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.
Jeff Vail
Chief Executive Officer
As CEO, Jeff leads Wavestone US’ team of experienced consultants and plays a pivotal role in strategy development and execution for the firm. He is a top advisor and thought leader on Wavestone's range of services, spanning IT strategy, run optimization, and IT service management. With more than 20 years of experience in executive leadership functions, he has a deep understanding of what is takes to solve IT’s biggest problems: aligning with the business, lowering costs, and increasing speed and impact.
6 Operational and Strategic Benefits of GenAI-Driven Tech Procurement
Nov 30, 2023
The procurement of technology services stands at a fascinating crossroads, with the introduction of generative AI marking a transformative shift in how organizations approach this critical function. Read our blog for 6 key operational and strategic capabilities enabled by GenAI-driven tech procurement.
Navigating Complex Procurement: 5 Challenges and Best Practices
Nov 23, 2023
Effective procurement drives efficiency, cost savings, and supply chain reliability, and comes with its fair share of complex challenges. Overcoming them requires a multifaceted approach integrating strategic thinking, innovative solutions, collaboration, and proactive risk management. Read our blog for a detailed examination of 5 major procurement challenges and top-line strategies for success.
Have a Question? Just Ask
Whether you're looking for practical advice or just plain curious, our experienced principals are here to help. Check back weekly as we publish the most interesting questions and answers right here.