Role of IT in generating competitive advantage Executive summary: In modern times the methods of operations in organizations have totally changed. The way how they operated in past are totally revamped and computer has taken over them. No organization is free of the use of computer and internet and as a result tasks that would be done in weeks and days are only matter of hours and minutes now…
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They serve as symbol towards achieving excellence and besides the symbol they are practical tool towards the tasks accomplishment. However yielding the best out of I.T setup requires thorough mechanism establishment that ensures maximum profits. This can be done through implementation of management strategies in alignment with information technology. The advantage served by information technology is the fact that activities that were done manually are being carried out with the help of this infrastructure which exists in the name of computer, internet and the field of information technology as a whole. Achieving competitive means surpassing the rivals, living up to the needs of modern day challenges and satisfying the customers’ needs. Companies strive hard for achieving this status and would invest in anything and everything to be competitively stronger than their rivals in the industry. In last two to three decades the use of information systems and relevant technology has become one of the most essential tool towards achieving competitive advantage. ...
Similarly people can fly between the continents in no time. The continents, oceans, mountains, and other barriers of past are no more obstacle to communication. This all has been made possible through technology and computer and information technology are the two major gifts of technology in it. with every individual possessing a cell phone or other form of digital device, the operations on non digital mode can hardly be imagined. Keeping up with the challenges and requirements of modern day, embracing the information technology is a must. It serves as that particular pre requisite that must be fulfilled in order to maximize the profits, gains, advantages and minimize the threats and losses(Schlemmer & Webb, 2008). No organization or government can think of living without the use and application of information technology. In fact it has equally penetrated into individual lives, even they cannot imagine life without cell phones, computers, and other digital devices which are part of our surroundings and have made our life far more comfortable than it was to the earlier generations. The slow pace of past generations and the modern day fast pace is the salient difference between the two and only one variable stands out in such cases and that is the information technology and computer dominance. Computer has dominated the world’s proceedings in every way. The competitive advantage can be in form of reducing the costs that would be otherwise incurred in the practices and completion of processes, increasing the company rating with reference to market standing, improving the company reputation through the eye of customers, improving the
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S. (1997) ‘Science Policy and Technology Policy in a Competitive Economy’ International Journal of Social Economics Vol. 24 Nos.7/8/9 pp.723-740 Overview Metcalf considers science and technology as required disciplines informing innovation policy. He advocates a combination of industry and academia to generate knowledge and technology support systems with policy providing process guidelines.
Conversely, another firm which operates in a poor industry can succeed to operate efficiently through adoption of competitive advantage strategy (Porter, 1990). In this context, an example of ‘Continental Illinois Bank’ can be provided that adopted a poor competitive position in an attractive industry of ‘financial services’.
As stated by experts, the conception of ‘competitive advantage’ depends on various attributes such as market size, rivals in the market, industry structure and economic fluctuations among others. Thus, the concept tends to be broad and quite significant in the modern day phenomenon (Porter, 1990).
The perception of strategic management is referred as the process of decision-making by analysing certain organisational aspects for gaining sustainable competitive position. It plays a major role in the business development of a particular organisation (Griffith University, 2002).
Firms follow various strategies to secure competitive advantage over other players in the industry. This paper presents a discussion on some of the most popular strategies adopted by successful organizations around the world. Porter’s generic strategies Michel E.
As the study highlights continual innovation in the company products especially the software gives companies a competitive edge. The evolution of the company services in the market makes the consumers have the pleasure to keep on hoping for better products that the company offers maintaining the interest in the company.
The author states that establishment and continuation of a business process have numerous folds. Thus, it becomes the prime role of every entrepreneur to combine the aspects of their unique creativity with appropriate innovation and project the overall mixture in front of the world as a specific and fruitful business process.
ncy and operational performance were the main attributes of management; but the current way of project management has taken a completely different approach due to global competition. Projects are affected by a myriad of issues, and these issues vary from project to project. A
In the field of IT individuals use computers, storage and networking devices and infrastructure to create, exchange, process, store and secure all types of electronic data. In addition, it is common for people to use
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