Question
Asked Jun 14, 2019
23 views

What are the strategic options for a firm facing game-changing technology?

check_circle

Expert Answer

Step 1

Several games changing technology includes:

  1. Rapid Growth of Big Data where big data is a term used for the technologies and techniques used to capture and utilize the exponentially increasing availability of the data used for the sharing of the information and the strategic decision making process.
  2. Cloud Computing and Advanced Cloud Services where the information of the various processes is made available to the concerned stakeholders at their point of operation only.
  3. On Demand Services including Hardware as a Service (HaaS)and Software as a Service (SaaS) helps the organization to cut their costs by providing the access to the crucial and the large software programs without the actual necessity of the IT professionals and the time consuming and the expensive upgrades.
  4. Social Business is the game changer that has shifted the focus of the business from the information age where organizations used to share information with their stakeholders to the communication age where organizations believed on the communicating and engaging model.
  5. Smart Phones & Tablets Became Our Primary Personal Computers.
  6. 3D Printing (Additive Manufacturing)is a manufacturing where 3D printers build products by depositing raw material layer by layer until the final product is finished. 
Step 2

Apart from the above discussed technologies, there are various other technologies related to the digital platforms that have transformed the way in which the businesses are carried out.

All these game changing technologies introduces the technologically competitive environment for the business for the manufacturing of the products or the provision of the services.

Step 3

Therefore it becomes necessary for the organization to implement the effective strategies for facing the game changing technologies.

Various strategic options for a firm facing game-changing technology include:

1. Accepting the change: 

The very first strategy that the businesses need to implement is to accept the positive technological change in the market. Organizations should carry out the process of evaluating its past approach towards the response for the technological up gradation of the market and how it dealt with that change.

2. Communicate: 

It is very necessary for the organization to communicate the technological changes of the market with the various internal functional verticals and the various external stakeholders of the organization. This will help in the better understanding of the various game changing technologies in the market in which the businesses are interested. Organizations can ask the functional departments for the ideas for facing these game changing technologies.

3. Planning: 

Organizations should carry out the SWOT analysis. SWOT analysis is defining the strengths, weaknesses, opportunities and the threats associated with the organization. This will help in clarifying the goals and objectives of the business and the expectations of the organization from the business.

4. Responding to the change: 

After planning, organizations are required to attack the change with the most appropriate blueprint. Ignoring the technological advancement will lead to the obsolete business processes and will bring about the threat for t...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Operations Management

Other

Related Operations Management Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: What are 3 key differences between an executive order and a congressional law?

A: Executive order:In the U.S the president acts as each head of state and head of presidency.Through t...

question_answer

Q: I need a detailed explanation and assistance to solve this problem: FruitNuts is a store that sells ...

A: Given information: ItemSupply(pounds)dried bananas800dried apricots600coconut pieces500Raisins700Wal...

question_answer

Q: George Johnson recently inherited a large sum of money;he wants to use a portion of this money to se...

A: (a) In the linear program the general mathematical model and the linear objective function set of li...

question_answer

Q: Assume you are a manufacturer of small kitchen electrics, like Hamilton Beach/Proctor Silex, and you...

A: Focus teams is glorious thanks to hear the voice of true analysis among a bunch of any size .With al...

question_answer

Q: ProHaul specializes in trans-American shipments for businesses through the delivery of containers. F...

A: Calculating the value of break-even sales for the company. We have, Break-Even Sales = Fixed Cost / ...

question_answer

Q: Use the following information. Item                                      ComponentsStapler          ...

A: There seems to be an error or information missing about the Slide assembly component, however making...

question_answer

Q: Summarize two concerns regarding cash balance plans.

A: Cash-balance plans The cash-balance plan refers to the pension plans where the employees’ account is...

question_answer

Q: The Midland Tool Shop has four heavy presses it uses to stamp out prefabricated metal covers and hou...

A: Given values:Product "A" having 400 unitsProduct"B" having 570 unitsProduct "C" having 320 unitsThen...

question_answer

Q: Many of a bank’s customers use its automatic teller machine to transact business after normalbanking...

A: The arrival rate is 1 per minute and a Poisson distribution is assumed. The service time is 90 secon...