EBUS3050 The Digital Economy

Subject Code :
EBUS3050
Country :
AU
University :
The University of Newcastle

Answers:

Introduction

Information technology or IT can be termed as the total utilization of different computers for storage, retrieval, transmissions and manipulations of confidential information. The business operations and processes are improved with the successful incorporation of IT attributes and also improving communications to a high level (Lloyd, 2020). This type of technology is vital for ensuring that the respective organization would be able to eradicate different challenges in a successful manner. The following report outlines a brief discussion on the potential solutions to different challenges faced by different IT companies.

Discussion

Challenges faced by the IT Companies

The companies, associated with information technology businesses are extremely agile, quicker to react as well as more effective. These companies also want to deliver better customers’ experiences and taking benefit of the newer technologies for cutting costs, improving quality and transparency and even building value (Avgerou & Walsham, 2017). One of the major issues that is being noted in the aspect is that most of the companies are trying to get effective and the results are tending to fall shorter. One off initiatives in separate units, which do not have higher impact on enterprise and even adoption of the improvement methodology of the day that invariably yields lower results and the programs are providing temporary advantages; however are not sustainable in nature. These challenges can be referred to as quite vulnerable for reducing the growth of the business to a high level (Bessen, 2017).

Potential Solutions to the Identified Challenges

The above mentioned challenges can be resolved with the help of different potential challenges within the information technology companies and the major solutions are provided below:

i) The first as well as the foremost potential solution for the challenges in IT companies would be including automation in the business (Rajaraman, 2018). It is the core application of technology, programs, processes and robotics, needed for every company for achieving outcomes with minimal human inputs. It could involve every aspect from business specified types like business process automation and information technology automation, industrial automation and marketing automation. It is needed for digitization of work and streamlining and centralizing routine tasks, like utilization of a shared messaging system and not having information within disconnected silos accordingly.

ii) The second vital and significant potential solution for the challenges in IT companies would be reducing the skills gaps and involving additional cyber security practices and aspects (Romashkova et al., 2018). Cyber security is the core practice for defending systems, servers, mobile devices, networks, data and electronic systems from malicious attacks. These are body for technologies, processes as well as practices, which are being designed regarding security of network, device, programs and data from attack, damages as well as unauthenticated accessibility. The respective business would be capable in dealing with the information technology security and proper aspects should be considered for protecting confidentiality, integrity and availability of information and ensure that unauthorized data accessibility would be eradicated (Camero & Alba, 2019). Hence, the position of the organization would be maintained and data security issues and complexities would be avoided on a successful manner.

iii) Another distinct and noteworthy potential solution for the challenges in IT companies would be including additional investment in the business processes and operations. The organizational investment management procedure fundamentally comprises of deciding the process and location for investing the funds. Additional funds and investments are required for ensuring that maximum effectiveness and efficiency. Since the organizations are considering for better enterprise wide impact on the business, it would be extremely important and significant for them to invest high amount of investment and ensure that new and innovative processes and operations would be implemented successfully and new attributes would be possible, without any complexity or issue (Rad, Nilashi & Dahlan, 2018). Moreover, the organization would be able to include new technologies in the business easily that can reduce the issues successfully and new resources, time and effort would be considered eventually.

iv) The next distinct and important potential solution for the challenges in IT companies would be entire digital transformation. This type of transformation is the subsequent integration of digitalized technology into different areas of a specific business. It is fundamentally changing the process of operation and delivering values to the customers. Digital transformation is also a vital change, which requires the companies to continuously challenge the present situation, complete an experiment and even get plans for failure. The information technology company should consider four vital areas of digital transformation, which include technology, data, procedure and organizational change. The most distinct strategy of digital transformation would require a plan of action that describes about the process of a business strategically repositioning itself within the digitalized economy (Markova et al., 2019). This particular organization would be able to innovate, change or modify the business and operating models as well as leverage emerging technologies.

v) The next potential solution would be leadership support. The organization would require major support from the senior authorities or leaders and as a result, there is a high chance that the new changes would be effective and every existing challenge or issue would be eradicated successfully. This type of support would also be required in the IT companies for successfully prioritization of new skills development with some of major and distinct IT decision makers and also provide proper guidance and effectiveness to the team members for reducing poor employee morale and even unclear roles and responsibilities of the organization. Communication would be vital for this aspect and the organization would be able to reduce the issues.

Conclusion

Hence, a conclusion could be drawn that information technology is quite important and significant for being sure that the organizational complexities and issues would be avoided and the company would be able to implement new software applications and computer hardware accordingly. This type of technology is responsible for ensuring that the computers would be working effectively for people and different solutions needed to be implemented for better results and outcomes. This report has adequately described about the potential solutions to the challenges, faced by IT companies with relevant details.

References

Avgerou, C., & Walsham, G. (Eds.). (2017). Information technology in context: Studies from the perspective of developing countries. Routledge.

Bessen, J. (2017). Information technology and industry concentration.

Camero, A., & Alba, E. (2019). Smart City and information technology: A review. Cities, 93, 84-94.

Lloyd, I. (2020). Information technology law. Oxford University Press.

Markova, O., Semerikov, S., Striuk, A., Shalatska, H., Nechypurenko, P., & Tron, V. (2019). Implementation of cloud service models in training of future information technology specialists.

Rad, M. S., Nilashi, M., & Dahlan, H. M. (2018). Information technology adoption: a review of the literature and classification. Universal Access in the Information Society, 17(2), 361-390.

Rajaraman, V. (2018). Introduction to information technology. PHI Learning Pvt. Ltd..

Romashkova, O. N., Ponomareva, L. A., Vasilyuk, I. P., & Gaidamaka, Y. V. (2018). Application of information technology for the analysis of the rating of university. In Workshop proceedings (Vol. 8, pp. 46-53).

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