IT strategy used to be about creating a plan for the smooth running of operations and business units. Today it is all about data and what that data can do for the business as it strives to improve the speed and quality of day to day decision making.
The IT organisations primary purpose should be to deeply understand the business and market that it is in, what capabilities the business has, what it wants to keep and improve and what it does not have but wants to obtain.
From this standpoint you can define how your organisation will achieve specific goals from the business plan. Our aim here should be to have a high level strategy that looks at the whole organisation as a series of interconnected systems, detailing how everything slots together and integrates.
We can then move onto a mapping document that shows the specific business problems/goals, the processes affected and the data assets required. Once the mapping document is complete, you are in a position to create a roadmap that shows prioritised and phased projects, the skills needed and how much it is all going to cost.
Things are going to change very rapidly, and you need to be more agile every day in order to stay on track with an ever moving target.