In an ever changing business environment, executives need not to be caught unaware of changing consumer needs. In as much as the strategy crafting, implementation and review may be as complex and taxing as it may, the business world on the other hand is not sympathetic to anyone who may be found inapt to the dynamics of a changing business environment.
Therefore, there is a new paradigm shift in strategic management. Strategic management is when a company can outperform rivals only if it can establish a difference that it can preserve. It must deliver greater value to customers or create comparable value at a lower cost, or do both.
Consumer needs today are changing rapidly due to proliferation of product and service information on the go. The use of social media has exposed consumers to vast commodities in their different forms, brands and suitability to their needs against their budgets. This irrevocably means, the world over, information has become the new currency of organisations; as such, organisations which are capable of strategically using this information stand out from the rest.
Today, it’s largely about how much of informational ‘currency’ an organisation has, that innovation, responsiveness and agility rely on.
To a larger extent, strategic information management is critical in determining the success of an organisation. Strategic Information management is normally carried out at tactical and executive level through the use of Decision Support Systems (DSS) and Executive Support Systems (ESS). It will be important to quickly point out that strategic information management falls into management information systems category. There are a number of benefits that come into being when technology solutions are combined with implementation services to govern an organisation’s information technology assets.
The crux of organisational success is its ability to have all the data it can imagine to assist them in making accurate and timely decision to wow their customers’ every day or better still beat their competitors in service delivery without a trail of competition.
Business strategy is a way for implementing a business plan to achieve long term business goals. The fusion of Information systems and business strategy planning, implementation and review has come handy in this fast changing business environment. A number of software vendors have developed different applications that aid business people in strategic planning, execution and monitoring.
More often than not, we forget that the most successful businesses are run by executives who spend most of their time with the end users of their products ferreting the untold story of their success or failure, but in this global market, would it be easy for an organisation to always be where the end users are? The simple answer is ‘no’.
Thankfully, even strategy can be managed comprehensively with an ERP.
Ever heard of SAP Strategy Management? If you haven’t, it’s a tool which assists organisations to link operations and company objectives and through this way, it supports corporate strategy. Naturally, it’s poised to give the company a healthy inward look into performance. With the software improving the organisation-wide communication of the corporate strategy, it’s easier to leverage this said strategy to give an edge over competitors and in a manner of speaking, that’s the kind of advantage information gives organisations.