The global pandemic has placed IT at the forefront of business development. Over the past several months, it has been IT initiatives that have kept companies running. IBM research found that 59 percent of organizations accelerated digital transformation, and 66 percent were able to find more support for previously resisted initiatives at their companies.
An Accenture study found that companies that used technology innovation during the pandemic saw revenue growth five times faster than organizations that lagged.
However, as organizations struggle to recover from a financially tumultuous year, many are looking to IT leaders to develop new forms of revenue production. According to a study from PwC, 32 percent of CFOs are looking to offer tech-driven products and services to grow their business.
What that looks like could be different for every company, depending on the industry they are in. Still, there are some opportunities that every organization can take to drive revenue with IT.
Turn an Internal App Into a Product
One option for IT leaders is to turn internal, custom-made apps into a product. Consider the software solutions that your business has designed internally and determine if there is a market for it on a wider scale.
Has there been an internal IT problem that your team has solved by devising its own tech solution? Are you using AI or machine learning to improve productivity? Does your company have internally-created automation options that you could market?
Is it possible to tweak the app so that it will be more applicable to other organizations? Perhaps vendors would have a use for your app? Think about whether there are some variables that you could adjust for different industries.
A benefit of this option is that you already have a working model to showcase to potential customers and buyers.
Build Customer-Centric Platforms
Prior to the pandemic, telehealth solutions were not widely used. However, that changed when government lockdowns and transmission fears prompted more and more patients to rely on this safe alternative for physician visits and assessments. And even as the pandemic wanes, patients will still rely on telehealth platforms, which are more convenient than sitting in a waiting room for hours on end.
In the same way, IT teams can brainstorm some customer-centric platforms that your business could design and build. Whether you are a B2B or B2C organization, customers are essential to the process. You need to know them, their needs and wants. For IT departments, dream up tech solutions that empower your customers. Build a platform that will put them in the driver’s seat to meet their needs and desires.
Expedite Product Development
What does your IT team need in order to deliver new products more quickly? Are there microservices that you can develop at a faster pace? Software solutions that are simple and easy to use can have significant benefits for customers. The key is to provide something of value for consumers that will help them as they go about their business.
Some organizations invest time building a platform that allows them to continually update the products they have for customers. For example, a bank may build a customer-centric platform that offers insight into customer’s spending habits, enabling them to make better financial decisions. Over time, the bank can add more and more options for customers. It can unlock both direct and indirect streams of revenue for your company.
Over the past year, companies have seen IT departments pivot from enabling businesses to being revenue drivers. As technology becomes a tool not just to help a company with internal processes but a key ingredient in customer service and product design, IT teams have the opportunity to build innovative tech tools and have a direct impact on the company’s bottom line.