Developing a functional technology investment strategy means first taking a look at your business strategy to determine where you plan to grow, change, or improve. With the evolution of possible technologies available to you, it’s important to stay on top of current products and trends. If you decide to have someone else monitor these trends, sit down with them and inform them about what areas are of particular importance to you. These areas could include business applications, data warehousing, Web services, and wireless technologies.
If you have specific projects in mind, it’s best to speak with a trusted IT advisor to conduct a cost/benefit analysis. Choose the technology that you can afford and that will help you achieve your business goals. Consider the time it will take to implement these technologies and the personnel that will be needed to test, support, and train staff. Finally, stay abreast of new technologies as they arise. The last thing you want is an outdated technology strategy that overlooks new opportunities in the marketplace.
For more on technology investment strategies, be sure to read How to Develop a Technology Investment Strategy.