Are your IT Partnerships Providing Business Value?

19 October4 min read
Are your IT Partnerships Providing Business Value?

If the definition of successful IT projects were dependent upon the perceptions of the project's stakeholders, we would have varying opinions and standards. However, if the project entails the key success elements such as articulated, long-term goals, planned implementation, continuous risk management, formal implementation, and a dedicated project management team then the standard to judge the long-term success of a project is the business value of the project creates.

The business value of an IT project is determined by the stakeholders the project affects – the end consumers occupying a larger sector of the stakeholder pie. Moreover, visionary business leaders prioritize and align the resources to deliver the desired business outcomes. Despite how straightforward the discussion may seem, the ground realities are based upon various factors that determine the value of technology initiatives, and neither is based on the technical work, the tasks accomplished, or the efforts involved.

MIKRUM Values your Values

Surprising as it may seem, IT costs and the related details affect stakeholder conversation when it is linked to creating business values. Hence the primary question is whether technical excellence matters?

In the era of businesses settling for nothing less than the best, it does, contingent upon the right IT partnership’s ability to convert their cutting edge technology, code quality, ability to achieve efficient scalability, solution’s robustness, and security into delivering increased business value to the ones you value – your customers.

Business-focused Professional Project Implementation

With the commencement of thousand or more projects globally, only a certain percentage is well-conceived and well-executed. Whereas a few begin as a result of afterthoughts without consideration for the true long-term business goals. Even though the onus of envisioning the project purpose lies beyond the project bounds; efficient IT partners, project managers, and project teams understand the vision and deliver the identified business value to the stakeholders along with achieving the goal, meeting the deadline, and staying within the budget – the project management trinity.

The key project management success indicators hold their own because failure to follow either erodes the expected business value. For example, an overbudgeted project erodes the business value by additional costs incurred.  Therefore, a successful IT partner bases their decisions, throughout the project, on objectives that support your vision.

The Value that Matters – Business Value of IT Projects

With the commotion around the industry buzzword, what is ‘business value’ – it is all the aspects that directly affect the business valuation such as monetary assets, utility, stockholder equity, goodwill, trademark, and related tangible and intangible assets.

Can it be measured? Despite the concept of subjectivity and variation from department to experts, IT projects provide and measure business value in terms of its usability, agility, security, availability, reliability, performance, and functionality. Regardless of the project features, streamlining processes with IT deployment not only reduces costs but also increases revenues and improves overall operational efficiency.

MIKRUM’s IT Solutions Focus on Achieving your Goals

Our custom IT solutions equip you with new capabilities that help you create new opportunities with innovative products and services, or penetrate new markets, thereby increasing revenue.

Moreover, automating redundant tasks streamlines the processes, bringing down costs and improving efficiencies by eradicating paperwork and creating a safer work environment with increased automation, and digitalizing manual processes. In addition, automation drafts a parallel between IT expenditure and a decrease in operational costs to optimize IT investments. This provides a platform for businesses to align future projects with business value.

Our end-to-end solutions include the development of self-service customer care solutions that aid faster issue resolutions with increased customer satisfaction and value-added offerings – helping you differentiate your business in the industry with support for your product range, product quality maintenance, and improvement and covering other aspects to drive you to the top.

Achieve your Goals and Create Business Value

With cost reduction and increased revenue, profitable IT partnerships help you achieve your economic value. On the other hand, enhancements in productivity, value proposition, and customer satisfaction improve your strategic value. All the above is achieved by defining specific business objectives that define a clear path to answer technical and implementation queries that arise amongst business leaders and internal stakeholders.

As the IT project’s compass, well-defined business objectives greatly improve the chances of project success as it helps answer difficult questions that arise before and during the project – whether it is acceptable to temporarily break an architectural rule, or transition beyond the defined budget due to sudden compliance issues, or other related factors.

Choose Wisely, Choose MIKRUM

The path to success begins with the business’ strategic leaders funding the IT projects and understanding the partnership’s value and impact on long and short-term business outcomes, despite not being the direct value recipients. Moreover, it is productive to engage economic purchasers earlier in the value definition process and define key expenditures and value definitions collectively between a productive CIO and CFO relationship. A strong relationship ensures an efficient digitalization strategy that is realized with the industry's best IT solution providers.

This is where MIKRUM steps in – our expert team focuses on your project and consider the collaboration scope that help you make the right decision based on achieving the business value while working along the business objectives.

Our partnership sees you to the end, to your success.