The Adoption of Information and Communication Technology - Assignment Example

An Opportunity Analysis Report using three Opportunities An opportunity Analysis Report refers to a tool which is used in both the identification and assessment of the attractiveness of a particular business opportunity Opportunity One: The Adoption of Information and Communication Technology STEP ANALYSIS AND EVALUATION Step 1-Determination of the opportunity fit with the organizational goals The use of ICT in running the operations of the business will result in efficiency and reduce operational costs for the organization Step 2: Determination of the opportunity fit with the organization resources and capabilities The use of technology will greatly help the organization to have a competitive advantage over others using conventional means of doing business. Step 3: Restrictive Codes, legislation, regulations, policies and guidelines There are various regulations required to ensure that the use of technology is both safe to the operators and the owners. For instance, it is important to observe the security and privacy of the owners and ensure that the client’s information is not dispatched to third parties without their consent. The privacy policy should therefore be strongly adhered to. Step 4: Determination of the Costs-Short and Long term of pursuing the opportunity Despite the fact that the initial costs of adopting the use of ICT services in the organization may be higher, the costs will automatically reduce over time due to efficiency of the services and due to automation of the manual processes. Step 5: Determining the risks associated with pursuing the opportunity There are various risks which are associated with the adoption of ICT services in the organization like for instance attacks by viruses and hacking with an intention to imitate the technology. Step 6: Determination of the Short and Long term benefits of pursuing the opportunity Despite the fact that there are high initial costs for setting up the ICT infrastructure in the organization, it should be noted that there are long term benefits that will be associated with the adoption of ICT in the organization. It is therefore prudent for the organization to adopt it despite the fact that there are high initial set up costs but eventually, the benefits in future will be so tremendous. Short term benefits include reducing of wastage while long term benefits are enhanced operations. Step 7:An estimated Return on Investment (ROI) of pursuing this opportunity There are lots of benefits that will be associated with the adoption of ICT in the organization. The organization’s profit is therefore bound to double from $5000 to $10000 annually. Step 8: An evaluation on the viability of the opportunity including the impact on the business and recommendation The adoption of ICT services in the organization will make it to achieve numerous benefits as opposed to losses. This is because it will enable the organization to have a competitive advantage and also ensure that there is efficiency in its operations. Indeed, it will lead to a reduction in costs due to automated services. Opportunity Two: Serving a Higher customer base STEP ANALYSIS AND EVALUATION Step 1-Determination of the opportunity fit with the organizational goals Because the business was established earlier than its competitors, it will be easier for it to market its services and thus clients will quickly identify with it. Step 2: Determination of the opportunity fit with the organization resources and capabilities The adoption of ICT tools will make it easier for the organization to market itself to clients who are already well aware of its existence and therefore adoption of modern marketing methods will make clients resonate with the organization easily thus increasing sales. This will also make it possible for the company to reach a wider audience. Step 3: Restrictive Codes, legislation, regulations, policies and guidelines There are no known restrictive codes, regulations, policies and guideline associated with this opportunity but however, the business should ensure that it is licensed and having all the relevant personnel. Step 4: Determination of the Costs-Short and Long term of pursuing the opportunity Having established itself earlier than the other rivals, the business will incur lesser costs in marketing its name because clients already know it. However, there other additional costs that will be incurred in adopting online advertising and marketing strategies so as to reach a wider audience/ customer base. Step 5: Determining the risks associated with pursuing the opportunity There are no known risks associated with pursuing this opportunity but however, other rivals may want to adopt or imitate the technology used by the organization so as to reach a wider audience as well. Step 6: Determination of the Short and Long term benefits of pursuing the opportunity Despite the fact that there are high initial costs for setting up the ICT infrastructure in the organization, it should be noted that there are long term benefits that will be associated with the adoption of ICT in the organization so as to reach a wider customer base. It is therefore prudent for the organization to adopt it despite the fact that there are high initial set up costs but eventually, the benefits in future will be so tremendous. Short term benefits include reducing of wastage while long term benefits are enhanced operations. Step 7:An estimated Return on Investment (ROI) of pursuing this opportunity There are lots of benefits that will be associated with the adoption of ICT in the organization in order to reach a wider audience or customer base. The organization’s profit is therefore bound to double from annually as a result of reaching a wider client base. Step 8: An evaluation on the viability of the opportunity including the impact on the business and recommendation The adoption of ICT services in the organization will make it to achieve numerous benefits as opposed to losses due to the use of social platforms. This is because it will enable the company to have a competitive advantage and also ensure that there is efficiency in its operations due to reaching a wider customer base. Indeed, it will lead to a reduction in costs due to automated services and an increase in sales. Opportunity Three: Expansion both locally and internationally STEP ANALYSIS AND EVALUATION Step 1-Determination of the opportunity fit with the organizational goals Because the business was established earlier than its competitors, it will be easier for it to expand into new markets both locally and internationally. Step 2: Determination of the opportunity fit with the organization resources and capabilities The expansion or growth of the company into international markets will make it easier to increase its income due to higher sales. Step 3: Restrictive Codes, legislation, regulations, policies and guidelines Some of the countries have policies which restrict foreign companies from operating and this may hinder the growth of the company. Step 4: Determination of the Costs-Short and Long term of pursuing the opportunity Having established itself earlier than the other rivals, the business will incur higher costs on a short term basis due to the expansion but over a long period of time, there will be lesser costs. Step 5: Determining the risks associated with pursuing the opportunity There are various risks associated with the expanding in both local and global markets in that it may take time before the clients in the new markets get accustomed to the new products and that business may also fail to pick up on time. Step 6: Determination of the Short and Long term benefits of pursuing the opportunity Despite the fact that there are high initial costs for expansion into new markets, it should be noted that there are long term benefits that will be associated with the expansion like for instance, there will be low operational costs since products will be bought in bulk thus reducing costs. Step 7:An estimated Return on Investment (ROI) of pursuing this opportunity There are lots of benefits that will be associated with the expansion of the business into new markets. This will enable the company to reach a wider audience or customer base thus increasing sales and profitability as well. The organization’s profit is therefore bound to double from annually as a result of reaching a wider client base. Step 8: An evaluation on the viability of the opportunity including the impact on the business and recommendation The expansion of the organization will make it to achieve numerous benefits as opposed to losses due to an increase in the number of clients in various branches of the business. This is because it will enable the company to have a competitive advantage and also ensure that there is efficiency in its operations due to reaching a wider customer base. Arrangement according to the order of priority 1. Opportunity Three: Expansion both locally and internationally. 2. Opportunity Two: Serving a Higher customer base 3. Opportunity One: The Adoption of Information and Communication Technology Read More