Creating Value for Business
Creating Value for Business
Not long before the onset of this century, there was this hype about Y2K. Companies both in the public sector and private sector were gearing up to face the challenges of the 21st Century.
Now there is quite a different perspective altogether. For companies to stay competitive like the stable ones have to keep evolving with technology while the not so stable ones have to sustain competition by retaining a minimal level of technology performance. It is a matter of survival of the fittest.
However technology plays the cutting edge for the successful firms as they have learnt to combat competition through increased and consistent efforts in sales and marketing and through innovative strategies. A winning competitive strategy is founded on consistently understanding and predicting changing market conditions and technology obsolescence.
What may work well today may become redundant tomorrow. Hence being a pioneer in advanced technology is the trend today. Set the benchmarks of success for others to follow. Not only benchmarking your company against the current competitors but also against the challenges one may face in the future.
According to the Competitive Advantage Model of Porter, a competitive strategy takes offensive or defensive action to create a defendable position in an industry, in order to cope successfully with competitive forces and generate a superior ROI.
Companies that follow a business process and business technology optimization strategy through an ERP system ownership must strive to deliver a positive ROI to reap the benefits of an ERP solution.
Firstly a successful company must study the trend of technology enhancement, not jump on to the bandwagon approach but rather evolve with one’s own research capabilities, measure IT investments, organize resources and establish business processes for effective information delivery by reducing information gaps to facilitate optimum decision making.
This article was submitted by Viveka D’Souza.
Posted on May 29th, 2008 by Guest
Filed under: View Points & Perspective
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