IT strategy encompasses several different aspects of technology management. The most important facets are cost management, risk management and human capital management. Robust leadership is needed from the Chief Technology Officer to implement these facets, as is the ability to work with the heads of the legal, budget and other departments.

Putting things down in writing is said to be one of the keys to success in any type of planning. It provides a focus for staff and gives them something to consult if ever they need the goals of their department reaffirmed. The key to making plans is to make sure they contain a fair degree of flexibility. The reason is because times changes, and so do a businesses priorities. This means that an information technology strategy has to be flexible enough to take into account these changes.

Part of an information technology strategy should embrace business technology management. This term covers services that assist other firms, ones that may not have information technology departments of their own. The services provided include network management, document services and database services. Implementing a BTM plan helps you run these efficiently.

Human capital management (HCM) aims to treat humans as assets and not just employees. The main thrust of the idea is that employees, as assets, can increase in value if they are given ongoing training and told exactly what is expected of them. A system of constant feedback towards staff is essential if HCM is to be effective.

In order to create successful information technology strategies enterprise risk management (ERM) has to be implemented. Almost all firms can benefit from tactics that can minimize losses and control the company finances. What ERM serves to do is create that balance between risk aversion and the need to make money. However, the primary focus of ERM is to avoid making losses when making strategic and operational decisions.

The way a firm identifies and minimizes business uncertainty, as well as legal liabilities, is called vendor risk management(VRM). Risk management dictates that a company adopts VRM policies that apply to external contractors. When a firm buys IT products and hires vendors to run their information technology services, it's essential they can trust the outside firm, especially when sensitive data is involved.

A vital part of any planning is cost management. Firms will often apply this to certain projects as well as to their entire business. Projects are often easier because the numbers are usually smaller than the overall budget of the firm. The actual costs of the project are monitored against the projections, which should help keep costs down and provide an indication of how to keep costs of future projects down.

A winning IT strategy is usually a combination of constant monitoring of staff and budgets coupled with feedback on whether the performance meets the firm's goals. Ideally, heads of departments in charge of employees, investing, accounting and contracting will buy into the vision and sell it to staff.