Every organisation needs tech strategy. Period.
In the age of fast moving technology and fierce competition, a great tech strategy differentiates a successful organisation from a failing one. But most get it wrong. Why?
Strategy is not only about doing what’s right. It is equally important to stop or avoid doing what’s not right.
That’s where most organisations go wrong. They persist in erroneous technological domains that add little or no value to their core business.
Let’s take blockchain for example.
Blockchain is an amazing technology. It has tremendous potential to decentralise industries like finance, insurance, real estate etc.
But many organisations get in to blockchain without a clear view of how it will help their business. They burn fingers by investing too much before they are ready and eventually deem the technology as failure.
A good tech strategy, led by a strong leader, is essential in every organisation. This is particularly true in orgs where technology is not yet considered a competitive advantage.
Technology can be a powerful tool against your competition. Whether you use it well or lose the opportunity depends on how good is your tech strategy.