IT Strategy is the overall plan which consists of objective(s), principles and tactics relating to use of the technologies within a particular organization.
A Business Strategy is the means by which the business sets out to achieve its desired results (objectives). It can simply be described as a long-term business planning. Typically a business strategy will cover a period of about 3-5 years (sometimes even longer).
Strategic Planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the organization’s direction in response to a changing environment.
Strategic Management is the comprehensive collection of ongoing activities and processes that organizations use to systematically coordinate and align resources and actions with mission, vision and strategy throughout an organization.
Strategy Execution is basically synonymous with Strategy Management and amounts to the systematic implementation of a strategy.
Strategic Planning & Management Frameworks cycle through some variation on very basic phases:
1) Analysis or assessment, where an understanding of the current internal and external environments is developed,
2) Strategy formulation, where high level strategy is developed and a basic organization level strategic plan is documented
3) Strategy execution, where the high level plan is translated into more operational planning and action items, and
4) Evaluation or sustainability / management phase, where ongoing refinement and evaluation of performance, culture, communications, data reporting, and other strategic management issues occurs.
IT Strategic Alignment
IT Alignment is one portion of the wider framework.
Religiously adopting the below 6 rules brings success in the emerging markets:
The ultimate Biz-IT Alignment Value Chain should look similar as shown below: