Business-IT Alignment in the Digital Era
Move seamlessly from IT strategic planning to business innovation with IT portfolio management
The days of just maintaining IT resources are over. As the economy and the potential for corporate expansion grew stronger, IT departments initiated business-IT alignment through digital transformation to produce business growth and innovation. There are necessary steps to move seamlessly from IT portfolio rationalization to IT strategic planning to business innovation, using IT portfolio management.
In this white paper, learn how you can help build an effective IT strategy plan and foster business innovation in three steps:
1 – Align IT and Business Strategy
Define an IT architecture that effectively supports strategic business initiatives by clearly understanding business needs and objectives.
- First, map business capabilities by engaging with business teams to capture the business roadmap and tie it to business objectives.
- Then, define the future IT architecture that supports these objectives.
To integrate continuous changing requirements, adopt an agile enterprise architecture approach.
2 – Create and Manage an IT Project Portfolio
The need to support new business capabilities through an evolving IT architecture requires to manage related IT projects, such as the development of new applications or the retirement of obsolete technology components.
In some cases, projects can also originate from an ideation process based on the input of various stakeholders. Establishing a standardized, robust and automated IT project portfolio management practice will help you select, prioritize and initiate new projects, adding value to your company’s digital transformation and operations. It will help find the optimal mix of IT projects to support changing business needs.
3 – Build IT Roadmap and Execute IT Strategy Plan
To build an effective roadmap, each IT projects need to be assessed and prioritized based on its potential value to the organization and its strategic business goals. This assessment can be based on many factors, including costs, benefits, resources, risks, and potential impacts on the IT architecture and finance.
An IT project portfolio management practice will help prioritize projects, turning candidate projects into accepted ones, and build the IT roadmap. You can then monitor and update projects status as they are executed, and keep key stakeholders informed about the level of the IT strategy plan, business-IT alignment and the company’s digital transformation.
IT portfolio management helps IT leaders manage their legacy IT landscape as well as effectively support business growth and innovation. IT rationalization is a first step to free up resources and budget to embrace new projects. IT strategic planning tightens the link between strategy and project execution, providing support for quickly evolving business strategies.