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The solution then came out to be the term which is now known as competitive advantage. The term means that internal factor or product strength or critical success factor or the product itself or any service which one specific organization does best when it comes to the others in the same industry. (Hope, 1997) When that edge is maintained over time, not permanently, but for a significant amount of time, and when a noticeable amount of market share is snatched by that particular company, based on that factor that only this company possesses over its competitors, then that is known as the competitive advantage that one firm has in the industry that it belongs to. Companies are always striving to efficiently and effectively utilize the resources that they have and gain a competitive advantage over the rivals that they have, since having one goes a long way in making the company successful and stand out in the market, increasing the goodwill both in the eyes of customers and all other stakeholders associated with the company. As mentioned above, such a competitive advantage is not permanent, thus a company should not release the pressure of competition once a competitive advantage has been gained. Rather, they should continually try to develop themselves to achieve the zenith when it comes to different factors, so that an edge can be maintained over time and with consistency.
Management Information Systems (MIS) are not the regular computer systems, since they specialize in providing the user with analysis of all the other information systems that are synchronized with it and which take care of all the operational activities which take place in the organizations. Usually the daily decision making that a manager has to go through is more or less related with the those activities which have a direct effect on the cash flows and liquidity of the company, that is, the operational activities. (Davenport, 2000) And therefore, the MIS systems make use of
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The common thing among many organizations is that, communication does not take place effectively, and that there is insufficiency in both information and work-based knowledge when making decisions. Most organizations are in dire need of being able to draw upon their knowledge and collective capacity to create and revolutionize during times of drastic change, which includes mergers and acquisition, technology disruption, privatization and also changes brought by the external environment.
The efficiency of business operations and work processes are guided by the expertise of human resources and the extent to which they apply technology applications for promoting knowledge-based work practices. The complexity of the business environment in which firms operate today demands improved understanding of market trends.
Over time, significant knowledge is also changed to other demonstrations such as books, practices, traditions and technology, within organizations or institutions of all kinds plus the society in general (Leonard & Swap, 2005). These transformations end in cumulated know-how and, when utilized properly, improved effectiveness.
This paper will thus emphasise the contingency theory to elaborate on the significance of data, information and organizational knowledge to facilitate better organizational efficiencies. Discussion Data, information and knowledge are frequently applied alternatively and are often considered to be of similar concepts, but with certain differences in ideologies.
The modern-day organization operates essentially in the public sphere. This implies that its level of competitive advantage is connected with its knowledge management process and the competence level demonstrated by this process. In this context, knowledge management may be defined as the process of transmitting information.
to hire firms with their own core competencies to perform other tasks that are required as a part of organizational activity.(Prahalad and Hamel, 1990). Thus, in order to sustain a competitive advantage in the global marketplace, many organizations are focusing on knowledge
E-ticketing could be described as customer purchasing ticket through internet directly from the airlines’ website or any online travel agent from the comforts of his home or office. This is a unique facility, which saves one from the troubles of queuing at the
This paper analyses how the Porter five force strategies, the porter’s value chain strategy and the Wiseman theory could be aligned with information to achieve objectives.
The Porter’s five force strategy can be
d manoeuvres has been accelerated by the onset of sharp competition, shrinking product shelf life, and outsourcing hence the need for organisations to exert some leverage in the increasingly highly competitive environment. For ESIC, the power supply monolith, it faces a unique
Management Information System is a fairly advanced technique that is used by many businesses all over the world so that they are able to simplify their tasks. The businesses that use this system perform different tasks through it but many of these
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