Monetizing IT is the crux of what we mean by “Innovating Beyond Efficiency“.  Once you’ve Stabilized your systems and networks, and then Rationalized IT to find the best balance of service-levels and capabilities vs. cost, you’ve reached a level of Efficiency with IT that is actually fairly rare in today’s business world.  Very few corporate IT departments run out of projects/needs to either Stabilize or Rationalize for Efficiencies.  But some have a vision to Innovate Beyond Efficiency

To Monetize IT, new incremental revenue is brought into the organization through technology in one or more of several ways:

  • New products or services can be created with data &/or systems, and sold for a fee
    • Sold to existing customers, as an add-on feature to their continuing business with the company
    • Sold to completely new customers or even new industries or segments (B2C vs. B2B etc.)
  • Existing products or services might be more fully automated to achieve faster delivery, etc., thus driving market-share and revenue
    • Robotic process automation (RPA) can automate even complex processes if they follow decision patterns
  • Existing products or services might be sold to new or different customers than would be possible without technology
    • Digital marketing can leverage deep customer insights and extreme personalization
  • Sales frequency can be increased with existing customer base
    • AI can predict customer needs and suggest adjacent sales
    • Online/API transactions can streamline business and remove friction
  • Companies can expand to new markets
    • Technology can create supply- and delivery-chain optionality
    • Virtual offices can enable companies to operate in new geographies

Just as Rationalizing IT looks very different for different companies because of nuances in their industry or strategy, Monetizing IT also takes different shapes and sizes depending on an organization’s business model, market positioning, scale, culture, and strategy.  If your organization relies on systems and data to make decisions or find customers, it can likely grow its revenue in one or more ways once IT is Stabilized and Rationalized

Monetize Your IT

Monetizing IT may also set the stage for Disrupting your Industry with technology, if your capabilities enable not just timing improvements for market-share but a shift in the economics of your industry.  But whether or not your Monetizing efforts reach that level, they are certain to contribute to your organization’s top line.

Contact us now to begin a dialogue about how Innovation Vista can help your organization Monetize Your IT

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