The key is to accept risk: learn how to navigate around some risks and manage others. Digitally transform your business by taking a risk perspective into account when rationalizing and modifying your IT portfolio.
To transform your business to meet today’s market demands, you need to be innovative. And there’s a good chance that to be successful with your innovation, you'll need to take on new risks. Given the rapid pace of change today, how does IT manage this additional risk? And as if that responsibility wasn’t enough, the IT department is also expected to drive and support many facets of the business, all the while streamlining IT costs and establishing a foundation for digital transformation.
As you know, nothing in life is risk-free. Everything is accompanied by risk. But, the key is to accept risk into your life, learn how to navigate around some risks and manage others.
Let’s take a look at some of the risks associated with transforming your business:
Since the dawn of the digital age, CIOs have been catering to their organizations by constantly offering "band aid" solutions to meet immediate needs. However, this piecemeal approach often results in random and hap-hazard extensions, modifications, additions and siloed solutions that offer immediate gratification, but prove to be short-term in value and costly in the long run. This practice ends up hindering overall operational effectiveness, and increasing IT risk and cost.
When individuals in your organization take it upon themselves to resolve their IT needs without organizational support and/or approval, it often leads to clutter and chaos of your IT portfolio. This poses detrimental effects to the speed with which the IT department can respond to growing business needs and demands, especially if you want to champion a digital transformation. This trend of acquiring rogue applications causes increased security risks, compliance issues and data breaches.
The introduction of new technologies and behaviors, such as mobility, the Cloud, IoT (Internet of Things) and BYOD (Bring Your Own Device) pave the way for IT consumerization – revolutionizing the way we use technology and transforming not just business, but society as a whole. This forces CIOs to deal with added risk such as protection and confidentiality of personal data, company data security, and regulatory compliance.
Answer: Three easy steps …
Risk exists. You need to be aware of it. Then, navigate around some and manage others. With MEGA, you can digitally transform your business by including a risk perspective when rationalizing and modifying your IT portfolio.
Bring broader value to your digital transformation efforts by taking a risk perspective into account. You owe it to your business.
To learn more, download our white paper: IT Portfolio Management – Boost Business Value by Incorporating Risk.