IT is now indeed an indispensable component of Business. For a business to move faster and bigger, there need to be a great support by IT. This makes the management of IT and how it used accordingly to support business even more important.
In the New Information Economics (NIE) era, there are five common practices that are used in managing IT so that it can give its full potential to support the bottom-line impact of the business.
Below are the five NIE practices to help company manage its business and IT:
Strategic Demand/Supply Planning
Strategic Demand/Supply Planning means that IT acts as a service provider for business necessity. In other words, IT does something to fulfil the need of business. This is the traditional way of managing IT. There is demand, then there is supply.
Innovation is fundamentally different from Strategic Demand/Supply Planning. In the innovation process, IT drives new business initiatives.
Prioritisation is the process where the initiatives of IT is being prioritised against the business necessity. The prioritisation practice is very important to make sure that resources are spent on the right places and the right time to produce right bottom-line impact.
The alignment process is the process where company determines the correct activity that support its business activity. The prioritisation and alignment process are two processes that are connected. We align what we do and we do the highest priority first.
All too often, company just do some initiatives without doing measurement of success. This can lead to poor performance and waste of resources. In the NIE practices, the performance measurement is an indispensable part of IT initiatives. All initiatives must be measured for success.