Corporate Information Strategy and Management Essay

Corporate Information Strategy and Management - Essay Example The scenario in the world of business is changing every now and then with new entrants in the market making sincere attempts to make it to the top. Any organization either to survive or compete in the industry needs to re-formulate its strategy keeping in view the market condition and rivals. According to Grant (Bowman, E.H and Helfat, C.E., 2001) business strategy deals with the ways in which a single business firm or an individual business unit of a larger firm competes within a particular industry market whereas corporate strategy deals with the ways in which a corporation manages a set of business together. Chew E.K. and Gottschalk, P. (2009) states that strategy is about creating a competitively differentiated position to win customers in the marketplace. Yannis and Treacy (1986) mentioned that senior executives, strategic planners and information system managers are nowadays formulating policies to include information technology to achieve competitive advantage in the industry market. The technology offers great array of capabilities at lower costs that has motivated the companies to utilize the technology for better decision making process. Information technology is useful in trying to improve the efficiency and effectiveness of current organization and out maneuver the others in the competition. The components of corporate strategy, which include internal, competitive and business portfolio strategy, are affected by information technology that improves the efficiency of the firm's operation. It has become necessary in today's competitive climate for every business organization to utilize the information technology in its operations to achieve the objectives in scheduled time. Therefore the present study intends to find the importance of information technology as part of corporate strategy and its usefulness to the management and also to evaluate its impact during the turbulent times of recession when most of the companies were going bankrupt and filing for liquidation. Research Question The present study is research on the importance of information technology in corporate organizations and management in taking decisions with regard to achieving the objectives through various literature reviews. It is intended to study the impact of IT strategy in development of company's internal strategy and how it is useful in attaining its goals and objectives. Therefore, a short study will be carried out in one of the organizations to study its corporate information strategy and how it is effective in taking managerial decision making process. Review of literature Arquilla and Borer (2007, p.4) relating information strategy to history mentioned that the first giant leap came with electrical telegraph that allowed information to move at the speed which was unheard at that time. And presently, Information Technology (IT) is referred to as wildcard in business by Applegate et al (2008, p.1), a source of opportunity and uncertainty, of advantage and risk. It is further stated that the evolution of technology, work and workforce over the past 40 years has dramatically influenced the concept of organizations and the industries and IT is not considered as a back office transactions tool, it has become a strategic part of businesses enabling the redefinition of markets and industries and strategies and designs of firm