Why All Businesses Should Have a Technology Plan

by Yolanda Goodloe | June 22, 2020

It goes without saying that business plans and marketing plans are a critical part of the business planning process, but many businesses fail to recognize the importance of a technology plan in the business development process.

At its most basic level, a technology plan is a high-level strategy that details where the organization is now, and where it wants to go in the future with respect to technology and infrastructure. It can play a critical role in a company’s competitiveness when it comes to government contracting.

In my work with business owners, I have found that a technology plan makes a huge difference in how organized they are and how efficiently they run. Whether it’s event planning software, financial software, plumbing industry software, or point of sales software – all of these can be used to manage workflows, projects, and employees more efficiently. Integrating software can help manage inventory, cash flow, invoicing, and improve your knowledge and understanding about the inner workings and health of your business.

Companies that use this technology are more competitive than their counterparts that do not. Here are just two examples of that.

Example #1

One of my clients wanted to compete for a Federal Emergency Management Agency (FEMA) contract to provide housing inspections. After conducting market research and researching the current contract holder, we discovered that they had a hand-held computer issued to each of their inspectors. This allowed their employees to produce reports on-site and communicate them directly to FEMA officials using software that was compatible with current FEMA technology.

Example #2

Another client recently won a large contract with a government agency because they were already working with the organization. Leveraging their strength for building IT infrastructure, they identified solutions to improve the agency’s efficiencies, and developed a technology plan to advance their operations. This forward thinking in technology provided a win-win for both the client and their customer. A long-term contract for my client and state of the art technology for the government.

Still not convinced that a technology plan is essential? Take a look at the benefits a technology plan can provide your business, below.

• Technology software can improve operations.
• Industry software can increase efficiencies in a variety of business areas.
• Companies that invest in technology to improve customer experience has a competitive advantage.
• Companies that invest in technology have become benchmark companies with best practices.
• Technology can be used to help improve cash flow and funding.
• Technology can provide information that help companies make better decisions.
• Technology can create transparency in the supply chain.

As demonstrated, technology plans can help businesses differentiate themselves from competitors while also improving customer experience. For assistance with creating a technology plan, it’s important to stay abreast of the technology tips and trends in your industry, as well as utilize your local resources.