Does Your Business Have an IT Governance Strategy in Place?
It’s not uncommon for outfits to fall short when implementing an IT governance plan. Working with a third-party consultant can improve operational success.
Operating a successful organization in today’s fast-changing technological era tasks entrepreneurs and CEOs with implementing IT policies that underscore goal achievement. But what remains problematic for decision-makers is determining best practices, cybersecurity protocols, and how to align an operation’s formal IT framework to further revenue-driving endeavors.
For many small and mid-sized outfits, a disconnect generally exists between IT usage and goal attainment. That’s largely due to the fact that business leaders commonly bring specialized knowledge about their respective industries. Most entrepreneurs and CEOs are too busy to stay abreast of the latest IT trends or emerging cybersecurity threats. That’s why even some of the most determined decision-makers fail in the IT governance arena. These are things you should know about IT governance.
1: What is IT Governance?
A fundamental way to understand IT governance is that it delivers improved structure to an organization in a way that furthers operational strategies. As a formal IT framework, it can produce quantifiable results in areas such as productivity, communication, and cost-efficiency, among others.
The IT Governance Institute asserts that “IT governance is the responsibility of executives and the board of directors, and consists of leadership, organizational structures, and processes that ensure that the enterprise’s IT sustains and extends the organization’s strategies and objectives.”
Companies that work in conjunction with state and federal agencies are also tasked with incorporating government mandates into their managed IT policies and cybersecurity protocols. Having an IT governance policy in place allows chief information officers (CIOs) to deftly negotiate internal networks to maintain regulatory compliance, among other necessities.
2: Importance of Implementing an IT Governance Plan
Attaining IT governance excellence has been consistently linked to improved value creation. This is to say that it ensures accountability concerning top-tier communications, project development, resources, and underscores leadership excellence. It has also proven cost-effective in eliminating redundancies that diminish profitability. Simply put, strategically managing IT through governance has emerged as a formula for organization-wide success through the maximization of controls and best practices.
3: Benefits of IT Governance
Because IT governance takes generalized policies and galvanizes them into a formidable, goal-oriented management formula, the strategy has delivered measurable gains. Top-level benefits are often the result of industry leaders bringing in impartial managed IT experts. When working with a third-party IT specialist, these are commonly enjoyed benefits.
- Alignment: Governance works hand-in-glove with an organization’s IT portfolio to bring investment, objectives, and responsiveness to potential disruption together.
- Transparency: A singular governance plan allows key stakeholders an in-depth understanding of how and why best practices further goal achievement.
- Objectivity: Small and mid-sized outfits are too often reactionary about IT strategies and cybersecurity threats. Governance sets standards and practices that ensure team members remain proactive and on the same page.
- Risk Management: A governance strategy includes an assessment of potential disruption and risks common to business initiatives. Risk mitigation is a substantial part of a successful IT governance plan.
- Accountability: An effective plan highlights individual and departmental responsibilities with regard to managed IT policies and protocols.
It’s also important to note that an IT governance strategy cannot be crafted in a vacuum. Key stakeholders, leadership team members, and an impartial third-party specialist are critical to developing an objective pan.
4: How to Implement IT Governance
More often than not, IT governance plans suffer failure because decision-makers rely on internal personnel for development. Regardless of experience or expertise, existing team members come to the table with a particular lens. They bring a sometimes unconscious bias about company procedures and how goals ought to be achieved.
Successful IT governance plans begin by bringing in a consultant to analyze existing practices and realign them with future goals. There are a number of strategies that can be customized to meet the specific needs of your organization. It all begins with an IT governance consultation.