Question

What role does information and information technology play in successfully competing with other companies in a given market?

Answer 1

The Information and information technology is vital when it comes to the competition It will give an edge over the competitors in the following ways-

• Better control on inventory- If the company is dealing in logistic, SCM or retail then it better technology is must for the company. For an example in case of retail store they can know their current stock status. Shrinkage, requirements etc. As per the data outputs supported by information technology they can better make strategies. Due to better control they can satisfy their customers’ more than the rivals.
• Due to better technology the company can be found easily over the internet. The user interface will be smoother, friendly, and easy to navigate. For an examples As per Amazon strategy they claim that f their website is slower by 1% they will lose 10% of customers.
• Poor customer relation is very bad for any company. Here IT helps lot. Better it than the rivals gives the company better help on the hear and support to complaints.
• IT is helpful in saving time. The better IT is considered which saved time. And in business time is money.
• A better information technology than the competitors in the given market can protect the sensitive data. This will eliminate the risk of data and information leak. These ways the competitors cannot understand the strategy initially.