What do you do if your IT Strategy risks are hindering business growth?

Frequently, there is a misalignment between business objectives and IT strategy. It is essential to collaborate with the C-suite to clarify these goals and then convert them into a viable technology solution. Many technology initiatives fail to yield expected business results, often due to inadequate architectural planning. Architects should be able to identify technological obstacles and demonstrate to leadership the financial implications of not addressing these issues. Subsequently, it is crucial for architects to secure support from the C-suite and key stakeholders.

IT and cyber risk assessment needs to become much more continual and real time in nature as breaches could lead to catastrophic consequences for the organization. It is imperative that the right monitoring tools are deployed and a robust GRC framework put in place to simplify oversight of IT leadership and protect the enterprise from significant risk exposure.

Assess risks, prioritize them, align IT with business goals, allocate resources, implement mitigation strategies, monitor continuously, communicate importance, remain agile, and review for improvement. Ex: if outdated technology slows operations, invest in upgrades to enhance efficiency and competitiveness.

IT Strategy in a VUCA world needs pitstop checks to stay aligned with business goals. When it hampers growth, immediate actions are needed: Risk Assessment: Catalog and Rank the Risks with high impact IT risks. Stakeholder Engagement: Coordinate with leaders and staff on the "specific" risk mitigation. Mitigation Strategies: Create plans for critical risks, like tech substitution and/or upgrades(Assume EA is Modular) and security improvements. Resource Allocation: Shift resources to areas needing urgent attention. Process Optimization: Improve IT processes for efficiency. Staff Training: Upskill yourself and team on new technology. Communication Plan: Update stakeholders regularly. Review and Adapt: Frequently review the "go to green" plan.

I know of multiple CIOs who wound up losing their jobs because they dug in and were immovable when it came to conflicts between their IT Strategy and business needs. As an IT leader you can't expect your business partners to understand technically what is happening, and they will resent you for believing you have a position that can't be refuted. The business does not need to know HOW you do something, but they do need to understand the benefits or risks of not doing it, in terms they can understand. Taking the time to help them understand puts you in a position of collaboration and gives them confidence that you are really on their side.

Indeed, you will not be able to tackle everything at the same time and you will not be able to generate technological debt to deal with high-risk subjects. You must therefore launch a parallel modernization of your business processes to provide vectors for growth and productivity through technological modernization while guaranteeing that this will aim to decommission your legacies in the medium to long term. You will more or less kill two birds with one stone! Why in parallel? Because this can only be done by freezing changes to your legacies, which allows you to reallocate your skills to modernization (thus motivating your competences as well). Your shareholders must also accept this approach. It's in their interest.

Ensure your IT strategy aligns with the overall business goals and addresses identified risks. Actions: Review and adjust your IT strategic plan to close gaps revealed during the risk assessment. This may include revising objectives, reallocating resources, or introducing new initiatives. Outcome: A realigned IT strategy that supports business objectives and reduces vulnerability to risks.

To achieve strategy realignment, organisations must adopt best practices such as stakeholder engagement, governance, alignment frameworks, and performance measurement and includes: 1. Aligning IT strategy with the business goals, addressing identified risks and adjusting the IT strategic plan to close any gaps. 2. Fostering a positive risk culture by promoting risk awareness, ownership, accountability and encouraging dialogue on risk issues and integrating risk management into strategic planning and decision-making. 3. Utilising models and tools like the Strategic Alignment Model, Balanced Scorecard, and IT Value Chain to improve the alignment of IT and business goals and implementing methods to monitor and evaluate this alignment.

When investing in tech projects, it's crucial to consider factors like the team's expertise, market potential, scalability, and competitive landscape. AI tools can assist by providing insights through data analysis, market trends, risk assessment, and developing, helping with decisions and identify promising opportunities with both business and technology teams.

In times of cloud, static investments are not needed for operations of business IT. You can rent all convenience IT services as high available and robust cloud services. Invests should go today dedicatedly into product innovation and differentiator parts of the company’s business model. Don‘t invest into your next technology toy - as long as you don‘t know how to earn money with it. Main criteria to prioritize invests is time to market for the associated business improvement.

Allocate resources efficiently to maximize return on investment while mitigating risks. Focus investments on robust IT infrastructure, advanced technologies (like AI and data analytics), and training for staff. Prioritize spending on areas that offer the greatest impact in terms of risk reduction and value creation. Expected Outcome: Optimized use of resources that strengthens the IT foundation and supports sustainable growth.

Santhosh Keshavan, CIO of Voya, was on a panel yesterday, discussing some these and other topics. Some of his thoughts: "Technology debt complicates data value-extraction because there is no single source of truth; architectures have to be right so more energy goes into managing data instead of managing systems; processes should be reimagined to avoid bolt-ons that hide simplification opportunities; and more should be invested in transformation and innovation than in maintenance."

Investing wisely in technology is paramount to mitigate risks and foster growth. Focus on solutions that offer flexibility, scalability, and positive business outcomes. Allocate resources efficiently to prioritize investments in robust IT infrastructure, advanced technologies, and staff training.

Strengthen IT security to protect against threats that can derail your strategy and business operations. Implement advanced security measures such as multi-factor authentication, encryption, and regular security audits. Invest in cybersecurity awareness training for employees to minimize human-related vulnerabilities. Expected Outcome: A more secure IT environment that protects assets and data, thus reducing the likelihood of disruptive security incidents.

Enhancing security measures is non-negotiable in today's digital landscape. Strengthen cybersecurity protocols through multi-factor authentication, encryption, and regular audits. Educate employees on cybersecurity best practices to minimize human-related vulnerabilities.

Prioritize the identified risks based on their severity and likelihood of occurrence. Focus on addressing the risks that have the most significant potential impact on business growth first.

Enhancing Cybersecurity is a key component of most IT Strategies. Some guidelines on this regard include the following: 1. Prioritize cybersecurity measures to safeguard against potential threats. 2. Assess current security posture and implement stronger policies, technologies, and practices. 3. Educate staff on best practices to minimize risk. 4. Regularly update security protocols to stay ahead of evolving threats.

Think resilience and not only cyber resilience. You want to make sure that in addition to knowing the risks, you know what are the consequences of such situation arises, that you have a plan, and that this plan is tested on a regular base

In my experience continuous monitoring is crucial data but it needs to be paired with rapid continuous incremental improvement actions aligned to what the monitoring data presents. It is also important to adopt an agile culture where there is constant iteration and retrospectives to develop more leading than lagging opportunities.

Many companies miss out on this continuous monitoring.. I know a huge heavy vehicle dealership put together DR / BC plans 5 years ago. There were new regulations 2 years back in their industry and they failed to comply. That caused them legal issues and they are working now to fix it (reactionary approach) to avoid penalties. We still see lot of SMB retailers writing down CC number in paper and keeping them in XLS.. they fail to realize that PCI is being violated blatantly.. employees have to be trained to adhere to Best Practices/ Risk Mitigation and never bend them for convenience..

Continuous monitoring of IT infrastructure facilitates proactive identification of potential impediments to growth. This encompasses surveillance of network efficacy, system robustness, and security notifications. Active metric tracking enables swift response to prospective threats and system inefficiencies. The data procured from continuous monitoring is instrumental in guiding informed decisions regarding future IT investments and strategic modifications.

Implement continuous monitoring of IT systems to detect issues early and respond promptly. Embrace agile methodologies to adapt quickly to changing market conditions and business needs, fostering a culture of innovation within the IT team. By proactively addressing IT strategy risks and fostering agility, organizations can navigate challenges and drive sustainable growth in the digital era.

Work with relevant teams to develop mitigation strategies tailored to each identified risk. These strategies may involve technological enhancements, process improvements, resource allocation, or strategic realignment.

Agile adoption is vital for innovation and speed however enterprise needs to create a delicate balance between agility standardization as it brings best of both worlds from manageability, collaboration to agility and innovation.

IT is constantly changing so pivot quickly to ensure you meet your business goals. Business generates revenue and money in the bank which is crucial. So review your IT strategy often and pivot when needed to meet your business goals.

Few years back, Gartner introduced me to the Bi-Modal business, emphasizing the dual imperative of fostering resilience and innovation. It's crucial to not only maintain stability but also to be bold and creative, challenging and evolving beyond traditional business models. Adopting an agile methodology is key, as it enables organizations to swiftly pivot and alter their course, facilitating seamless transitions between models without disrupting team dynamics. Building innovative solutions at the top of a resilient foundation drives sustainable growth. Embrace agility to ensure your business thrives long-term.

Agile adaptation is a good business transformation to follow. "Fail fast, fail often" is the motto for agile. The quicker someone can test out a new idea, the better. If what was developed does not resonate, then the team can try another idea. In order to have a faster go-to-market strategy, companies have to turn to agile adaptation.

Enhance the organization's ability to respond quickly to changes in the business environment and technology landscape. Actions: Adopt agile methodologies in project management and development processes. Encourage a culture of innovation and flexibility in strategy execution. Outcome: A responsive and flexible IT operation that can adapt to changes and seize new opportunities, thereby supporting continuous business growth.

"Embrace Data-Driven Decision-Making": Accurate data empowers business insights and supports new business models. Use data as a valuable asset to drive revenue. "Address Technology Debt": Similar to financial debt, technology debt accumulates over time due to short-term decisions (e.g., tactical solutions like quick fixes, 30-60-90 day planning, and delayed upgrades). Shift focus from short-term cost savings to long-term value creation. Invest in technology solutions that consider scalability and adaptability. Adding to 'Strategy Realignment': Evaluate and align business and IT stakeholders with a shared vision. Prioritize initiatives that directly contribute to business growth.

Your internal IT skillset - their capabilities and their limitations. Oftentimes companies are unable to effectively achieve strategic IT outcomes due to a differing required skillset to enable future outlook than is currently staffed for managing current technology and infrastructure. Organizations need to include a plan for addressing knowledge gaps and mitigating the risk associated by either augmenting staff, outsourcing, or cross-training.

Promoting a culture of Risk awareness and transparency is very important at all times and even more so if the IT Strategy is not working. Encouraging employees at all levels to identity, report and propose ideas to mitigate the IT strategy risks can prove of great value. Also, having transparent communication mechanisms where potential impact of the IT Strategy on business growth is discussed along with steps to address them might be instrumental.

Maximizing business growth requires seamless alignment between IT and business strategies. If IT hurdles impede progress, swift action is imperative. Begin by recalibrating IT goals in harmony with overarching business objectives. Dive deep into identifying hindrances, whether they stem from internal factors like skill gaps/org structure/operating model or external pressures such as geopolitical shifts/market competition/ policy/Technology shifts. Next, analyze the business architecture meticulously to pinpoint bottlenecks. Armed with this insight, craft a comprehensive strategy spanning short, mid, and long terms. Collaborate closely with business stakeholders, ensuring a value-driven approach that fosters partnership and propels growth.

To counteract the negative impact of IT Strategy risks on business growth, organizations should actively foster a culture of innovation. This involves encouraging a mindset that embraces experimentation, supports creative problem-solving, and promotes the adoption of cutting-edge technologies. By doing so, businesses can transform potential IT risks into opportunities for innovation. This approach not only mitigates the risk by diversifying technology and process solutions but also positions the company as a forward-thinking leader in its industry. Encouraging teams to innovate can lead to breakthroughs that streamline operations, enhance product offerings, improve customer experiences, generate new value, and stay ahead of market trends.