, charts and schedules

· Managing risk analysis and summarizing possible project challenges and risks

· Developing a strategy for monitoring and reporting progress to the business management team

· Outlining project plans with the IT implementation team and outlining an effective communication strategy

Tools and best Practices

Tools and best practices

SWOT

"SWOT analysis (or SWOT matrix) is a strategic planning technique used to help a person or organization identify the Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning". (Wikipedia). More

Benchmarking

"Benchmarking is comparing one's business processes and performance metrics to industry bests and best practices from other companies. In project management benchmarking can also support the selection, planning and delivery of projects" (Wikipedia). More

Balanced Scorecard

"The balanced scorecard (BSC) is a strategic planning and management system that organizations use to:

Communicate what they are trying to accomplish
Align the day-to-day work that everyone is doing with strategy
Prioritize projects, products, and services
Measure and monitor progress towards strategic targets" (Score Balanced Institute). Read more

Porter’s five forces

"Porter's Five Forces is a simple but powerful tool for understanding the competitiveness of your business environment, and for identifying your strategy's potential profitability"(Mind Tools ). Read more

VMOST

"The VMOST Analysis Tool is a useful tool to ensure that you (and your team) are still aligned to the original mission and mission. The VMOST process has 5 key elements: Vision Mission Objectives Strategies Tactics The VMOST tool is an analytical process. It reviews the 5 elements of your team/organization and reviews if the elements are in alignment." (Read)

Core Competencies

"A core competency is a concept in management theory introduced by C. K. Prahalad and Gary Hamel.[1] It can be defined as "a harmonized combination of multiple resources and skills that distinguish a firm in the marketplace" and therefore are the foundation of companies' competitiveness" (Read here)

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