Technology and Business Opportunities

Essay by tallgirl43University, Master'sA, February 2010

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IntroductionA company's capability to innovate efficiently is critical to its ability to realize strategic competitiveness. As noted by numerous researchers (e.g., Butler, 1988; Miller, 1989), the need for innovation is vital for all firms because of the quick pace and changeability of technology, as well as the escalating speed with which competitors often are able to produce new products, services and processes to market (Teece, 1987). Innovation also is important because it can result in competitive advantage if the innovation is difficult for competitors to imitate, provides value to customers and can be successfully exploited commercially. Strategic competitiveness can be attained only when the firm's selected structure is congruent with its formulated strategy" (Gomez-Mejia et al., Chapter 7, pg 28). While building Kudler Fine Foods, Kathy Kudler has experienced rapid growth by keeping focus on her gourmet food products. Kathy controls the hiring, ordering and customer service. Through her efforts her business is thriving.

Changes in TechnologyCompanies use information technologies (IT) to enhance operations and improve customer service. Technology has allowed Kudler to collect demographic data for each of its customers. The data in this database table is used to access the name and address of customers for order processing and for special mailings for anniversaries and birth dates, etc. Some of the biggest advances being made today in technology are focused on giving the right people access to the right data, no matter when or where they want it. The ability not only to access information remotely but also manage that information while acting upon it presents a tremendous opportunity for businesses. The most important result of technological advance is the increasing impact of information technology, resulting in the growing importance of service and relationships in a business. Strategic Information Systems are frequently used to enhance a company's competitive...