Core components of an effective IT strategy include a clear understanding of organizational goals, alignment with business objectives, and effective resource allocation. Establishing an IT governance framework ensures that policies and practices support overall business strategies. Additionally, investing in cybersecurity measures and maintaining infrastructure is critical for safeguarding assets. A strong IT strategy also involves selecting the right technologies and tools, fostering a culture of innovation, and promoting skills development among employees. Monitoring and evaluation processes help in adapting the strategy to achieve continuous improvement and responsiveness to changing market conditions.