The ever-evolving nature of technology can present both opportunities and challenges for businesses. In our modern world, nearly all businesses rely heavily on technology for even the most basic of daily operations.
As such, in order to maintain a sustainable and competitive business model, it is crucial to take a proactive approach towards the effective use & protection of technology. Regardless the size of your organization, technology management is an essential component in both your short- and long-term success.
What is Technology Management?
Technology management is a multi-faceted discipline based on how businesses strategically leverage various technologies in order to foster growth and achieve key objectives.
Also frequently referred to as “IT management,” it empowers businesses to gain a clearer understanding of how technology can benefit efficiency and other operational aspects. Technology management encompasses the various policies and practices used to employ technologies to nurture, maintain, and elevate a business’s competitive advantage.
In order to implement a productive approach to technology management, a business must:
- Understand the role and purpose of technology within the business, both in individual departments and as a whole
- Be prepared to invest in new technologies that are relevant to business goals
- Be willing and able to develop existing technologies to fulfill improved outcomes
For businesses and organizations across all industries, technology has a marked impact on the ability to keep up with (and ideally, stay ahead of) competitors. Therefore, technology management is not simply a beneficial practice; it is a necessity.
What is the Role of Technology Management in Business?
When you consider how valuable technology can be for a business’s growth and expansion, it is easy to see why effectively managing relevant policies and strategies is so important. But exactly what does technology management look like in practice?
The needs and goals of each business play a central role in shaping their approach to technology management, as well as the day-to-day tasks involved. Though there is no “one-size-fits-all” strategy, tech management in the business world commonly includes tasks such as:
- Maintaining current technology: Monitoring, updating, and maintaining software, hardware, and all other technological components, in order to ensure reliable performance and avoid as many potential problems as possible.
- Overseeing security and safety: Managing all aspects of cybersecurity, including incident response, data protection, permissions, etc., preventing and dealing with cyberattacks and other security issues.
- Providing information about and advocating for new technology: Keeping a finger on the pulse of the latest innovations, specifically those that can directly benefit the business in question.
- Technology project management: Organizing and executing new tech initiatives within the business, such as migration projects.
Keep in mind that this is a very basic summary of the multitude of responsibilities a tech management team needs to fulfill.
A Framework for Business Technology Management
Technology management should be viewed as a foundational component of business operations, with a clear framework for effective implementation.
This framework is based on four key concepts, each one equally important.
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Technology strategy
Strategy in technology management focuses on the “what” and “how” of using tech to support business growth. Much like any form of strategizing, this aspect of technology management requires clear, measurable goals and action-oriented steps – specifically linked to technology – to achieving those goals.
A solid technology strategy enables an organization to weigh the risks vs. benefits of new initiatives, measure return on investment, and generally take a more thoughtful, intentional approach to technology as a whole.
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Technology forecasting
The purpose of technology forecasting is to equip businesses with the information they need to pinpoint new, beneficial technologies. It involves ongoing, careful observation of the larger technological environment, as well as an understanding of new methodologies related to current and potential technology.
As you can imagine, forecasting requires a high level of expertise and awareness of upcoming advancements, challenges, solutions, and more.
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Technology road mapping
Closely tied to technology strategy is the practice of road mapping, which zeroes in on the planning processes associated with using technology. It examines the distinct goals of a business, creating a detailed “road map” for how technology will be implemented in relation to said goals.
Technology road mapping is a necessary component for locating the exact technologies that will be of use to a business.
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Technology project portfolio
Because of the integral role of technology in business operations, it’s likely that an organization will have multiple technology projects in process at one time. For example, an organization may be working on a massive cloud migration project, while also updating their voice and data communications.
The technology project portfolio contains all active projects, and is used by managers to:- Prioritize certain tasks/projects
- Designate resources
- Analyze outcomes
- Capitalize on returns
- Plan future investments
Why is Technology Management Important?
The importance of effective technology management cannot be overstated. In addition to being essential to the daily operations of a business, it is also necessary for optimal productivity, growth, and long-term success.
What are the Benefits of Technological Management?
Organizations of all sizes and types can reap the benefits of tech management for business, such as:
- An organized methodology for managing and evaluating IT: Tech management allows an organization to accurately assess the cost and consumption of various IT services, providing a useful way to measure technology demand and performance.
- Reduced operations costs: Sometimes, even the simplest technological upgrades can have an impressive impact on productivity, which can result in reduced costs of operations.
- Effective adaptation: One of the most basic principles of building a successful business is the ability to constantly adapt to new demands, needs, and expectations. Technology makes this possible in several ways, equipping organizations with the necessary tools to better serve their customers, complete key tasks, and so on.
- The means to run IT as a business, rather than simply an aspect of daily operations: By measuring and recording the value of the IT services being consumed, tech management equips decision-makers with the information needed to develop goals/objectives for all IT efforts.
- An ability to connect IT services to key business outcomes: When technology is viewed as a resource and tool, as well as productively managed by a business, it becomes much easier to drive cost optimization by linking IT needs to specific business goals.
Organizations that have harnessed the full potential of technology management can improve decision-making for IT initiatives, effectively allocate resources, and manage the quality and cost of the IT services they use. And perhaps most notably, tech management can transform IT services from an incurred cost to an enabler of profitability.
Why Partnering with a Technology Management Company is a Wise Investment
Technology is constantly changing, making it inherently difficult to manage. Therefore, a growing number of organizations are choosing to partner with technology management professionals, in order to optimize their IT efforts.
Ideally, your organization will work with a provider that offers personalized technology management services, specifically tailored to your unique needs and goals. And of course, those services should evolve over time, to ensure that you keep pace with shifting objectives and tech advancements.
I hope you found this information helpful. As always, contact us anytime about your technology needs.
Until next time,
Tim
