Reference no: EM132197313
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)?