TECHNOLOGY

Technology as a Resource

Executive Summary

Technology as a resource is an enabler of competitive advantage. Hence, it should be managed in a company just like any other resources, i.e. financial and human resources. Using this resource requires a proper management and definitive strategy. A technology strategy enables a business to determine its technology requirements and chart its goals and objectives which use technology in tandem with its other resources. Although there alignment used to be the buzz word back in the day, due to the fast paced evolution of modern technology, business-technology alignment has become obsolete because it doesn't use technology to gain competitive advantage, instead this old theory focused on technology to get the job done. A good technology is one which is part of a comprehensive business strategy, thus making the strategy a Business-Technology Strategy. In such a plan, technology takes a more proactive role and not only gives company a competitive advantage, but it also helps an organization to take advantage of developing opportunity , all by using technology as a resource. But, it has to be managed effectively by considering the risks that go along with technology implementation, including time-to-market and inaccurate requirement analysis. This can be resolved if the business and technology executives of a company work in collaboration, thereby mitigating any implementation and maintenance issues that might arise, as well as exploring new opportunities.

Introduction3

Literature Review4

Conclusion10

References11

Technology as a Resource

Introduction

Technology as a resource has always been a critical element for modern business organizations. The growing sophistication of technology is entwined with the effectiveness of business operations. Thus, companies of today invest significantly in technology to increase their productivity.

Modern companies are using increasingly advanced software to get accurate information and decrease transaction time (Bae & Ashcroft, 2004). Also, Technology can be used as a platform to reach out to the customers and increase your market share. For example, during Hurricane Sandy in 2012, the local order delivery service Seamless.com used twitter to good effect to reach out to their customers and notify them about possible delays in deliveries or resolve any problem by directly interacting with them during the storm days. This earned Seamless much appreciation and increased customer loyalty (Chaey, 2012).

Technology is a resource that companies have to learn to use effectively. Companies have to align the use of technology, for instance, Information Technology with their strategic plans. They have to find out how technology use ties in with their business operations and what sophistication level is required (Naze, 2012).

It is essential to note that technology-business alignment strategies are becoming obsolete. In traditional business models, information technology was treated as a special unit of a business organization. Today, technology has become so much part of the very essence of an organization's being that it is an integral to a company, as are Finance or Marketing departments (Leaver, 2011).

Also, the way we use technology in firm, requires proper governance strategies. An organization has to study its organizational requirements and implement proper technology governance policy to ensure ...