IT Strategies for Future Corporate Businesses

Web 2.0 Application for Business and Information Technology

Dec 7, 2008

A few years down the line, every organization will have an increasingly IT -based business strategy based on advanced web 2.0 applications of internet.

In the information technology-driven corporate world, it is becoming increasingly important to innovate and find new ways to survive and grow in business. The corporate world is beginning to realize that top management alone can no longer assure the sustainability and growth of an organization.

By bringing together the key elements of information technology and the vision of top management, organizations can evolve business strategies that will help attain the long term goals.

Information Technology can be used to optimize work efficiency, reduce costs, minimize risks and accelerate business growth. It is a fact that in recent times, Information Technology has taken centerstage in many areas of business processes. It is clear that IT has evolved from its traditional orientation of administrative support, to perform a more strategic role.

Information Technology has the potential to create sustainable competitive advantage by continuously developing existing resources and creating new processes to meet tomorrow’s challenges.

Role of IT in business strategies

To decide which business innovation strategies are appropriate for a business, it is necessary to know the existing levels of organizational effectiveness and work- efficiency. Business owners understand that to remain competitive and to differentiate their products and services will require new weapons in the form of advanced IT solutions. Today, IT solutions are being increasingly used to streamline business processes.

Information technology can help companies to innovate more rapidly and maximize use of resources. Information technology will facilitate infrastructures to be consolidated and feature-rich applications to be implemented on lower cost platforms. Information Technology is capable of delivering rich, accessible and up-to-date customer data to enable more efficient customer service and pave the way for employees to become more effective.

Fast paced technological changes are taking place that is allowing IT to assume the role as a real business partner. Several trends and market disruptions are emerging that will change today’s business models and established companies are already looking ahead and evaluating these developments. Information Technology can be used to examine the business opportunities, risks, policies and strategies needed for survival and growth.

Web 2.0 Technology Application

There is no denying that Web 2.0 will have significant business impact in the next decade and organizations all over will be well-advised to understand how it is likely to affect the company and to reorient the business strategies. Web 2.0 lays stress on collective intelligence, or to put it more aptly, transformational intelligence that enables new ways of doing business across industries.

Transformational intelligence is an innovative method of producing intellectual content that results from individuals working together with no undue interference from any centralized authority.

The writing on the wall is clear and if not to be left out in the race, all organizations will have to start today to reformulate their ways of doing business. Making a revolutionary generational change calls for tedious process of trial and error involving a significant amount of time, hard work and money.

Of course, when promptly and rightly done, the new business model will survive all potential risks. Web 2.0 strategies and technologies are already widely used in many areas of the Internet.

McKinsey Global Survey on ‘How businesses are using Web 2.0’ - states “The rising popularity of user-driven online services, including MySpace, Wikipedia, and YouTube, has drawn attention to a group of technological developments known as Web 2.0. These technologies, which rely on user collaboration, include Web services, peer-to-peer networking, blogs, podcasts, and online social networks.”

The Present Scenario - IT Solutions

IT solutions are already being used to streamline business processes and business owners want more automation systems that are transparent and non-proprietary. It is understood that though many business owners are trying to take advantage of Web 2.0 technologies, it is yet to be considered as a business strategy.

Many industry analysts say that several organizations are using Web 2.0 tools but not for evolving new business strategies. Of course, in the present scenario, more and more business owners need to be educated to create a better understanding of what application of web 2.0 can do to businesses.

The copyright of the article IT Strategies for Future Corporate Businesses in Internet is owned by Preetam Kaushik. Permission to republish IT Strategies for Future Corporate Businesses in print or online must be granted by the author in writing.