The very foundation of IT is constantly evolving, forcing rapid development of infrastructure and services. If an organization does not act quickly to capitalize on new innovations, it will quickly fall behind the curve, lose potential revenue, and waste resources. Having a nimble IT department that can quickly implement new technologies helps keep the company competitive, improves efficiency, and creates a more effective support system for the business.
Technology is moving faster than ever
As we progress through 2017, technology is progressing at a faster rate than at any point in history. This means that companies that don’t keep up with the pace of progress will be left behind. As IT becomes an even more important part of practically every business, it becomes increasingly critical that companies devote the resources necessary to support the business. This means both improving existing services and infrastructure and investing in new ideas that are the future of IT, such as automation and IoT. CIOs must constantly look forward and act quickly in order to drive business goals and support the company.
Fast IT is cost effective
About 45 percent of IT projects experience cost overruns.1 This is due in large part to projects running over schedule or being otherwise poorly planned. This also does not take into account opportunity costs of projects that aren’t finished rapidly. IT projects that save money and make the company more efficient should be implemented as soon as possible to maximize their benefits. Every day of lost cost savings is money that can never be recovered. Projects that are streamlined and brought to market faster drain fewer resources and cost less overall. Implementing complex new solutions takes significant resources; companies should strive to make the process as efficient as possible.
Stay ahead of competitors
Building a fast IT organization isn’t just about keeping up, it’s also about getting ahead and staying ahead. Forward-thinking organizations that act quickly have a significant competitive advantage over companies that are still using yesterday’s technology. New watershed technologies like IoT and automation haven’t even begun to be fully exploited, even by the most advanced companies.
The fate of a company can rest on the next disruptive innovation. The CIO plays an extremely important role in ensuring that new technologies and information systems allow the organization to race ahead of the competition. By taking steps to maximize the speed of IT transformation, IT leaders can better prepare their companies for the future.
1 Michael Bloch, Sven Blumberg and Jürgen Laartz, Delivering large-scale IT projects on time, on budget, and on value, McKinsey & Company Insights, April 2012.