Strategic management is the process of continuous planning, analysis, assessment, and monitoring of all which are necessary in order meet the goals of an organization. Emerging technologies, the expectations of the customers, and the fast-paced innovation forces the organizations in order to think as well as make the strategic decisions for the organizational success. The process of strategic management is helpful for the organizations and leaders in order to access the present situation of organization, check out the strategies, and deploy the strategies in order to analyze the effectiveness of the different implemented strategies (Huang & Rust, 2017). The strategic management process further includes the prior analysis of the cross-function business decisions.
Strategic information system
Strategic information systems are used for providing higher advantage to competitive businesses. It delivers a service or product at lower price and by taking innovative techniques in order to fulfill the demands of market. In the world of corporate and information technology, information system strategy is considered as the essential feature. A strategic information system is developed in order to respond corporate world as well as different business initiatives. It helps the organizations to allocate, store, move, and process the information and data. Also, it enables various services and tools in the information repositories of business that allows them to recognize the number of resourceful opportunities for expansion, supply efficiency, and operations. Therefore, effective data representation and analysis along with better data management can be provided by strategic information system. There are number of uses of the strategic information system. The strategic information system can be useful for the organizations in order to create hurdles for the entry of competitor in the market. In this, the organization uses the information system for supplying the services and the products which are hard to duplicate and are used to aid the specialized networks of the businesses. This strategy is helpful to stop the entity of the competitors in the market by just finding the cost of giving different services at high price. Along with this, strategic information system also improves marketing with generation of databases, locks the suppliers as well as customers, lowering the cost of the products, and leverage technology in value chain (THAKUR, 2018).
Action plan of marketing
- Placement as well as execution of the resources such as financial, operational support, technology support, manpower, and cost.
- Operating with the alteration in the structure as well as change in operations.
- Distribution of specific tasks by molding specific jobs with the team.
- Deployment of certain programs including resource requisition, training documentation, immolation, process testing etc.
Types of strategic information management system
- Management support system: The organizations requires accurate data in the specific format in order to understand the decisions. management support system strategy allows the effective decisions as well as more manageable tasks and operations for the managers. The system is essentially divided into different strategies such as accounting, decision, expert information system, and management. The management support system also provides precise data and information to managers for decision making processes.
- Operation support systems: In the organization, the execution of data is performed from the end user which later processed in order to generate the useful services and products like reports on transactions, control, operations, supply chain, updates and management. The operation support system further divided into three different systems such as the transaction processing system, process control system, and enterprise collaboration system.
Information and technology driven strategy
According to (Hao & Song, 2016), technology driven strategy mainly refers to proactively developing as well as rapidly integrating the new technologies in the development of new product. The information and technology driven organization is likely to excel in the development of technologically superior products and services and posited the preferences of consumer. As the technology driven strategy allows the organization to develop technologically superior services as well as products, the organizations can enhance their performance and become competitors for others. In the organizations uses technology driven strategies, technically focused teams are present which are likely to have more connections in order to recruit the technical advisory boards as well as to avoid technical challenges.
Knowledge driven strategy
Data => Information => Knowledge => Wisdom
- In order to implement knowledge driven strategy in the organization, there are various steps the organization needs to follow.
- Creation of large amount of data.
- Ordering and categorizing the data in order to make sense on the basis of few assumptions as well as concepts to make it information.
- Applying the information in the settings of the organization and transforming it to knowledge.
- Engaging the varied organizational situations with the knowledge which distills into wisdom.
- With the wisdom, getting the capacity in order to respond the greater variety of the situations and circumstances which further include increased levels of complexity as well as fast pace of change.