Every venture needs a strong and reliable technology partner to lift its standards. However, to suffice the purpose of the business, IT needs to think and act like a lucrative business.
In this article at ITSM.Tools, Doug Tedder explains that to become the business technology partner, IT firms need to start transforming their approach and run as a business value.
The author suggests that running IT as a business is not possible without the bang-on IT basic. Understand your venture in terms of technology-enabled moves essential to achieve success. Aim for creating a niche in the market by holding the foundation strong. Here are seven key elements to make IT run like a business:
- Strategy Planning: IT must have a strategy to leverage on, and it must be business-centric. Technology has the power to enable a new business model and open a completely new market segment. Therefore, it is essential to navigate competitive role in the emerging technologies like the IoT, automation, and RPA.
- Compelling Service Portfolio: Even though an IT firm is well positioned as the sole technology provider in a specific category, it also needs a compelling service and product portfolio. This will encourage other businesses to seal a deal with the IT firm while enabling improved business decisions.
- Outstanding Experience: Being one of the most significant influences on business, customer experience (CX) impacts consumer loyalty quotient and acts as a growth contributor. It requires solid operational processes, robust accessible knowledge, and a personalized self-service capability to extend the best customer experience.
- Formalize Governance: Like other businesses, IT must formalize governance that results in the transparency of decision making, empowering teams, while keeping the focus intact to achieve desired company goal.
- Exhibit Financial & Business Insight: Running ‘IT as a business’ requires strong financial and business acumen to answer queries related to the cost of service, major IT spend, reduced cost in comparison with others, or IT cost comparison to the market.
- Effective Marketing: IT firms need to create and offer a service catalog to reinforce and demonstrate IT-enabled businesses. Effective Business Relationship Management (BRM) influences the use of IT from a strategic perspective.
- Research and Development: Keeping a close watch over changing and upcoming technologies and trends are best for the business. Technology keeps evolving, thus, IT firms must invest in research and development by constantly leveraging on methodologies like Kaizen.
Click on the following link to read the full article: https://itsm.tools/2018/09/11/7-things-you-must-do-to-run-it-as-a-business/