Technology roadmap

What is a digital technology roadmap?

A digital technology roadmap is a high-level, multi-functional document that outlines specific business goals relating to digital initiatives, such as digital transformation.

It’s an actionable blueprint that aligns digital ambitions with short-term and long-term business transformation objectives. 

Digital technology roadmaps incorporate the four main areas of digital transformation: technology, data, process mapping, and organizational change.

What is included in a technology roadmap?

Businesses use technology roadmaps to achieve automated, synchronized, and efficient operations. Organizations are sometimes reluctant to fully onboard new technologies and feel intimidated by some of the complex processes involved.

However, a recent BDC Industry 4.0 study found that companies that embrace digital transformation initiatives, including the adoption of technology roadmaps, are better positioned to react more rapidly to fluctuations and changes in the market. 

Six crucial steps that businesses need to follow to create a successful technology roadmap

1. Identify strategic objectives
   Identifying strategic objectives is the most important step in creating a technology roadmap. Businesses need to think about what tools and information can help teams become more insightful, proactive, and responsive. Delivering new and exciting experiences whilst creating additional value for money is crucial for modern digital-first enterprises. Businesses have learned that utilizing and enforcing IT transformation strategies makes it easier to grow and prosper.
2. Plan for the future
   Investments should focus on both immediate needs and long-term measurable benefits that push businesses processes into the future. The Internet of Things (IoT) and other technology-driven innovations have upended business practices and provided competitive advantages that attract customers through a dynamic marketplace. Technology that is adaptable, scalable, and intelligent helps businesses meet long-term needs and obtain lucrative returns on investments.
3. Define functional needs and priorities
   Defining functional needs and priorities helps businesses appropriately assess their options and plan effectively. It’s useful to include the following steps when creating a technology roadmap:– Review business processes and pinpoint inefficiencies
   – Identify gaps in technology or vulnerable areas of your business
   – Recognize functional capabilities needed to support processes
   – Formulate an in-depth actionable checklist
   
4. Measure cost-effectiveness
   Technology initiatives are notoriously expensive, making it important to research pricing, including practical, realistic cost estimates for each project in your roadmap. Additional or ongoing investments, such as infrastructure costs, subscription fees, and annual maintenance payments also need to be factored into the equation.
5. Establish realistic timelines
   Realistic timelines ensure that projects are adequately funded and resourced to encourage maximum success.
6. Establish an IT steering committee
   IT steering committees stimulate and promote communication to overcome departmental or individualistic thinking patterns, helping to establish all-around technology roadmap support

Why are technology roadmaps important?

Technology roadmaps are built in a way so that functional leaders and higher-ups clearly understand the scope of current projects. This includes: 

• Aligning key stakeholders – Functional leaders use technology roadmaps to strategically enforce new programs or ask for infrastructure improvements. This aligns stakeholders, including IT, engineering, and other departments, enabling business leaders to get the best out of new technologies. 
• Developing new initiatives – Technology roadmaps can be used to design future strategic technology initiatives and often include software implementation or rolling important software updates. They are delivered by internal-facing IT democratization teams and digital strategists to vendors and other departments to help broaden long-term scope. 
• Communicating strategic plans – Successful technology roadmaps communicate strategic plans quickly and effectively to the right people. They allow for the speedy implementation of new technology and easily deployable processes.

Technology roadmaps and digital transformation

Innovation and technological breakthroughs bring about constant change, making it crucial to have a measurable technology roadmap that helps businesses plan for their digital transformation. The benefits of technology roadmaps are vast and have been proven to propel businesses into digital-first through the adoption of agile and innovative programs and resources. 

The pace of digital transformation is greater than ever and technology roadmaps ease the burden of cross-departmental uncertainty. They align employees towards the same objectives and provide them with useful insights into broad-spectrum technology initiatives.

Conclusion

Technology roadmaps enable businesses to drive self-awareness and build frameworks that enable long-term success.

Incorporating IT, marketing, distribution, and other important departments, technology roadmaps are essential for any business looking to penetrate the digital sphere. 

The rapidly changing pace of innovation means that gaps in technology are inevitable. The quicker businesses can identify the core functional capabilities needed to improve their internal and external processes, the better.

A properly utilized technology roadmap encourages and stimulates digital growth whilst developing areas of future technological expansion and best practices.