Are your business objectives the same today as they were two years ago? Most companies have evolving objectives that change as a business grows, pivots direction, and adapts to new or tougher competitors and increasing customer expectations.
If you have a technology roadmap for your business, it needs to adapt alongside your business to deliver high value. But when and how do you update a technology roadmap? And, what if your business hasn’t ever created one?
This post gives you tips on how to effectively update your technology roadmap to adjust to shifting expectations and ensure your business is still working toward its strategic goals.
Quarterly Reviews
We work with countless businesses to develop and review technology roadmaps, and we always recommend scheduling quarterly reviews for the best results.
Get Early Indicators of Shifting Needs
Internally, it’s important to acknowledge the shifting needs of your overall business in order for your technology roadmap to work in parallel with the rest of the business. Externally, track industry, competitor, or market forces that could impact your strategies and highlight these in your review. External forces usually lead to shifts in businesses – around 41% of businesses believe that external pressure is the main reason for shifting business goals – so it’s your job to identify and forecast these changes and have solutions to help your business thrive instead of stall.
Assess (and Reassess) Strategic Projects
During a review, you might discover that a high-priority software project isn’t getting the expected results, so you’ll need to plan to get back on track. This is a critical moment to ask questions: Should you change processes? Did the training stick with your users? Do you need a different tier of tools from the vendor? Is it time to rip and replace your solution?
During your review, you can also begin to prioritize new strategic programs that have not yet been addressed. If you began your tech roadmap with budget restrictions or limited resources, are you now at a point where you can expand to new projects?
Your review should show you if there’s space to add new initiatives or if it’s best to continue to focus on those already implemented.
Refresh Input from Stakeholders
When you first created your technology roadmap, you (hopefully) surveyed stakeholders and key team members for valuable input on what should take priority. At least once a year, re-survey users to find the top unmet requirements. This gives crucial data on whether tech initiatives are working and what still needs to be addressed.
You could also interview department heads on emerging technology needs that may have surfaced since last year. These key stakeholders will have valuable insights into what each department needs to thrive, so get as much information as possible during this stage of your technology roadmap review.
Analyze Project Progress
Go over all of your completed projects from the previous quarter – what went well? What could be improved? Your review is a time to highlight accomplishments and learn from mistakes.
It’s also a good idea to note down any projects that are behind on their delivery schedule or over-budget, and any that have been canceled. What obstacles have you encountered, and how can you get those projects back on track?
Carry over incomplete projects with revised schedules and create contingencies for the challenges or obstacles you might encounter. You should be collecting all the information you need to present the trade-offs of choosing different prioritization scenarios.
Spot Emerging Risks or Opportunities
Do compliance or regulations changes surfaced last quarter that need to be addressed? Keeping up with these regularly will protect your company and customers and prevent the need for large-scale changes each year.
You could also consider expanding your roadmap to test new innovations. If your projects have been going well and you’ve secured additional funding from decision-makers, now is the time to invest in emerging technologies and updates to existing software.
Not sure what technology and software changes you should make? Our specialized business analysts have their fingers on the pulse of the software industry, and they will be able to give you expert advice tailored to your business goals and needs.
Revise Timelines and Budgets
You’ll be able to monitor multi-year projects during quarterly reviews, which gives you the opportunity to adjust forecasts and budgets as needed. Large-scale projects operate on future predictions, but having a quarterly review means you can re-evaluate costs on current pricing benchmarks and keep those projects moving forward.
You might also find that your original timelines aren’t working anymore – a large project might be finishing earlier than expected, or it could need more time. Revising those timelines now helps you better allocate your team and budget.
Secure Renewed Buy-In
Don’t be afraid of making significant changes to your technology roadmap. You’ll garner more support with an honest, flexible approach that focuses on the long-term objectives of your business.
After each review, socialize the agreed updates with leadership to keep them informed and for much-needed re-commitments from the higher-ups. Make sure to clearly communicate why you’ve made revisions and what impact they will have to maintain support for your technology roadmap.
Let Us Help You Conduct a Technology Roadmap Review
By regularly reviewing and adapting your roadmap, you’ll be responsive in continuously serving positive business transformation. But you don’t need to do it alone. The best performing businesses almost always engage consultants or business analysts.
The experts in the StackPlan Consultant Directory can help you review your technology roadmap against your business objectives to ensure you’re on the right track. They can advise you on the best software implementations for your business, how to revise your roadmap for greater success, how to secure stakeholder buy-in, and how to improve your ability to deliver projects on time and on budget.
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