8Create Value
We are now at create value, the penultimate step of the Laudato Hierarchy of IT Needs, as seen in Figure 8.1. When you look at the list of strategic initiatives for your company, how many involve technology? 70 percent, 80 percent, 90 percent or more? Regardless of the industry, technology is at the center of almost all growth plans. Digital acceleration is driving these percentages even higher, spurred by the onset of the Covid-19 pandemic in 2020. Digital is transforming all sectors of the economy: manufacturing, media, entertainment, services, education, technology, healthcare, and retail. More and more, your efforts to create value will use and depend on technology in a variety of ways.
Figure 8.1 Laudato Hierarchy of IT Needs
© 2017 Andrew Laudato All Rights Reserved Hierarchy of IT Needs
That's good to know, but what does it mean to “create value?” In simple terms, creating business value means putting money in the bank. The more successful a company is, the more opportunities exist for its employees. Successful companies invest. Successful companies hire. Successful companies celebrate, and successful companies pay bonuses.
Business value comes from reducing costs, increasing revenue, enabling opportunities, and reducing risk. ...
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