Read this article and learn about:
- Why adopting an agile approach to IT strategy is becoming increasingly important
- Seven steps to developing an agile IT strategy
- Balancing the need for operational flexibility with the strategic vision for IT
- Building an IT department capable of executing and supporting an agile IT strategy
About the author:
Ian Cox, CIO columnist, advisor, and blogger
Technology is transforming the way we do business. It is changing customer behavior and expectations, and it is creating more dynamic markets where speed and agility are more important than size and brand. For organizations to compete in this constantly changing marketplace, their business strategies increasingly need to be flexible and their organizations able to change direction, reprioritize and create new capabilities more quickly and more frequently than they have done in the past. It follows then, that the organization’s technology strategy also has to be flexible and must be able to support regular changes in the organization’s strategy and technology requirements.
Operating at the speed of digital
Digital markets move quickly, they are more dynamic than traditional markets and they can be disrupted more easily. New technology-enabled business models, products and services can be developed and launched far more quickly than has previously been possible. And they can be scaled-up to meet a surge in demand in a matter of days or even hours.
Customer needs and expectations drive digital markets. Customers have more choice than ever before and, in some cases, they can move to an alternative supplier in the time it takes to download an app. They can access information about new products and services, the best prices and deals, and good experiences and poor service through social media, comparison sites and reviews from other customers. In the digital era, customers compare experiences across industries and markets and they are more demanding as a result. Hence, when it comes to customer experience, every organization is competing with Amazon, Uber, AirBnb, et al, regardless of the industry in which they operate.
It is no surprise then that businesses that are successful in digital markets have a relentless focus on the customer, and are constantly looking for ways to improve or enhance their products and services in response to the continuously evolving customer needs and expectations. As a result, digital products and services have shorter lifecycles than traditional products and services. They are developed and launched in shorter timescales and are updated, upgraded and replaced more frequently.