Essay about The Value Of Strategic Planning

Essay about The Value Of Strategic Planning

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Analyzing the value of strategic planning related to IT
“You’ve got to be very careful if you don’t know where you are going, because you might not get there.” by Yogi Berra. Similarly, firms have to formulate plans that help them achieve the desired outcomes and objectives by making sure they utilize their existing resources carefully. This process or plan is nothing but strategic planning.
Major issues why IT isn’t a part of business strategic planning is because (a) value of IT is not understood by majority of executives (b) opportunities to use information technology are not recognized and applied because more importance is given to meet business goals and objectives and (c) The pace at which consumer demands are changing at one hand and the pace at which technological innovation is going on, it is making it more and more difficult to align business and IT strategies.
Information Technology is always treated as an implementation tool or a support function and does not form part of strategic planning related to business. But firms have to understand that it is very important to include IT in strategic planning of business because majority of the business opportunities are now opened and formed due to technological developments and innovations. In order to achieve (a) greater profits (b) competitive advantages (c) reduced cost (d) standardized process (e) enhanced productivity and (f) gain sustainability and growth, firms have to make sure that the IT and business strategy planning are totally in coordination towards achieving common goals.
Best practice for formulating and implementing strategic planning for IT is (Reynolds G. W., 2010) -
(a) Define the vision and mission
(b) Conduct internal and external assessments (SWOT...

... middle of paper ...

...novations breakthrough, etc.
b) IT strategic planning process requires that the firms CIO conduct internal and external analysis (SWOT), evaluate the present state of IT, and then align the analysis with the firm’s objectives and goals, and then focus on IT initiatives which will bring in concrete benefits
c) The IT teams/departments should be aware about the business objectives and provide valuable solutions similarly business side people should treat IT more than just implementing tool or supporting team to gain that upper edge in the competitive market
d) Firms that have used and implemented IT strategic planning has seen the following –
- Reduced complexity in process and its delivery
- Faster time to foster changing demands of market and consumers
- Efficient and quick product and service releases
- Better inter department collaboration between various teams

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