Bussiness and technology
How Business Can Use New Technology to Increase Organization’s Profitability
Today, advancements in technology have increased the demand and role of information in every aspect of human life. Business has become dynamic and more vulnerable to technological changes and innovation. It is doubtless that technology continues to influence business in various ways and managers are taking this advantage to increase revenue (Agbolade 101). With incorporated information technology systems, companies gain competitive growth and success.
To achieve this competitive advantage, organizations re-evaluate their efficiency with the use of modern information systems. Businesses that embrace technological changes experience continuous growth and sustainable profits (Olugbode et al. 11). However, there are many unanswered questions as to how new technology adds value to a business. Thus, many researchers endeavor to debunk myths from facts on how organizations record high profits with this technology (Hitt and Brynjolfsson 121).
Importantly, research on the economic value of new technology in business gives opposing findings. In their research, Hitt and Brynjolfsson seek to find out the commercial value of new technologies on business organizations (122). This article is relevant to this analysis since it offers empirical evidence through analysis of firms, which embrace these technologies. It also gives hypothesis on using IT interventions to improve organizational profits.
In particular, new technology forms part of factors of production, and can be used for research and development. Through technology, an organization makes unique brands, which guarantee high profits. In cases where there are business barriers, technology can make an organization realize supernormal profits (Hitt and Brynjolfsson 123-124).
Olugbode et al. (11-16) also offers relevant findings on the issue at hand. The paper is a case study on Beale and Cole, which experienced profits because of utilization of ICT systems. However, the firm recorded declining profits even though it was applying technology. From an evaluation of the company’s performance, the need to integrate new technologies and face out old information systems was evident.
To this effect, the company adopted business IT interventions to streamline operations, increase profitability, and increase efficiency (Olugbode et al. 12). Thus, new technologies have the ability to make a company realize higher profits. For example, the company acquired an accounting system from Virtual Private Network to cut down on operation costs, which helped to make profits (Olugbode et al. 11-13).
Agbolade’s (101-107) further agrees with the fact that the use of IT concepts has helped many banks to make huge profits through increased efficiency. IT has widely altered operations in banking because of high speed and top quality in service delivery (Agbolade 102). A good example is how the use of biometric recognition systems controls fraud.
With mobile tech, consumers make transactions with a lot of ease, which leads to higher revenue for banks (Agbolade 103-104). IT reduces chances of making errors and the risk of fraud. Additionally, banks use computer software to improve speed and quality of services delivered to customers. Because of this, banks serve more clients leading to increased profits. Technology also allows flexibility at place of work, encourage teamwork and good customer relations (Agbolade 106).
Agbolade, Kehinde O. “Information and communication technology and banks profitability in
Nigeria.” Australian journal of business and management research 1.4 (2011): 102-107. Print.
Hit, Lorin M, and Brynjolfsson, Erik.“Productivity, Business Profitability and Consumer
Surplus: Three Measures on Information Technology Value.”MIS Quarterly 20.2 (1996): 121-142. Print.
Olugbode, Majosila, Elbeltagi Ibrahim, Simmons Mathew, and Biss Tom. “The effect of
information systems on firm performance and profitability using a case-study approach.” The electronic journal of information systems evaluation 11.1 (2008): 11-16. Print.
Movil Express is a Telecommunication Company, which focuses on growing through tapping into the expanding market of video streaming, internet voice and high definition cable television. However, it can only achieve these, if it has the correct infrastructure in place. Together with market ideas, it will be possible to overcome risks, which could escalate and become crises (Rouse par 2). To deal with these challenges, the company needs a crisis management team.
Crisis management encompasses identifying likely crises, and adopting measures to mitigate their severity and putting in place a recovery course (Crandall and Parnell et al.10).
It conducts landscape survey and identifies looming crises, which could hit the company either internally or externally. The team then develops a strategic plan to counter the crises if they are inevitable (King 236). Notably, the team carries out landscape survey in two phases, which are internal landscape and the external landscape (Crandall and Parnell et al. 15).
This survey focuses on factors, within the company’s control and that the crises could be from within. These crises mainly stem from internal factors (Crandall and Parnell et al.12). An example would be inability of the company to pay for the infrastructure from Cisco. To expand their services, they need more equipment from Cisco. The firms target to lower the cost of voice data for its customers. However, a possible crisis is the resistance of customers to change, opting to embrace their current providers.
This covers factors beyond the control of the company and whose crises pose a greater challenge to counter. Nonetheless, it is possible to lessen the impact of the crises (Crandall and Parnell et al. 13). A possible external crisis for Movil Express is delivering inferior services to their competitors in the market, as it has no control over their ability to advance in technology. Another factor is the sociological structure of the company’s target market. Most clients are young people who have interacted with technology throughout their lives. While this is the case, older population, which has stronger purchasing power, is likely to be left out of consideration.
Movil Express has several weaknesses, which could lead to crises in the end. They include a small market share and lack of proactive approaches when penetrating markets with new products. This may cost the firm as the competitors excel. Other factors are government surveillance, which make customers apprehensive, inflation, and high interest rates, making it hard to service debts.
To address these challenges, Movil has to get money from trusted lenders and Cisco as soon as possible and get discounts. The company also requires intensive marketing campaigns to increase its market share. Baseline research on potential markets is also necessary to master the culture of the population and get an overview of the competitors’ tactics. This will help in developing unique products to take over the market.
Crandall, William, John A Parnell and John E Spillan.Crisis management in the new strategy landscape. Los Angeles: SAGE, 2010. Print.
King, Granville, I., II. “Crisis Management & Team Effectiveness: A Closer Examination.” Journal of Business Ethics 41.3 (2002): 235-49.
Rouse, Margaret. “What is crisis management? – Definition from WhatIs.com.”Whatis.techtarget.com, 2013.Web. 28 Feb 2014. http://whatis.techtarget.com/definition/crisis-management
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