Information Technology, Corporate Productivity, and the New Economy

Information Technology, Corporate Productivity, and the New Economy

Information Technology, Corporate Productivity, and the New Economy

Information Technology, Corporate Productivity, and the New Economy

Synopsis

The authors bring a dual perspective--that of a practicing consultant and that of a professor of economics--to the complex strategic questions facing managers and corporate leaders who want their firms to get the most out of their investments in information technology. The information economy is built upon the myriad and sometimes unforeseen ways in which information technologies have become engines of productivity in themselves, rather than just fancy adjuncts. In explaining the rise of the information economy, the authors provide not only valuable context often missing from today's discussions, but also a thorough understanding of the origination, development, and diffusion process of innovations. They also examine prevailing practices and implications for the future, including the potential pitfalls common to some information technology strategies.

Excerpt

More than ever in history, companies are faced with the task of competing in an intense and dynamic business environment. The rapid pace of technological innovation has enhanced the ability of companies to produce, distribute, and market goods and services and communicate more effectively with consumers. Information technologies including Internet portals, wireless communication, advanced software applications, and general enhancement in computer processing facilitate such strategies as supply chain and customer relationship management, real time advertising and ecommerce. Technological systems such as market exchanges, electronic data interchange, and enterprise resource planning have helped accelerate this new face of commerce.

One result of this dynamic process has been the creation and availability of information. Vast data repositories contain vital information describing the various components of business processes. It is the effective management of this data through its transformation into information that can yield critical insights on those factors impacting business processes and results. Advanced analytical technologies help decision makers leverage off of available information to help reduce the uncertainty in their operations. By better understanding the underpinnings of business activities and results of proposed strategies, managers can make intelligent and proactive adjustments to driving factors to reduce wasted resources and overall risk in the market in which they participate.

Much progress has been made to create seamless IT systems, which play an integral part in the functioning of companies across industry sectors, but there is much work yet to be done. The process of connecting hardware . . .

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