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

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Several games changing technology includes:<ol><li>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.</li><li>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.</li><li>On Demand Services including Hardware as a Service (HaaS)and&nbsp;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.</li><li>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.</li><li>Smart Phones &amp; Tablets Became Our Primary Personal Computers.</li><li>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.&nbsp;</li></ol>

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.

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...

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

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

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