In today’s world, every business is an IT business. Yes, even your bank. That’s why it’s more important than ever to manage your information technology well. But there are two sides to the IT coin. At JMARK, we call these the operations of IT and the business of IT. Both must be handled with strategic intention. Operations of IT: This is defined as the dayto-day delivery of IT services that ensures an organization can maximize its technology investment so people can maximize their productivity. This is accomplished through help desk services; security; server, network, and workstation management; backup and business continuity strategies; application and data management; patch management; firmware; and vendor update management. Business of IT: This is defined as the strategies that ensure technology design meets the mission of the organization and aligns those outcomes with the budget and lifecycle management plans. It should result in appropriate investments to protect the organization from risks associated with underspending, wasting of resources, and overspending. By properly aligning design, resources, and capabilities, your technology will advance your bank toward its objectives. In this article, we’ll focus on the business of IT. Make sure you’re managing this side of the coin well by building the following eight actions into your operations: 1. Align IT with the strategic business plan. IT should support and complement your bank’s business plan. For many organizations, IT is seen as a static tool, not a means to achieve strategic objectives. However, in 2022, this is non-negotiable. Achieving your goals means capitalizing on how technology can augment everything you do. 2. Plan the lifecycle for every piece of hardware and software. When a component goes into usage, your bank EIGHT ESSENTIALS TO MANAGING THE “BUSINESS” OF IT By Thomas H. Douglas, JMARK 18 | The Show-Me Banker Magazine
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