The Information Technology Can Help Increase Revenues

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02 Nov 2017

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Introduction

In business world the information technology is vital to create competitive advantages among others to gain sustainability in the marketplace. Information technology is the application of computers and telecommunications equipment to store, retrieve transmit and manipulate data. It often used in business or other enterprise.

A competitive advantage is a feature of a product or services on which customers place a greater value than they do on similar offerings from competitors. Competitive advantages provide the same product or service either at lower price or with additional value that can fetch premium prices. Unfortunately, competitive advantages are typically temporary, because competitor often quickly seeks ways to duplicate them. In turn, organization must develop a strategy based on the new competitive advantages.

When a company is the first to the market with a competitive advantage, it gains a particular benefit, such as Apple did with its iPod. In the other hand, there are several common tools to analyze competitive intelligence and develop competitive advantages including, The Five Forces Model (for evaluating industry attractiveness), the three generic strategies (for choosing a business focus), and Value Chain Analysis (for executing business strategies).

Objective

The objectives to be achieved in this assignment is to obtain a deeper round knowledge about the benefits of using I.T as a platform to gain a competitive advantage in the global business in expanding their business, acquire and retain more profits and also to sustain a better position in marketplace.

In this assignment also I will be able to share the information and round knowledge with other students about the uses of I.T that can create competitive advantages in the global phase of business. With this assignment it will give exposure to the students about the use of I.T to create business advantages in terms of competitive advantage. On additional, competitive advantages also including developing new product or services, entering new markets, increasing customer loyalty, attracting new customers, increasing sales, and decreasing costs.

For example, we can meet the needs of the clients successfully through the use of internet in online trading. With this online purchase it can simplify even save client's time and energy during the transaction. Exposure obtained in this assignment enables to provide early preparation to the students about the benefit of using an I.T, which can provide competitive advantage for global businesses. Consequently it will encourage students to study and master the I.T knowledge in the face of global business.

Body of the Article

Information technology provides a platform for a company to connect the global world with the Internet. Internet has a wide range of virtual connection of potential customers and buyers or associate suppliers and distributors. With the help of Internet a business can run on a single website to perform their business transaction. Information technology provide various channels to communication like Email, Instant messages, SMS servers and other application to all of us at any time all over the world. Now this software are using to help the company business today to reduce cost of operation and saving the time. And the software also is very importance today for company for instant information of stocks, sales and service.

Furthermore, IT can helps to create competitive advantage to the company and below article outlines the reasons how a small business can gain its competitive advantage through IT. Information Technology can help increase revenues Web presence. Presence on the Web is important for any business because it can advertise the company services, mission statement and anything else necessary for potential customers. The Web is the virtual salesman or as the representative to the world and that helps the company to be recognized. A website is the first thing a company does on startup and come up with a solid action plan.

In the other hand, E-Commerce is also importance. By applying the e-commerce method into the businesses' transaction, it will create competitive advantage and enable to increase the revenue.

Information Technology Can Help Increase Revenues

Web Presence.

Presence on the Web is important for any business because you can advertise your services, mission statement and anything else necessary for potential customers. The Web is your virtual salesman or as your representative to the world and helps your company to be recognized. The good presentation of website will attract a numerous of potential customers to make purchase from us and continuously purchasing will increase our revenue.

E-Commerce.

By applying the e-commerce method into our businesses’ transaction it will create competitive advantage and enable to increase the revenue

Customer Relationship Management.

Customer relationship management (CRM) is a model for managing a company’s interactions with current and future customers. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support. It specialized software systems that help manage, track and customize interactions between the company and its customers. It also can increase revenue by keeping the existing customers engaged and by helping market the products to the most interested clients.

Information Technology Can Help to Increase Productivity.

Working from Anywhere

One of the most significant impacts information technology has made on productivity is that it allows employees to work from anywhere by using Remote Access.

Working More Efficiently

As long time ago, processing paper documents required at least one person to file the paper documents, another person to keep those files organized and up to date and still another group of employees to go through the files looking for the information needed by the business. Advances in information technology now allow all paper documents to be scanned into a central database, where a single employee can easily search for just the records that are needed by the organization.

Information Technology Can Help to Reduce Operating Time and Cost.

Computer Networking.

By using computer networking the employees enable to linked or shared any information in any way, shape or form among them. In manually, its take a long time for someone to share a Word Document with another user

Automation Software.

Office automation is the action of using varied equipment, machinery and software to store, manipulate and electronically capture or transfer data necessary for business

Conclusion

In the global business, I.T is one of the essential elements to create a competitive advantage in addition to the other competitors. From this assignment it can be concluded information technology is a factor that can contribute to a competitive advantage in global business. By using I.T as a competitive advantage, it can help companies in global business to increase revenue, improve productivity and reduce time and cost. Through the company's online sales can also save cost in terms of wages if the payment as does not require a lot of workers, as well as to maintain the customer to buy, the company also made an offer in terms of the sale provide discount prices to members, except that if loyal customers buy, the company will give vouchers to customers to encourage customers to buy.



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