Custom «Probability and Statistics» Essay Paper Sample
Table of Contents
- Improving Business Performance
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- Transforming Business Technology
- Information Technology in Business
- Decision Making
- Marketing and Business Expansion
- Support and Satisfaction of the Clients
- Resource Administration and Globalization
- Digital Bank
- Related Management essays
Innovation and invention form the basis and the foundation of a business success in the current digital age. Innovation in the field of business may encompass performing various activities using better and smarter approaches that will guarantee a positive outcome and difference regarding quality, value or productivity by employing emerging information technologies. IT that the business sector has ushered in the last few decades has transformed organizations’ operations as well as the lives of many individuals. Among the areas that have witnessed an upsurge in the use of IT there are digital marketing, online shopping, cloud computing and business social networking. The paper presents various synopses of business articles related to information technology.
Improving Business Performance
Most business entities are acknowledging the fact that digital options have excellent abilities to improve their business performance. There is a strong association between the various IT areas and the business profit margin. The different areas in business that exhibit a stronger association with profit margin include infrastructure management automation, application landscape, relationship management for clients based on self-service and robust customer analytics. The synopsis presents the significance of digital bets in sections that may assist the organization to enhance customers’ experience and rationalize IT operations.
Observations indicate that the companies with less digitization register lower profit margin as compared to the firms with high digital capabilities. Digital investments have transformed many businesses and resulted in improved performance both in productivity levels and revenue collections. For instance, an organization in Asia increased the number of the client by a significant number in just one month through the provision of online services using Facebook and Twitter communication channels. Others also significantly advanced their performance by having their attention focused on one of the areas mentioned above. Nordstrom, for example, rolled out its plans for digitization preparations. Some aspects that determine the direction of the business introduced during the time of rolling the plans included the introduction of point sales for mobile devices for customers to use. It is mostly useful to clients who detest queuing at cash registers, the establishment of loyalty for personalized customers and advancement in the online services. These efforts provide the retailer with a lot of power since the revenues double close to two times (Anand, Begonha, & Caldo, 2015).
Although most companies have tried the new technologies with a varied level of success, one thing is common to all of them. They tend to get difficulties during the implementation of the digitization. Issues always emanate from complex IT architectures, nonintegrated data sources, and inflexible legacy system. Business management units mostly lack ideas from where to begin the process of the digitization. The study indicated that implementation may result in almost equivalent experiences to other consumer-facing companies. At such cases, purchasing experience quality and service reliability can form the main differentiating factors (Anand, Begonha, & Caldo, 2015).
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Business performances in many companies have registered progress. Some of the organizations over time have realized that homebuyers who were purchasing the service for the first time had a high chance of abandoning the process of mortgage application that was done online at midstream. As a result, marketing departments partnered with IT department to ensure that the applicants are directly linked with the representatives of the customer service via live web chat utility or mobile application. The rate at which the clients disregard the applications and tend to withdraw from the processes may be significantly reduced through a chat initiation by the representatives, particularly after some defined period of inactivity by the customer. In the US, the hospitality sector employs real-time client information to determine the rate of booking of hotels over weekends while, at the same time, studying the behaviors of the customers (Anand, Begonha, & Caldo, 2015).
Customers have now interacted with online digital companies such as Alibaba and Amazon. As a result, they appreciate speed accessibility and convenience in the buying process. This has led to a reorganization of most firms as almost every industry is pursuing to reproduce the order management practice of the Internet companies, which is mainly defined by the data and automation competencies centralism (Anand, Begonha, & Caldo, 2015).
The telecommunication companies have also experienced substantial business performance improvement after adopting the automated order management into their management systems. One of the sectors that have experienced an increase in the use of such technologies is banks. They have introduced improved functionalities in their online banking applications such as order buttons described as a single touch. Other specialized utilities have been added in various places, for instance, the Italian banks' option for pay in installments enabling the clients to meet the payment with monthly rates (Anand, Begonha, & Caldo, 2015).
In conclusion, the digitization benefits are clear and numerous. The companies that embrace the opportunities presented by various communication platforms and online services such as Twitter or Facebook reap a lot of advantages regarding improved sales as their clients tend to have clear product knowledge. However, difficulties remain at the implementation stage for most of the information technology experts. Companies need to have their focus on high-impact digital performances to increase the transformation speed that contributes to business performance and helps in the achievement of customer satisfaction.
Transforming Business Technology
Digital transformation has seen most organizations embracing different and new approaches to their functionalities as they progress and advance their experiences that would enable them cooperate and conduct business activities with partners and customers. However, most leaders of digital innovation and IT departments have indicated that they have encountered challenges. The new technology has changed the way industries operate; some manufacturers have successfully adopted IT while others have experienced disruptions. This synopsis presents a case how companies build digital experiences to foster collaboration with partners and clients to transact business.
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Business management involves a lot of paperwork; consequently, IT has been mostly applied in the section of data and file management. Currently, there are complexities in content landscaping including FTP servers, collaboration technologies, content management software and storage infrastructure. These are in addition to the application software familiar to the end users such as Google Drive and Dropbox. In business, data stretch and discrepancies have always presented challenges in finding the truth. The employees are not aware of the best content version to consider. Moreover, the disparate and redundant systems are expensive and difficult to maintain. This calls for changing the content of business approaches to enable IT transformation (Computerworlduk, 2016).
There is a need to provide a solution to the issue of business strategy content. The best way is to construct new digital experiences that will ensure users interact with partners and clients. Firms also should transform their ways of business performance. The first step would be to formulate a strategic plan. The program must possess stronger characteristics in line with the business' long-term objectives. The plans must also possess flexibility qualities to cease the new emerging technologies. The success of the digital transformation is dependent on the foundational technologies. Such technologies include cloud and mobile. Due to the changing market, the plan must contain the significance of agility outline; firms must have the ability to scale during development to satisfy demand. Changes may include moving from one application to another. For instance, migrating to Salesforce.com from on-premises CRM in the cloud or from Microsoft Exchange Servers to another application like Office 365 are some of the transformation that may result in a positive outcome in business. This is the defined change in the cultural setup and new ways of perceiving issues. The impact of digital transformation is broad in a firm and may touch every sector and employee, a fact that makes it critical for the IT leaders and CIOs to be active on the digital champion (Computerworlduk, 2016).
The CIOs must find ways of articulating the significance of digital migration to the board to make them comprehend how the approach may increase the revenue collection in business. Digital transformation has its own daunting and arduous task. Consultants for instance Box can assist in the creation of a strategy that would drive the business forward and transforms the way content is managed and eventually innovate, change performance and conduct business. Various companies have succeeded and taken advantage of the abilities provided by the content management given by Box. One such firm is General Electric (GE), it has transformed the manner in which its 150,000 employees conduct their activities and duties by presenting real-time and content mobile access anywhere through the Box for MobileIron. The box also advances the digital transformation of the company since it integrates other modern apps.
In conclusion, the IT holds a lot of potential for business advancement. With the adoption of the right information technology such as the cloud mobile, companies stand high chances of increasing their operation levels and realize boosted revenue collection due to increased sales explained by the use services provided by Salesforce.com. However, the success of the digital transformation of a firm or organization is dependent on the foundational technologies.
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Information Technology in Business
The success of any business venture is dependent on some given factors. These factors include a choice of the right technology, accurate analysis, and future vision. Organizations that have invested heavily in technology always expand their market shares, competitiveness, and financial figures. Information technology is the only business analytical tool that provides the entities with the opportunities to conduct a thorough analysis of specific data and enables one to plan the course of actions. It also provides an avenue where complex problems can be solved with ease. The following synopsis presents the role of IT in the success of businesses.
The information technology utilities allow planning of future business progression especially in the current modern age where technology allows business entities to make use of digital marketing that promotes the products offered to the global market irrespective of the entity location. The modern communication and cloud computing has enabled individuals to manage and monitor the virtual subsidiaries worldwide or create a global organization (Butt, 2015).
One of the prerequisites for making right decisions is accuracy and speed. A comprehensive market research is a necessity for every business that is interested in success. It enables them to make the right decisions for the business. There are numerous ways that the market research can be conducted including blogs, forums, online surveys and utilizing the services of World Wide Web. Microsoft CRM Dynamics, Google Analytics, and Big Data have been on the front line recently offering information services critical to decision making. Apart from providing real time feedbacks from the audience, the online tools also ensure appropriateness and correctness of data by significantly lowering risks and errors (Butt, 2015).
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Marketing and Business Expansion
Business success is entirely dependent on marketing which provides opportunities for the management to recognize the target clients and make an observation of their purchasing patterns including trends and needs. Factors that affect market growth include sales, promotion, advertising and public relations. These factors are all covered in the overall marketing plan. Different types of marketing have the ability to drive business to reach its potential clients. Digital marketing had been a dream of many personnel in the past when internet technology had not advanced. Digital marketing encompasses various IT concepts that include pay per click, search engine optimization, discussion forum, MMS, SMS, email shot and social media marketing, etc. entrepreneurs have realized that success in business is significantly influenced by internet's digital presence. This has resulted in the growth of web marketing and advertisement of the smartphone app. The internet experience new addition of websites annually (Butt, 2015).
Support and Satisfaction of the Clients
Customer support provided on a real time basis is key to achieving customer satisfaction which defines the success of a business venture. Being aware of the clients’ satisfaction level, behaviors, trends and needs is a critical aspect of business success (Butt, 2015). Tools that can be employed by a business to comprehend the customers’ problems and demands include effective communication ensure effective communication. The internet has been so resourceful in providing a rapport where millions of individuals can share ideas and communicate with the clients; both existing and potential ones on real time basis. The internet provides the communication platform through various channels that include social media, online letters, member portals, webinar, and emails. Other channels include the use of texts through smartphones. Systems such as CRM also called customer relationship management are instrumental to enterprises that use them to store significant data for client analysis concerning future trends and behaviors (Butt, 2015).
Resource Administration and Globalization
One of the business success' determinants is sound resource management. It is, however, difficult to effectively manage the resources manually particularly for medium to large institutions. The resources that need proper management include human and financial resources. The information technology has been pivotal in automating the management issues through the introduction of user-friendly solutions. Due to the introduction of cloud technology and internet, business migrated from desktop resource management to virtual management from anywhere on the globe through utilities such as Enterprise Resource Planning. The concept has facilitated globalization. Most global companies such as McDonalds, Google, Microsoft and Amazon employ the solutions provided by the cloud to control and monitor their physical and virtual staff and offices globally (Butt, 2015).
In conclusion, the businesses must embrace the new technologies that had been tailored to provide real-time solutions to complex problems that presented difficulties to the previous era when technology did not provide resources that are available in the current digital age. The Internet Technology and the Cloud computing have been useful tools for global business physical and virtual management hence increasing efficiency and productivity.
South Africa’s oldest and largest bank that consist of groups of financial service providers; Standard Bank faced substantial challenges posed by digital competitors. The banks managed to provide innovative products to their customers while maintaining operations at lower costs. In an interview, the Chief Technology Officer confirmed that they felt the bank had invested in the appropriate technologies but lacked the precise process to reap the maximum gains from the technologies. The synopsis presents the content of the interview and the bank’s shift to agile software advancement that marked the organizations turning point to enhanced internal practices and service delivery.
The South Africa’s Standard Bank resolved to turn its attention and switch to multilayered digital transformation. The plan's foundation was transference to agile software advancement. This approach put an emphasis on team cooperation, test and learn methodologies, and quick product iteration. The banks are increasingly in need of digital channels, technologies, and new strategies to enable the organizations to assume the best positions for long term business progression and collection revenue improvement (Blumberg & Stüer, 2016).
The bank is currently serving the generation that is more technologically advanced and is skillful in the matters of online applications. The phenomenon is particularly predominant in emerging markets where the population is mostly underage. Taking an example of Africa, almost half of the populace are teens and most of them have access to mobile phones. Today, innovation has served to differentiate the banks. The banks tend to match the products to the needs of the clients. It is projected that mobile adoption as far as the services are concerned, will proceed at high speed (Blumberg & Stüer, 2016).
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Information technology plays a central role in determining the speed with which organizations rise. However, it helps the companies only when it is taken to another level beyond being business specification executor. IT can be most useful in other areas that matter most to the business managers. It can partner with the user community and the business and help in the co-development of software applications. Developers who are IT empowered have high capabilities of reacting quickly to varying customers’ desires and needs. This is an improvement from the need of consensus every moment a decision has to be made regarding feature deployment (Blumberg & Stüer, 2016).
According to the Chief Technology Officer, co-location and collaboration are emphasized more in these IT programs. Every product management team is assigned a product owner, and together they meet to strategize. When a new application is to be tailored with current one, members of various teams may join and strategize on the ways of synchronizing the two products. Through such arrangement, the bank has been able to capture the requirements of the business for the application of the software and capitalize in accountability from all the involved parties. People are always reluctant to accept new technologies for the fears of failures. Most organizations require proof first before embracing the technologies. As a way of providing a solution to the fears, the Standard Bank created communication channels such as newsletters, town-hall meetings where success and challenges are discussed and a web page. The communication pathways assisted in building the motivation and sustaining the change momentum among individuals (Blumberg & Stüer, 2016).
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In conclusion, the management of the bank confirms that the application of the IT has increased productivity almost up to 50% and reduced cost of units by 70%. However, there are hurdles that the organizations must be prepared to face when they decide to adopt such business Information Technologies. The problems the bank encountered include difficulties in ensuring the IT architecture, operating model, and infrastructure progress as do the digital opportunities. The adoption of the technologies needs a change in organizational scheduling and mind.
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