Ep4 - How do you create a Technology Strategy?

Ep4 - How do you create a Technology Strategy?

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welcome to another episode of techies X talks where we dive into the world of technology leadership and Innovation I'm your host for vinder and today we're doing something a little bit different it's the first solo episode so do let me know what you think now earlier in my career there were many resources available to help me create or structure a technology strategy that made it difficult to know web style or what's prioritized however over the years I've learned a lot and through experienced trial and error I'm excited to share some of those insights with you today in this episode we're going to explore something that I've been working on for a little while called the technology strategy canvas now I'm sure many of you familiar with the business model canvas which is a great visual tool for articulating business models if you're not I'll include a link in the show description but what about technology strategy that's where the technology strategy canvas comes in it helps us organize visualize and communicate key components of our technology strategy I'll include a link to a canvas template in a show description which you're free to use under the Creative Commons license as we go through each component of the canvas I'll share my thoughts experiences and tips for maximizing the value of this tool and remember the canvas is flexible so feel free to adapt it to your own organization's needs so let's kick things off with the first component of the technology strategy canvas and that's that technology vision now when I say Vision I want you to think big picture this is about setting the North Star for your technology function The Guiding Light that sets the direction for everything that you do you see the technology vision is all about articulating where you want to go and how technology will play a role in getting you there it's about answering the question what's the future we're striving towards and how does technology fit into that future but you know what this is not just about tech itself it's about how technology enables it empowers your organization to achieve its strategic goals it's about creating positive impact driving Innovation and ultimately delivery value to your customers and stakeholders so when you craft your technology Vision I want you to think long term go beyond the immediate challenges and opportunities and paint a picture of the future and that even first inspires you and motivates your team because the end of the day compelling vision is the one that resonates with people and brings them together now in my experience a great technology vision is clear concise actionable it's not just a lofty statement but rather a vision that provides Direction and a sense of purpose in lines with the broader mission of your organization that serves as a foundation for your technology strategy so take a moment to reflect on your technology Vision what does it look like how does it connect with your organization's values and objectives and most importantly how does it Inspire your team to drive meaningful change let's move on to the next opponent of the technology strategy canvas and that's value proposition technology is not just about bids and bytes it's about delivering real value to our organization and to our customers so the value proposition is all about defining the unique value that your technology function brings to the table what are the benefits and advantages that technology provides how does it differentiate your organization and give you that Competitive Edge when I think about value I think about solving problems and meeting needs I think about creating opportunities and enhancing experiences and as a technology leader we have a unique opportunity to drive value through Innovation and digital transformation now here's the thing your value proposition should go beyond just a list of features or capabilities it should speak to the impacts and the outcomes that you deliver it should connect with your stakeholders and resonate with their goals and aspirations in my experience a strong value proposition is one that's customer-centric and outcome focused it's about understanding the needs of your customers both internal and external and driving Technology Solutions that address those needs so take a moment to reflect on your value proposition what makes your technology function unique how do you create value for your customers your partners and your organization as a whole and most importantly how do you communicate that value in a way that drives engagement and alignment so we talked about Vision we've talked about value and now it's time to dive into the nuts and balls literally so let's explore the next component of the technology strategy cameras key Technologies key Technologies are the core Technologies and platforms that underpin your technology strategies then building blocks that enable you to deliver on your value proposition and achieve your technology vision now when we talk about key Technologies we're not just looking at what's in place today also keeping an eye on emerging Technologies and trends that could shape the future whether it's AI blockchain or something else entirely staying ahead of the curve is key to maintaining that Competitive Edge in my experience technology needs me to strike that balance between leveraging proven Technologies and experimenting with new and innovative solutions it's about finding that sweet spot where stability meets agility where reliability meets creativity so as you reflect on your key Technologies think about the technology stack that powers your organization one of the critical technologies that drive your operations and support your products and services and just as importantly what are the emerging technologies that have the potential disrupt and transform your industry now here's a little tip when evaluating technologies always keep the customer in mind how do these Technologies enhance customer experience solve customer problems and create value for your stakeholders because at the end of the day technology is just a means to an end a tool to deliver value and drive impact it's important to remember because you can quite easily go towards the bleeding edge and you need to be careful all right let's keep the ball rolling and let's dive into the next component of Technology strategy canvas key resources behind every great technology strategy they're a critical resources that make it all possible these resources provide the foundation for executing your technology initiatives and achieving your desired outcomes so what are we talking about when we say Key Resources well it's a broad category that includes everything from people such as your talented team members and their unique skill sets So Physical assets like hardware and infrastructure it also encompasses intellectual properties such as patterns tray secrets and software code the key here is to identify the resources that are crucial to your net Quality Function what do you need to succeed and how do you allocate and manage those resources effectively in my experience technology leaders need to be strategic and intentional about resource allocation so I'm making tough decisions prioritizing Investments and ensuring that you have the right resources in the right place at the right time and let me tell you it's not just about having access to resources it's also about optimizing and maximizing their value about building synergies leveraging economies and scales and driving efficiency across your technology function so take a moment to reflect on your key resources what are the critical assets capabilities that underpin your technology strategy how do you manage and deploy those resources to deliver on your value proposition and achieve your technology vision because the end of the day resources of the fuel the powers your technology engine they're the enablers that drive Innovation create value and Propel your organization forward so now we come on to component that's all about action execution we're talking about Key activities Key activities are the main activities and processes that you need to execute your technology strategy these are the things you do on a day-to-state basis to deliver on your value proposition Drive Innovation and achieve your technology vision now when we talk about Key activities we're looking at everything research and development to technology deployment and maintenance we're considering how you manage projects deliver Solutions and collaborate with cross-functional teams here's the thing every organization is different the Key activities for a text Data might come look completely different from those at a large Enterprise it all depends on your unique context your goals and your technology strategy again in my experience successful technology leaders are intentional about defining their Key activities they'll have a clear understanding of what needs to be done and how to do it effectively they're able to prioritize delegate and align activities with strategic objectives so take a moment to reflect on your key activities what are the critical processes and tasks that drive your technology function how do you ensure that these activities are aligned with your technology vision and value proposition and more importantly how to create a culture of accountability ownership and continuously proven because at the end of the day it's not just about what you do it's about how you do it so that brings me on nicely to key Partnerships which is a component that's all about collaboration and synergy you see in the world of technology no organization is in Ireland we all rely on Partnerships alliances and collaborations to achieve our goals and deliver value and that's what key Partnerships is all about identifying those external relationships that support and enhance your technology strategy so who are your key technology partners are there vendors suppliers service providers that play a critical role in the technology ecosystem do you collaborate with research institutions industry associations or other organizations to drive Innovation and knowledge sharing in my experience success successful technology leaders Rift is the power of Partnerships they understand that by collaborating with others they can access new resources tap head to specialized expertise and unlock new opportunities and it's not just about what your partners can do for you it's also about what you can bring to the table it's about creating win-win relationships that deliver Mutual value and drive positive outcomes so have a think about your key Partnerships what are the Strategic relationships that's for your technology function how do you nurture and manage those Partnerships to ensure they Thrive and deliver value and most importantly how do you build trust alignment and collaboration with your partners because the end of the day Partnerships are all about people relationships and shared goals so as we continue to navigate the technology strategy canvas we come to a component that's all about putting your money where your mouth is investment and resources executing a winning technology strategy requires thoughtful and Strategic investment despite allocating resources both financial and non-financial to support your technology initiatives and achieve your desired outcomes so what are we talking about when we say investment resources well it's about technology budgeting prioritization and allocation it's about deciding where to invest your Capital your time and your effort to maximize value and impact and I can tell you these decisions are always easy as technology leaders we often face tough trade-offs on competing priorities we need to strike a balance between short-term needs and long-term goals between Innovation and stability in my experience successful Technologies are transparent and data driven in these investment decisions they use metrics benchmarks and insights to make informed choices they communicate clearly with stakeholders and align Investments with strategic objectives so just take a moment have a thing about your investment and resources how do you allocate resources support your technology strategy what criteria are you using to prioritize Investments and make trade-offs and most importantly how do you ensure that your Investments deliver a strong return on investment and drive meaningful outcomes because at the end date it's about making every pound or dollar every hour and every resource count now moving right along let's talk about customers and customer segments specifically as soon as I say that you might be tempted to think that you don't directly interact with customers we see at the Hub every successful technology strategy are the customers and stakeholders who benefit from it these are the individuals and groups whose needs preferences and goals shape your technology roadmap and drive your Innovation efforts so when we talk about customer segments we're looking at both internal and external customers these could be business units within your organization and use of your products and services or external partners and stakeholders who rely on your Technology Solutions so every customer segment is unique they all have different needs different pain points and different expectations as a leader it's our job to understand those nuances and deliver Technology Solutions that resonate in my experience successful leaders are customer-centric in their approach they listen to customer feedback engage in meaningful dialogue and prioritize customer satisfaction they use data and insights to make informed decisions and drive customer-centric innovation have a think about your own organization who are the key customers and stakeholders that benefit from your technology strategy how do their needs and goals shape your technology initiatives and most importantly how do you build strong relationships with your customers and their trust and deliver value that exceeds their expectations because the end of the day technology is a means to an end a tool to create positive experiences and drive customer success so we're going to come on to now a subject that is extremely important people technology is powered by people talented individuals who bring their skills expertise and passion to the table that's why we're diving into this component and it's simply just called people the people component is all about the key roles talent and skill sets needed to execute your technology strategy start building and nurturing a high performing technology team that can drive Innovation deliver value and achieve your vision now when we talk about people we're also talking about the cultural attributes of values within the technology function spanning creating an environment where people feel empowered engaged and inspired to do their best work I think any leader be in technology or not are people-centric in their approach they lead by example Foster a culture of collaboration and invest in the growth and development of their team members be it through a career engineering framework or through setting up hackathons so when you talk about people have a thing what are the key key roles and skills that drive your technology function how do you attract retain and develop top talent in a competitive market and most importantly how do you create a culture that values diversity inclusion and Innovation because the other day people are the heart and soul of your technology function they're the driving force behind your success so that brings me neatly onto ways of working the ways of working component is all about how your organization approaches technology development and delivery it's about the methodologies processes and practices that shape how you work collaborate and make decisions whether using agile lean waterfalled or any other kind of methodology it's important to create an environment that Fosters collaboration effective communication and efficient decision making is there a one-size pencil in terms of ways of working no every utilization is unique and what works with one may not work for another key is to find an approach that aligns with your goals your culture and your technology strategy again in my experience successful leaders are adaptable and agile in their ways of working they Embrace change encouraging experimentation and Foster a culture of continuous Improvement they Empower their teams to take ownership collaborate and deliver results so just take a moment reflect on your ways of working how does your organization approach technology development how do you manage projects set priorities and make decisions and most importantly how to create a culture of trust transparency and accountability because at the end of the day your ways are working a reflection of your values your principles and your commitment to Excellence okay so let's now move on to an aspect that can is be overlooked but is absolutely critical which is risks and mitigation what other Technologies ever changing and with that comes risk and uncertainties that could be anything from cyber security threats and data breaches to Regulatory Compliance and project delays the risks of mitigation component is all about proactively identifying assessing and managing the potential risks associated with your technology strategy about building resilience and ensuring that you're prepared to respond effectively when challenges arise I think technology leaders don't shy away from risks they tackle them head-on using a systematic and data-driven approach they assess the likelihood and impact of risks prioritize mitigation efforts and establish contingency plans so have a think about your own risk of mitigation as well you know what are they what are the risks and challenges that could impact your technology function how do you manage and mitigate those risks do you do business continuity testing do you do penetration testing that sort of thing so you must Foster a culture a risk awareness or risk ownership both within your team and more broadly because the end of the day effective risk management is a team effort it requires collaboration communication and a shared commitment to protecting your organization and its stakeholders okay so we're nearly at the end of The Journey with the technology strategy canvas let's turn our attention to a companion it's all about measuring success success metrics add slas is the setting of Technology strategies one thing but how do we know if we're on the right track how do we measure the effectiveness of our technology initiatives and ensure that we're delivering real value that's where success metrics and slas service level agreements come into play their key performance indicators metrics and agreements that help us gauge our progress assess our performance and drive accountability success metrics might include things like technology adoption rates Innovation metrics and customer satisfaction stores slas on the other hand Define the expected level of service and performance both internally and externally so as a technology leader you need to be data driven and results oriented you need to set player and measurable objectives monitor performance and use data to make informed decisions be transparent with stakeholders and committed to continuous Improvement So within your own organization with your own technology strategies what are the key indicators that measure the success of your strategy how do you track a report on metrics to ensure transparency and alignment and most importantly how do you use those metrics and slas to drive positive outcomes and enhance the customer experience because at the end of the day technology is all about delivery value exceeding expectations and driving impact last but certainly not least on technology strategy canvas is a component That's essential to every technology function cost structure the cost structure component is all about understanding the major costs associated with implementing and maintaining your technology strategy this includes everything from research and development expenses to infrastructure costs licensing fees and Personnel costs as technology leaders we need to be mindful of how we allocate our resources and manage our costs it's about striking the right balance between investing Innovation and maintaining operational efficiency successful technology leaders are strategic and transparent about cost management they engage in budgeting and forecasting and line costs with strategic priorities and communicate clearly with stakeholders about financial decisions so take a moment to reflect on your cost structure what are the major costs Society were associated with your technology strategy how do you manage and optimize these costs to maximize value and drive positive outcomes and most importantly how to ensure that your technology Investments deliver a strong return on investment because the end of the day start making smart financial decisions that support your technology vision and create a lasting impact and there you have it folks we've taken a comprehensive Journey Through the technology strategy canvas exploring each of its key components discussing how it can help you shape and communicate your technology strategy from setting a clear technology Vision to managing risks and mitigation to measuring success with metrics and slas the technology strategy canvas is a powerful tool that can help you navigate the complex and ever-changing world of technology remember your strategy is important and helps guide your organization but the one constant about business is change and it's important to remember to apply pragmatism of flexibility as required too as we wrap today's episode I want to encourage each of you to take what you've learned and apply to your own technology function whether you're a seasoned Tech exec or an aspiring leader I hope this exercise provided some value insights and inspiration and again as a reminder there's a link to the canvas template in the show description remember technology is more than just tools and gadgets it's about empowering people driving Innovation and creating positive impact do let me know if you'd like to see an example that technology strategy cameras and also whether you've enjoyed this as a side of episode or not I'm covinda and this has been another episode of techsec tools thank you so much for joining me today and look forward to our next conversation until then stay curious [Music] thank you

2023-04-24 01:09

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