Discuss about the Digital Business Strategy and Generation.
Business strategy or simply business management can be defined as any organization’s high level plan to reach the various objectives and goals of a business (Baltzan 2012). All the strategies eventually succeed whenever they are leading to the growth of any business, stronger financial performance and the stronger competitive position. When this specific higher level strategy fails, the particular organization should either alter their strategies or prepare for going out of their business (Bharadwaj et al. 2013). Business strategy is the working plan of any organization to achieve the specific vision and mission of their business. Moreover, it helps to prioritize the goals and objectives and compete successfully for any business. The financial performance is well optimized with the respective business model. These objectives are to be chosen properly for completing the strategies of the organization. The typical organization comprises of various important and significant objectives and as a result, they make up several business strategies for properly accomplishing the business objectives. Margins as well as revenues are earned from these business strategies (Johnson 2016). The organizational strengths, weaknesses, vulnerabilities, opportunities, resources and threats are well spotted or identified with these business strategies. The business strategies should be made in such a way that the above mentioned factors are well defined and the competitors of the market are identified by them. Within the business, the strategy starts with focusing over the higher level objectives within private industries. This helps to increase the owner’s value (Verbeke 2013). For each and every business, the major reason to implement this business strategic management is to reduce their business complexities to a greater level.
The following report will be outlining the entire case study of Dr. Rikki Wagner. This particular report would be extremely helpful for Dr. Rikki Wagner in understanding the various strategies of information technology and also retain the several competitive advantages within their business. This report is sub divided in four parts. The first and the foremost strategy is to select a specific hardware, software and networking infrastructure. The cloud service will also be selected in this report. The second strategy is to select proper tools for the business intelligence. The third section focuses on the customer relationship management of CRM for this particular organization. The final part of the report clarifies the importance of social media for this specific organization and Dr. Rikki Wagner.
Business strategies could be defined as the higher level plans of leadership, which are to be undertaken within any business or company for understanding as well as attaining the various organizational goals or objectives (Blackburn, Hart and Wainwright 2013). A specific good business analyst or a good leader is responsible for making the strategies for the business and hence helping the company in obtaining the several goals or business objectives. The explicit set of objectives and goals of any company involves better growth or development of the innovative services and products, perfect entry in the market place, which is completely new, and thus reducing or diminishing the expenses, increasing the organizational sales, attracting the brand new customers as well as the increasing or incrementing the loyalty of their clients. It is evident that any company eventually suffers from various ups or downs. The major and the most significant uncontrollable and unexpected problems or issues within any business involve the strikes, economic recessions, natural disasters and natural calamities (Bentley, Omer and Sharp 2013). When any good leader or business analyst is responsible for making a specific business strategy, he or she helps in making it in such a way that it could easily suffer in tougher situations and hence the organization would not be facing any type of losses. These business analysts often help in updating the business strategies for the reason that these could be easily or promptly acceptable by all the internal environments or the external environments and also the constant alterations or modifications within the business. All of these business strategies also bring out competitive benefits to this organization (Brewster 2017). The competitive benefit is the most important feature of any specific service and product that is solely responsible for total growth or profit of any organization and thus the aspect that is used for understanding the complete competition of this business from all the other similar businesses or organizations. The various competitive benefits or advantages give similar product or service either at the lower prices or with the additional value that fetches the best prices. All kinds of innovative and new products could be made of only when there is a basic competitive advantage within the organization or the business (Spender 2014). There could be even various strategies of information technology, which could be under taken by Dr. Rikki Wagner for obtaining as well as retaining the competitive benefits in their business of Mendelssohn Technologies.
There could be some of the most important networks of private cloud, which are eventually provided with all the services of auto scaling, more security, compliance, self-service, instant provisioning, as well as many identity features of management (Woerner and Wixom 2015). All the popular providers, who are responsible for providing the cloud platforms are mainly called Microsoft Azure, Amazon Web Services or AWS and Google Cloud. All of these cloud platforms are solely responsible for providing similar types of capabilities that include networking, storage as well as computing. All of these three providers of cloud eventually invest hugely on the cloud services and thus comprise of the parent organization for this purpose. This hence helps the organizations in making all of their products and services extremely vital and trustworthy (Reich and Benbasat 2013). Amazon Web Services or AWS subsequently supports the services of Hadoop and this is called Elastic Map Reduce. Similarly, Microsoft Azure is responsible for providing services of HD Insight and Google Cloud is responsible for providing Dataproc services.
Amongst all the three services, Amazon Web Services or AWS is the most popular and significant of all. They provide huge varieties of services (Baltzan 2012). Around more than 100 various types of services like enterprise applications, networking, IoT, mobile, developer tools, database, analytics, security, management tools, storage and computing.
These three cloud platform providers could be easily utilized by Dr Rikki Wagner. He could even utilize various tools and techniques of machine learning and hence could also have various added features and services, which could target the specific area of a cutting edge technology, known as Internet of Things or IoT. Server less computing could also be utilized by him (Baltzan 2012). When he will implement any of these cloud services in his business, he would be able to connect the cloud to various applications of mobile and hence could create the highest performance in any computing environment, which could satisfy the requirements of their business and hence converting their business to electronic business.
Each and every above mentioned cloud vendor is extremely vital or strong in terms of machine learning. They could easily help out all the developers in creating the several models for machine learning (Johnson 2016). Amazon Web Services or AWS has announced all the newer three services for machine learning to properly execute image recognition in any business. The learning models for text to speech, called Polly are utilized here.
In case of Google Cloud, the respective engineers of the machine learning helps in building up of models that are based on the open source deep learning library, called the Tensor Flow (Blackburn, Hart and Wainwright 2013). This particular cloud helps in offering the entire host for the application program interfaces and hence involving processing of the computer vision, translation and natural language.
For Microsoft Azure, machine learning is responsible for helping the various developers in writing, deploying and testing of the algorithms in the application program interfaces. The clients could easily run the various applications or services within cloud environment by the implementation of all the approaches of cloud.
The distinct computer hardware can never work without the help of computer software. Two kinds of programs are present. They are the application software and systems software. Systems software can be defined as the particular computer programs, which manage each and every resource of any computer system and hence simplify these applications to a great extent (Baltzan 2012). The main parts of this system software are operating systems, software utilities, and translators, networking software and DBMS or database management system. Moreover, the disk operating system, file utilities management and computer operating system are well managed by this systems software.
The second program is application software. It is the distinct software program, which is responsible for directing the overall performance of any specific use, computer and applications and thus meeting the requirements of information processing for all the end users. This application software mainly involves software of [email protected] with spreadsheet package and word processing (Baltzan 2012). Several internally or externally developed software that is being designed to meet the organizational requirements is also present here. The other name of this application program is productivity program for the end users. This is mainly because they have the ability in enabling the users in completing their tasks like creating documents, publications, spreadsheets, databases and many more. There are software trends, which are developed by the end users or professional programmers of any business to use the software packages for [email protected] and are utilized by the vendors of software.
Two distinct types of these application program packages are present. They are as follows:
The BI or Business Intelligence majorly involves the tools, techniques, applications, practices, or technologies, which are being utilized for the collection, integration, analysis, as well as well presentation of the raw information of any specific organization for the reason that they could easily create the insightful or actionable business information. This business intelligence is the significant discipline and a technology driven procedure, which are completely made of the various important activities like analytical processing, data mining, which are being made online either by reporting or by querying.
There are some of the most important advantages, which this business intelligence program eventually offers. All of these benefits majorly involve acceleration and improvement of the process of decision making, optimization of the procedures of the internal business, incrementing the total operational efficiency, helping in driving the new revenues, gaining or obtaining competitive benefits over their respective business rivals, identifying the trends in market, and finally helping in spotting the various business problems that are required to be properly addressed (Spender 2014).
The tools and techniques of this business intelligence are extremely important for all the data driven Decision Support System or DSS. This business intelligence is utilized interchangeably with the proper briefing of queries, report tools or books and the EIS or executive information system. The tools of business intelligence also help the clients of the business for the perfect analysis of the data by themselves; and not taking up help from any expert of information technology to run the respective reports. The business information even is responsible for accessing the decisions of business with most of the hard numbers and not just making up assumptions.
The organizations could take up data resources that are rich for their business with the utilization of BI or business intelligence for fulfilling their objectives of the business and finally targeting them to guide through the strategic decisions. This business intelligence even makes proper interaction with the clients much smoother by the analysis of voice calls, chat interactions and emails and thus helping the organization in looking after all the preferences of their clients, which includes the several likings or disliking of their customers (Woerner and Wixom 2015). Business intelligence even helps this business in finding out all the technical problems that are being faced by these customers, the significant reactions of their clients to make the promotion, and hence the customer experience is checked when online shopping is made from their company website. The analysis of business intelligence also helps this business in improving the rate of conversion for this organization. The entire team of business intelligence helps to ensure the fact that the organizations can get the reports of real time which efficiently use for handing over the confidential information for the purpose of managing this business in the most better method.
The organizations utilize the technique data mining for gaining competitive benefits within their business. There could be various kinds of techniques of data mining, which could help the organization of Dr. Rikki Wagner for obtaining the competitive benefits are as given below:
Basket or Affinity Analysis- This particular technique helps in analysis of the products or the services, which are to be bought by their clients (Baltzan 2012). All these techniques could then utilized by their organizations for the improvement of their product outlining as well as the product recommendations that are related for all retail outlets.
This basket analysis that is assumed by the businesses eventually helps in predicting the significant behaviour of the future customers for the purpose of evaluation of all the previous performers, which includes preferences and purchases. This specific analysis could be utilized in most of the business processes and not only on the retail stores. These business applications in which the basket analysis could be utilized are given below:
In all of the online electronic commerce stores, the basket analysis is termed as extremely useful. This organization of Dr. Rikki Wagner could utilize the basket analysis for the purpose of evaluation of the data of the credit card for searching out the patterns which highlight each and every fraud incident within the online transactions. This even tailors each and every reward card with some of the optimal limit, term and all the interest rates of their clients (Baltzan 2012).
The organization of Dr. Rikki Wagner could even utilize the basket analysis for the telephonic usage. This would help this organization for the identification on which portion of this client responds over the telephonic calls to make the activities on the websites and even identifying all the reasons in the case.
There could be some of the most important tools of business intelligence, which help to in improving the recent requirements of their business. All the tools or techniques of this business intelligence are given below:
CRM or Customer relationship management is the most significant approach to manage the interactions of an organization with their customers. This specific approach could be used with the motive of analysis of data about their clients in any of the organization to improve the various business relationships with the customers (Baltzan 2012). The most important focus is provided to the retention of customer for any business and thus driving of the growth in sales exponentially. The most significant and important aspect of this CRM or customer relationship management could be stated as a system of the approach that could be helpful in compiling their data from all the distinct ranges of several communication channels. The most significant channel of communication is the specific website of any organization, social media, marketing materials, live chat, telephone and many others. This approach of the CRM or customer relationship management subsequently refers to all the various things for all of these various people. The specific approach is solely responsible to increase their customer loyalty as well as customer retention and also organizational benefits or profit. It also enables the business in gaining insights for buying the behaviour of customers (Brewster 2017). Any customer relationship management or CRM system eventually tracks down with the communication within the provider as well as the customer. The specific feature even improves the total productivity of this company by simply taking into consideration the significant feedback of these clients and hence the business could be successful to achieve all of their organizational objectives and goals.
The systems of marketing customer relationship management consist of the important ability in transforming to the newest method to do their business by utilizing customer relationship management. There are three important tools that are utilized by every business in customer relationship management or CRM. These tools are sales management, contact management and finally opportunity management (Blackburn, Hart and Wainwright 2013). All of these above-mentioned techniques are utilized to increase the total sales of their business in their day to day operation. For the purpose of improving the customer service, three distinct operational customer relationship management kinds are utilized in the web based sell services as well as the contact centres. Several kinds of CRM or customer relationship management systems could be used to properly track as well as monitor the performances of sales, services and marketing. This CRM substantially refers to various technologies, strategies and practices that these organizations use for the analysis and management of several customer interactions or information within the life cycle of customer with the significant objective to improvise the relationship of customer service (Reich and Benbasat 2013). The overall growth of the sales is solely driven and hence this retention of customer could be assisted perfectly. Dr. Rikki Wagner could then easily use all the different methods for using customer relationship management or CRM systems.
The last section of the business strategies report of this organization is social media. This social media could be defined as several technologies of computer based that subsequently facilitate the complete creation or the sharing of various ideas, expressions and interests by the communities and virtual networks (Baltzan 2012). There is a huge variety of this stand alone and the built in service of the social media is completely unavailable in today’s society. This social medium is nothing but the interactive applications of Web 2.0 Internet.
The social media marketing can be defined as the perfect usage of several platforms of the social media and also the websites for promoting any of the service or product. The electronic marketing as well as digital marketing has substantially become very popular for the businessmen or organizations. All of the social media platforms consist of the various tools for data analysis to enable the businesses in properly tracking their progress, engagement and success of all the campaigns of advertisement. A vast variety of various stakeholders eventually addresses the companies with the help of this social media marketing. It involves potential employees, bloggers, customers, journalists and general public (Verbeke 2013). The significant presence of the social media would be helpful for Dr. Rikki Wagner for gaining competitive benefits promptly and easily. There are several other businesses or companies that sell same type of products and services for Dr. Rikki Wagner in his company of Mendelssohn Technologies.
A typical policy of the social media for the specific company of Mendelssohn Technologies is as follows:
The networks, any type of online content and networks of social media often generate the attention of media and press or all types of legal questions. The employees must refer to the inquiries for the authorized spokespersons.
Conclusions
Therefore, from the above discussion conclusion can be drawn that business strategy can be defined as a particular means in which it helps to set out for the achievement of the preferred goals. The business strategy can be explained as an extremely longer term planning of business. Any specific business strategy subsequently stays for maximum of 5 years. This business strategy is absolutely concerned with the significant issues related to resources like raising finance for the purpose of building any plant or factory. The scope of the activities of any business is easily understood with the help of business strategies. There are some of the major generic strategies, which organizations could easily pursue. They are the growth, globalization as well as retrenchment. Growth could be defined as a proper expansion of any organization to properly purchase all new assets or the development of newer products. The second factor is globalization, which could be defined as various moving operations within several countries. The last factor is retrenchment. This retrenchment includes getting back to this focus of all of their previous businesses. All the other advantages of these business strategies include gaining competitive advantages and reducing business complexities. These various competitive benefits are very vital for all the organizations in obtaining each and every goal or objective of this business. These businesses could easily or promptly seek out to know their competitive rivals. There could be eventually two distinct methods for being competitive in any business. The first and the foremost way is either by selling of each and every good that are of extremely low expenses than their competitive rivals. This typical factor can only occur when this business itself is leading the entire market and hence gets several benefits from economies of scale. The next method to obtain these competitive advantages is simply by the differentiation of various products from each and every competitive rival within this organization. One of the most basic and important business strategies is the proper selection of hardware, software or networking infrastructure. Moreover, a cloud service should also be selected by the respective business. When the software and hardware of a business is selected properly, it is evident that this business will be facing major competitive advantages or benefits for the reduction of their problems. Another important business strategy is the utilization of business intelligence within their business. There are some of the major tools and techniques within this business intelligence strategy. The perfect selection of this tool is mandatory for the business. CRM or customer relationship management is the particular approach that is utilized for maintaining the relation with the customers of any business substantially. The above typical business strategies report has subsequently explained the complete case study of Dr. Rikki Wagner for this organization of Mendelssohn Technologies. The four specific business strategies of hardware, software and networking infrastructure or cloud services, customer relationship management or CRM, business intelligence tools and the presence of the social media in a business are eventually explained in this particular report.
The various important and significant recommendations as well as suggestions that will be extremely beneficial for Dr. Rikki Wanger in his business are provided below:
The first and the foremost suggestion is to implement a specific and proper cloud service, hardware, software and networking that could help them in attaining their business goals and objectives.
The second important recommendation is to maintain the CRM or customer relationship management.
The third significant suggestion is that Dr. Rikki Wagner must choose relevant tools or techniques regarding business intelligence for the sole purpose to provide competitive advantages.
The final recommendation is to incorporate the presence as well as advantages of social media and the implementation of a policy of social media must be done.
All the above mentioned suggestions will be extremely helpful for the organization of Mendelssohn Technologies and Dr. Rikki Wagner will be able to implement his four distinct business strategies easily and effectively within the business.
References
Baltzan, P., 2012. Business driven technology. McGraw-Hill/Irwin.
Bentley, K.A., Omer, T.C. and Sharp, N.Y., 2013. Business strategy, financial reporting irregularities, and audit effort. Contemporary Accounting Research, 30(2), pp.780-817.
Bharadwaj, A., El Sawy, O., Pavlou, P. and Venkatraman, N., 2013. Digital business strategy: toward a next generation of insights.
Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance: business, strategy and owner-manager characteristics. Journal of small business and enterprise development, 20(1), pp.8-27.
Brewster, C., 2017. The integration of human resource management and corporate strategy. In Policy and practice in European human resource management (pp. 22-35). Routledge.
Johnson, G., 2016. Exploring strategy: text and cases. Pearson Education.
Reich, B.H. and Benbasat, I., 2013. 10 Measuring the Information Systems–Business Strategy Relationship. Strategic Information Management, p.265.
Spender, J.C., 2014. Business strategy: Managing uncertainty, opportunity, and enterprise. OUP Oxford.
Verbeke, A., 2013. International business strategy. Cambridge University Press.
Woerner, S.L. and Wixom, B.H., 2015. Big data: extending the business strategy toolbox. Journal of Information Technology, 30(1), pp.60-62.
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