Basak Uzunok -17144655 A company's strategy is to use tactical business plan owners and management to position their organization, satisfy customers, achieve and compete successfully overall business performance in their chosen market area (Porter, M., 1996). People make the overall strategy more complicated than it needs to be. According to Roger L. Martin, the issue for some is that they consider more about the techniques: competitor analysis, SWOT analysis, customer analysis, environmental scans, competitor analysis, financial modelling (Martin, R., 2010). Others find themselves in trouble mostly because they think it is all about the broad, forward - looking, conceptual stuff that really matters not to be confused with strategies (Martin, R., 2010). The truth is that at some level strategy is about as much as these things, and you're not doing a satisfactory job with your assessment alone, or your changes alone. You have got to do some work on most of them. Most groups start from the top with some sort of perception exercise or main mission that drives participants around the bend. If you think completely about “Where to play and How to win” without considering “Aspirations & Goals”, you may end up with a strategy that is effective for your intended goal, but you wouldn't really want that Martin, R. (2013). Think a bit about “Aspirations & Goals”, then a bit about “Where to play and How to Win”, then back to Aspirations & Goals to modify and check, then down to management systems and capabilities to check and try whether it is actually feasible, then back up again to modify accordingly. New Technologies for Businesses and Adaptation ProcessesEvery successful company in today's world is a tech company. It is impossible to separate marketing strategy from technological innovation, so everyone, from retailers to healthcare professionals, invests heavily in tech ideas to help them marketplace, improve offerings, and drive business. We also live and work in the age of industrial overhaul, where technology companies such as Netflix ,Yelp and Lyft have largely destroyed long - standing giants such as Blockbuster, Zagat and traditional taxis. The underlying point is clear: adapt or become obsolete in the workplace. Because of the constant deluge of exciting new technologies, this push to embrace innovation is perplexing for many executives (Rogers, 2018). Last year, the U.S. economy grew by 2.3 percent, but modern technology is costly, and there are many examples of companies that went bankrupt because they invested in the wrong or the right technology, but too soon. Artificial Intelligence Artificial intelligence triggers a significant amount of excitement, fear, and possibly a great deal of media coverage. According to Adam Rogers, food giant Nestlé uses supply chain forecasting to try and improve global predictability with more than 447 plants operating in 194 countries. This long term strategy improved Nestlé's sales precision in Brazil alone by 9 percent (Rogers, 2018). Salesforce launched a CRM alternative that uses machine learning to create comprehensive customer profiles based on data, describe key touch points, and identify additional sales opportunities. Analytics In order to truly understand performance, careful data analysis is crucial for organizations. During peak times, Boston Medical Center uses predictive analytics to determine exactly employees and room allocation, optimizing timetabling while improving efficiency and waiting times (Rogers, 2018). Moreover , Netflix uses its own advanced algorithms not only to predict whether certain content is going to be well received, but also to identify exactly which users will probably enjoy it. Harvard style references Martin, R. (2010). Five Questions to Build a Strategy. [Online] Harvard Business Review. Available at: https://hbr.org/2010/05/the-five-questions-of-strategy.html [Accessed 1 Mar. 2019].
Porter, M. (1996). What Is Strategy?. [Online] Harvard Business Review. Available at: https://hbr.org/1996/11/what-is-strategy?referral=03759&cm_vc=rr_item_page.bottom [Accessed 25 Feb. 2019]. Martin, R. (2013). Don’t Let Strategy Become Planning. [Online] Harvard Business Review. Available at: https://hbr.org/2013/02/dont-let-strategy-become-plann?referral=03759&cm_vc=rr_item_page.bottom [Accessed 1 Mar. 2019]. Rogers, A. (2018). Council Post: Innovation Case Studies: How Companies Use Technology To Solidify A Competitive Advantage. [Online] Forbes.com. Available at: https://www.forbes.com/sites/forbestechcouncil/2018/04/13/innovation-case-studies-how-companies-use-technology-to-solidify-a-competitive-advantage/#29e5348f1410 [Accessed 5 Mar. 2019].
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Naomi Shongo 17399443 managementTechnology management can be defined as a set of disciplines that businesses can use to manage their technological fundamentals that will create a competitive advantage for the business. When a business does not manage their technology in strategic manner it can result in big losses for the business. technological products. (Ramey, 2012) To manage technology, it will require: 1. Planning 2. Designing 3. Optimising 4. Control The job of business manager would be to purchase technological materials to develop products, hire a technical individual who will manage the technology of the business, and to set pay rates. Using technology management will increase the cost effectives of investments that is involved with the development of technology. All of this will add to the value of a business. (Ramey, 2012) PlanningA technology plan can be defined as a process that helps to plan the technical evolution of a system or a program to achieve the future vision. (The MITRE Corporation, n.d.) A business can use a technology plan as guide to mature and evolve technologies that will help achieve future goals The process of technology planning entails businesses: 1. Assessing their business needs 2. Choosing a technology that will help with the change and growth of the business 3. Finding hardware and software that will cater to the needs of the business 4. Developing a plan that can be used when there is a man-made or natural disaster. 5. Arranging any support services like upgrades, troubleshooting installation 6. Establishing a set of procedures and policy that employees can follow for new software and hardware’s. (Duggan, n.d.) Harvard referenceDuggan, T. (n.d.). Business Technology Planning. [online] Smallbusiness.chron.com. Available at: https://smallbusiness.chron.com/business-technology-planning-4046.html [Accessed 4 Mar. 2019].
Ramey, K. (2012). The Importance of Management Technology - Use of Technology. [online] Use of Technology. Available at: https://www.useoftechnology.com/importance-management-technology/ [Accessed 4 Mar. 2019]. The MITRE Corporation. (n.d.). Technology Planning. [online] Available at: https://www.mitre.org/publications/systems-engineering-guide/acquisition-systems-engineering/acquisition-program-planning/technology-planning [Accessed 4 Mar. 2019]. Jennifer O'Brien 16120094 Digital realm What is the Digital Realm? Social media has been transformed through visual and audio in the digital realm era, through mobile with 3G/4G access and Wi-Fi. Digital Realm is used in everyday life for businesses and consumers who connect and research online. Website and online applications link digital information together, e.g. magazine, newspaper articles, interviews and online readings. Technology can also be connected to wearable devices such as Fitbit and Apple watch to monitor exercise and heart rate. (Thepsychologist.bps.org.uk, 2019) Digital Realm consists of online digital marketing and cybersecurity for a business. Digital Marketing Digital marketing has a wider range of possibilities for businesses reaching new consumers over traditional marketing, through the digital realm and technology businesses can now target to whom they want purchasing their product. Intelligent database is used for businesses to target customers through digital technology. (Kearney, 2019) Cybersecurity Cyber-crime in the realm of business technology consists of internet hacking and breaking through security systems mostly in smaller businesses as they are an easy target for hackers.
types of technology used for businessesTechnology for businesses can be used to improve customer relationships, track goods/purchases and productivity. Technology is now used in almost every single business in the world as it has a wide range of possibilities to reach potential customers. Business technology can be used to receive competitive advantages against competitors. Technology can be used to cut costs on advertising & marketing purposes. (Use of Technology, 2013) communication systemsCommunication is one of the most important aspects to a successful business, without employees communicating with each other the business itself will fail. Phones, tablets, email, laptops, IM can all be connected to the internet for communication. (Use of Technology, 2013) computers & laptopsDesktops/ business hardware are the most important part of an office, can be used for Microsoft office systems, social media, email, PowerPoint, design, accounting and a lot more. Microsoft windows computer and Apple MacBook are the two most popular brands. Computers are a link to a network, employees can communicate together and share online documents, printer and storage, e.g. Dropbox files. (MacKechnie, 2019) business softwareThis is used for everyday tasks in the workplace, Databases is used in the workplace to store information. Databases can be used for internal or external purposes for employees to manage information in the business itself. Business software plays an important role as is can be used for quick decision making and reduces time in the workplace. (Use of Technology, 2013) networkNetwork is used for businesses to transfer data/documents from one area of the department to the other through the use of the internet. This has a great advantage for a company as it can increase work flow and store a wide range of documents for easy access. (Use of Technology, 2013) harvard style refercingFincher, M. (2019). Small Business Cybersecurity: How to Protect Your Business from Cyber Threats – Irish Tech News. [online] Irishtechnews.ie. Available at: https://irishtechnews.ie/small-business-cybersecurity-how-to-protect-your-business-from-cyber-threats/ [Accessed 2 Mar. 2019].
Kearney, P. (2019). Are businesses using the digital realm to its full potential to sell goods and services? - Opinion - outsourcing - sourcingfocus.com. [online] Sourcingfocus.com. Available at: http://www.sourcingfocus.com/site/opinionscomments/are_businesses_using_the_digital_realm_to_its_full_potential_to_sell_g/ [Accessed 2 Mar. 2019]. MacKechnie, C. (2019). What Are the Types of Business Technology?. [online] Smallbusiness.chron.com. Available at: https://smallbusiness.chron.com/types-business-technology-167.html [Accessed 2 Mar. 2019]. Thepsychologist.bps.org.uk. (2019). Crossing into the digital realm | The Psychologist. [online] Available at: https://thepsychologist.bps.org.uk/volume-28/august-2015/crossing-digital-realm [Accessed 2 Mar. 2019]. Use of Technology. (2013). What Are the Types of Business Technology - Use of Technology. [online] Available at: https://www.useoftechnology.com/types-business-technology/ [Accessed 2 Mar. 2019]. |
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