IT is no exception in an era where a proper governance strategy has turned instrumental. Having an appropriate method of governance in place is equally essential for any enterprise, regardless of its size. As a result, SMBs have to give more emphasis on IT and its governance.
Over the years, SMBs have witnessed such rapid growth and have become inevitable for driving economic growth.
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SMBs are now integral for creating jobs, innovation, and social integration. Besides, SMBs are heavily reliant on IT, like larger enterprises. Therefore, it is essential to have proper and effective IT governance that addresses an enterprise’s present and future requirements.
Here are some immediate consequences of not having a proper IT Governance strategy in place:
Affects strategy alignment
Impacts risk management
Lack of identification of vulnerable data
Improper functioning of critical services
Lack of proper security controls
Absence of coordination between IT and business strategy
Weakened communication across various stages of business
Inability to properly align resources
Substandard risk management
Enhanced vulnerability to cyber threats
Inability to fully leverage existing IT framework
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The Reality
Despite the risks mentioned earlier, the reality is that many SMBs are far away from implementing proper IT governance. As a result, some SMBs underestimate the importance of an appropriate IT structure and management.
In some cases, SMBs encounter some limitations, such as a lack of expertise or a shortage of IT talent. In addition, financial constraints still prevent many SMBs from allocating sufficient resources toward IT governance.
Also, many of the IT startups and SMBs are led by professionals who are either incompetent or lack advanced experience in IT governance.