Strategy as Practice Perspective Essay

Learning Outcomes Covered

At the end of this assessment students should be able to:

• Critically evaluate the tools, theories, techniques and principles underlying the practice of strategy in an international context

• Critically appraise the key debates and issues surrounding the practice of strategy in an international context

Tasks

You are required to provide a 1,500 word individual strategic perspective essay relating to an aspect of strategy-as-practice thinking. The specific aspect may be related to the practitioners involved in strategy making (e.g. CEOs or governments), the strategic activities they engage in (e.g. strategy workshops or strategy meetings), OR the things used when making strategy (e.g. strategy tools and theories). Examining this aspect will involve evaluating the extent to which that aspect helps in the making of a particular type of strategy (business, corporate, international).

Thus the question you will answer is:

To what extent does using technology help in the making of Corporate strategy?

The world is run by technology, which offers every firm the opportunity for efficiency, productivity, and growth. A firm that lacks strategic planning will not be able to get a competitive edge over its market competitors. Thus, well-thought strategies are necessary to guarantee that the firm meets its objectives and aims. Goal setting, assessing the competitive environment, evaluating the internal organization, appraising strategies, and guaranteeing that management implements the plans across the organization are all part of strategic management (Kenton, 2021). A company’s strategy strives to surpass its competitors in terms of financial performance. It also seeks to provide high-quality products and services to ensure that clients are completely satisfied. Technology is critical to corporate strategy since it assists the company in achieving its goals. However, in order to maintain the company’s productive and efficient working environment, a limit should always be set. There are many benefits that technology provides to a company, such as making work easier, faster, and safer, but there are also drawbacks, such as expense, increased chance of job losses, and a sense of technology dependency. Practitioners will be able to understand how to use technology to develop an effective plan, make their organization more productive and effective, and drive their staff to generate better results at work. They will understand how to manage a profitable business without jeopardizing the quality of its products and services, as well as the safety of its workers.

A strategy outlines how an organization intends to use its resources, such as people’s skills and knowledge, as well as financial and material assets. This ensures business success in terms of profit maximization, market penetration, and brand recognition. Since strategic management focuses on the company’s future, it is more likely to raise managerial awareness. Circumstances that may emerge over the course of the business operation will be avoided with the help of strategic planning. A strategic approach also demands company-wide communication and goal implementation. An organization that works together to achieve a common purpose seems to be more likely to succeed. Nasiri et al. (2019) stated that in order to achieve economic sustainability, smart technologies are critical. Economic sustainability ensures that enterprises are not faced with difficulties that may threaten their financial stability. It also ensures that people have sufficient resources and avoids socioeconomic problems from occurring. Firms, in turn, assist the economy in the provision of goods and services to the general public. These actions are carried out in a variety of ways with the use of technology. People’s lives are made so much easier by technology because it makes work easier and safer. It also benefits the firm by allowing it to streamline various procedures, automate multiple operations, and easily manage virtual staff.

At the corporate level, technology refers to the science, tools, methods, or systems that enable a company to function effectively and carry out its everyday operations. According to Pourkhomami, a well-thought-out technology strategy has numerous advantages for a company. By effectively associating the technology plan’s objectives with business demands, a technology strategy ensures that business needs are met. The adoption of modern technologies speeds up the production process, lowering labor and manufacturing costs. It eliminates unnecessary expenses and increases the company’s net profits. In addition, technology creates a long-term vision and forecasts the company’s critical business needs and trends. The management will be able to foresee business trends with rigorous research and preparation, which will aid the company in adapting to market developments. It also prevents loss by reducing and controlling risk. It has improved operational efficiency, which is critical for gaining a competitive advantage in the market. Data gathering and storage are made easier with the use of current technologies. Internal management will not devote extra time to their work because it will not be done manually. The way businesses collaborate has also changed dramatically as a result of technological advancements. The increasing collaboration among managers and staff has resulted in a high level of communication flexibility, since they may send important messages at any time and from any location. Because most individuals nowadays are continually utilizing their own gadgets, marketing and promotion of the company’s products and services are made more effective. With all of technology’s advantages at the corporate level, it is definitely beneficial to a company’s long-term success and growth. Technology, on the other hand, has its own set of drawbacks. Technology can lead to dependency because employees rely extensively on their work. Some employees may be inefficient, and their whole workload may be computer-based, which is not good for business. It is apparent that corporations rely extensively on these technologies, resulting in a deterioration of individual skills and capacities. To develop a trustworthy and well-made work, a professional’s judgment is constantly required. Also, one of the main concerns is the security of information stored on computers because it increases the risk of hacking and data corruption. Technology is also costly to invest in. Once the organization has it, it must be regularly checked to ensure that it is still in good working order. Lastly, because technology reduces labor costs, companies are likely to cut their workforce. It increases the likelihood of job cuts, which is a bad thing for employees.

If practitioners choose to start their own business in the future, they can use this information because they understand how to effectively encourage their employees, implement plans, and increase the organization’s productivity and effectiveness. It will avoid any unforeseen events from occurring, and management will be more focused on its primary objectives. To ensure long-term use, technologies such as machines and equipment should be managed and operated properly. Marketing and promotion should be given sufficient attention in order to attract more clients and increase corporate sales. Technologies should also be employed to determine market trends, because this will put the organization in a solid market position. Since firms’ data is both physical and electronic, technology management is required. It enables enterprises to work with data in whichever format they desire. Backups of data kept on computers are required in the event that the application becomes corrupted or attacked by viruses (Frankenfield, 2020). Furthermore, because all employees have their own devices, a strict rule should be implemented prohibiting them from using them during working hours unless absolutely necessary. Employees must also be supervised at work to ensure that they are not overly reliant on technology. Strategies are indeed essential for all firms. Thus, implementing a well-planned corporate strategy with the help of technology will guarantee success in the business industry.

References

Gaille, B. (2016, November 25). 11 Pros and Cons of Technology in Business. Brandon Gaille

Small busines and Marketing Advice. https://brandongaille.com/11-pros-and-cons-of- technology-in-business/

Frankenfield, J. (2020, January 27). Information Management Technology (IMT). Investopedia.

https://www.investopedia.com/terms/i/information-management-technology-imt.asp

Kenton, W. (2021, February 24). Strategic Management. Investopedia.

https://www.investopedia.com/terms/s/strategic-management.asp

Nasiri, M., Rantala, T,. Saunila, M,. Ukko, J,. (2019). Smart Technologies and Corporate

Sustainability: The Mediation Effect of Corporate Sustainability Strategy, Computers in Industry. Elsevier. https://doi.org/10.1016/j.techfore.2016.02.013

Pourkhomami, P. (2020, October 28). Technology Strategy 101. OSIbeyond.

https://www.osibeyond.com/resources/technology-strategy-101/