Information is the lifeblood of organizations and one of the keys to sustaining
ID: 434824 • Letter: I
Question
Information is the lifeblood of organizations and one of the keys to sustaining a competitive advantage. The tools for processing and sharing information have improved and proliferated rapidly over the past few decades. But growing sophistication has also meant growing challenges in maintaining quality and security across far-flung corporate information systems. And managers increasingly feel deluged by the rising flow of e-mail, text messages, and near-instantaneous reports. To thrive in the information-rich environment of modern business, managers must effectively utilize the various tools available. This exercise will give you an opportunity to consider which tools might work best for a given need.
Scenario: Suppose that you and your partner(s) are going into business together. Brainstorm about some new ventures that might interest you. Select one of the ideas that seems appealing, and then talk about how you might build a sustainable competitive advantage for your new business. (Hint: You may want to review the first few sections of the chapter.) With this initial sketch of your business plan in mind, discuss how you might use information systems and tools to accomplish the following tasks:
Researching the likely competition that you will face
Finding out what steps will be required to get the necessary permits, licenses, and/or regulatory approvals to open and maintain your business
Determining what price you should charge for your product(s) or service(s)
Deciding what computer and communication equipment you will need to buy to support your new venture
Recruiting and hiring the best people for available jobs in your new company
Discuss how you might develop the information system that your company needs to successfully launch and grow. Be sure to include security issues/concerns in your discussion.
What are the major challenges in creating and maintaining a sustainable competitive advantage? What role does information and information technology play in successfully competing with other companies in a given market? Is it possible to secure sensitive information and at the same time share information with employees and/or other key stakeholders (e.g., suppliers, customers)?
Explanation / Answer
SECURITY CONCERNS FOR THE COMPANY
HACKING: IT IS THE MAIN CONCERN IN THE COMPANIES NOWADAYS ,BECAUSE PEOPLE CAN EASILY GET HACKED AS SEEN BY REAL LIFE EXAMPLES WHICH WOULD RESULT IN EXPLOITATION OF PRIVATE DATA
LOSS OF DATA : THE HACKER COULD JUST SIMPLY GO AND DELETE ALL THE PERSONAL DATA IN A PERSON MEDIA OR OFF THE INTERNET
IMPROPER SECURITY MEASURES: NOT TAKING COUNTER MEASURES WOULD BE ONE OF THE MAJOR PROBLEM AGAINT MANY OF SUCH ISSUES SUCH AS NOT BUILDING A STRONG FIREWALL TO PROTECT THE COMPANY DATA
CHALLENGES IN CREATING AND MAINTAING A SUSTAINABLE ADVANTAGE
UPDATED : A COMPANY INORDER TO STAY AHEAD OF ITS COMPETETION MUST ALWAYS BE ONE STEP AHEAD OF THE COMPETETION SO THAT THEY CAN USE THE UNTAPPED OPPURTUNITIES
LESS RESOURCE WASTED:A COMPANY HAS TO SEE THAT FACT HOW MUCH RESOURCES THEY ARE UTILIZING AS THEY MUST TRY TO CONSERVE AS MUCH AS POSSIBLE
DEVELOPING NEW FEATURES: IF A COMMPANY LAUNCHES A PRODUCT IN THE MARKET THEIR JOB IS NOT FINISHED THERE ,THEY MUST KEEP ON UPGRADING IT SO IT DOESNT "DIE" IN THE MARKET
INNOVATE: ITS ONE OF THE WAYS TO KEEP YOUR HEAD IN THE MARKET BY INNOVATING AND INTRODUCING NEW PRODCUTS
HOW INFORMATION TECHNOLOGY HELPS IN COMPETING WITH OTHER FIRMS
KNOW THE TRENDS: TECHNOLOGY HELPS US TO KEEP AHEAD OF THE COMPETITION AND KNOW WHAT IS GOING ON IN THE MARKET AND WHAT FUTURE TRENDS COULD BE LIKE
TECHNOLOGICAL KNOW HOW: IF A COMPANY HAS TECHNOLOGICAL KNOW HOW THEY WILL IN TURN BE SUCCESFUL SINCE EVERYTHING IS DONE DIGITALLTY AND HARDLY ANYTHING IS DONE ON PAPER
CHATTER IN THE MARKET: TECHNOLOGY USED IN SOCIAL MEDIA HELPS TO KEEP US UPDATED ABOUT WHATS GOING ON SUCH AS TWITTER AND THE LASTEST TREND BEING "IN MY FEELINGS CHALLENGE" BY DRAKE IT HAS CREATED A LOT OF POSITIVE CHATTER IN THE MARKET FOR THE SINGER
IT IS POSSIBLE TO SECURE SENSITIVE INFORMATION AND AT THE SAME TIME SHARE INFORMATION WITH EMPLOYEES BY GIVING AND TAKING FEED BACKS FROM THEM
FEEDBACK ACTS AS A CHECKLIST ,THEY HELP IN ACCOMPLISHING GOALS AND ACHIEVEMENTS
NOTE: PLEASE RATE THE ANSWER