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Factors - Essay Example

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Information technologies significantly reduce the expenses for acquiring, processing and transferring information and change the way of conducting…
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Factors
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Factors Information technologies are penetrating the economy of all the countries of the world, and no organization can avoid its influence. Information technologies significantly reduce the expenses for acquiring, processing and transferring information and change the way of conducting business. It is possible to determine three important factors, which determine information technologies competitive value. These factors are applicable for all the industries. The first essential factor is the ability of information technologies to change the structure of the particular industry. This factor is vital, because such change in the structure also changes the main principles of competition in this industry. Porter and Millar state “today, information technology must be conceived of broadly to encompass the information that businesses create and use as well as a wide spectrum of increasingly convergent and linked technologies that process the information”. The second vital factor to mention is creating competitive advantage. Information technologies provide the organization with new ways to do better than their competitors. The third factor is generating the completely new business by altering organization’s existing activity. According to Porter and Millar, “information technology is changing the way companies operate. It is affecting the entire process by which companies create their products. Furthermore, it is reshaping the product itself: the entire package of physical goods, services, and information companies provide to create value for their buyers” (Porter and Millar). Now the companies invest more and more money into the introduction of information technologies in order to keep competitive advantage.
References
Porter, Michael E. and Millar, Victor E. How Information Gives You Competitive Advantage. Retrieved August 11, 2014 from http://hbr.org/1985/07/how-information-gives-you-competitive-advantage/ar/1 Read More
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