Over half of CEOs are confident about their business’s revenue growth in the ‘new normal’, according to PWC.
But for those grappling with uncertainty, now’s the time for reflection.
If cultivating growth and building competitiveness is your objective, but you’re struggling to make progress, take a step back. It could be that your IT strategy isn’t aligning with your business strategy.
With that in mind, here are four signs your IT strategy is a barrier to your success.
1. Your systems haven’t changed
Reflect on the past five to ten years. Have you updated your systems or devices? Have you embraced new technologies, such as automation and virtual desktops?
Your aging technology stack may ‘do’ for the time being. But, eventually, it’ll become costly to maintain and unable to keep up with your growing demands. If you’re set on facilitating business growth, you’ll need to move with the changing times and embrace modern alternatives.
2. You’re too busy firefighting
Did you know that the average cybersecurity vulnerability takes 256 days to fix?
If your IT team’s regularly in the trenches, mending cybersecurity concerns or other IT issues, it’ll only hinder your growth. This is because fixing issues eats into time that could be spent on innovation. Not to mention, these instances of firefighting can cost money, too.
3. You’re not data-driven
Yes, you may have data. And lots of it. But if your data is riddled with errors, duplicated, or inaccessible, it won’t offer any value to your business.
In fact, poor data quality can cost businesses an average of $15 million (£11 million) per year in revenue losses.
Ultimately, making decisions without using accurate data is much like driving while blindfolded. You’re relying on gut instinct, and that’s never good for business growth. As Mei Selvage, former research director at Gartner, explains:
‘Good quality data empowers business insights and starts new business models in every industry. It allows enterprises to generate revenue by trading data as a valuable asset.’
4. Your infrastructure is inflexible
Just like you can’t build a house without land, you can’t chase exciting new business ventures without a flexible infrastructure.
If you’re incapable of scaling your environments to meet client demand, surges in sales or product launches, you’ll find it difficult to grow consistently. Typically, this will be more of an issue if your infrastructure is on-premises.
Shake up your IT strategy
‘The journey of a thousand miles begins with a single step.’ – Lao Tzu
So, is your current IT strategy is causing inefficiencies, hiking costs, and lagging growth? If so, it’s high time you shake things up.
At HTG, we believe you should follow your Northstar. By this, we mean aligning your IT strategy, processes and systems with your business goals. If building business growth and competitiveness are your goals, you must do everything in your power to meet them. That includes updating your IT strategy and championing modern technology.
Of course, the road to success isn’t always easy alone. So, if you need some support, reach out today and discover how our Northstar framework could help.
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