Information Technology Strategies for Product and Service Innovation in Business Enterprise

Individual Research Question
Information Technology (IT) Strategies for Product and Service
Innovation in Business Enterprise
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Abstract
The Information Technology strategies for products as well as services of any business organisation helps them to meet their set
goals and objectives. The IT strategy is usually a comprehensive plan or an idea that outlines the way in which a particular
technology should be used to achieve the target of the organisation. The Information Technology strategy is also often termed as
technology strategic plan that is a written article stating the numerous aspects the affect the use of technology as well as
investment made by the organization. It is a known fact that executing an IT strategy requires the documentation to be flexible
enough to be able to change according to the circumstances, business objectives and priority, market conditions, budgetary
limitations, technological advancements, and user needs. In today’s time and age, it has become necessary for every company or
business organisation to have an IT strategy. The importance of Information Technology strategy has increased over the last
couple of years as the organisations tend to concentrate on digital transformation. As such, the organizations should devise a
technology strategy in order to achieve the set goals and also to compete against others who have similar aims and objectives.
1. Main text
The Information Technology Strategy or the Technology Strategy is simply a plan of action to develop as well as
create an information technology competency for sustainable plus maximum value for the business enterprise (Glaser
and Strauss 2017). Formulating a powerful innovation strategy for products and services is not an easy task to perform.
As a matter of fact, the recent studies portray that there exists no long – term correspondence between the amount of
money that goes on in the innovation efforts and in the overall financial performance of the business enterprise.
Instead, the thing that matters the most is the openness of the company to new ideas and thoughts, and its ability to
manage service or product innovation from commencement to market launch along with the discipline in linking the
development of the new product or service firmly to financial goals ad specific sales (Lobler and Lusch 2014). It is
known that in today’s time and age, social changes and the rapid development as well as improvement of technology

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has not only created many opportunities but risks as well for the business enterprises. In addition to this, the
difference between the ones who leverage opportunities and the ones who yield to risk hinge on who sees, acts and
realizes the face of uncertainty (Glaser and Strauss 2017). Moreover, the most effective business enterprises align and set
their policies, culture, as well as processes to uphold a continuous course of innovation which drives top – line
development and growth along with the bottom – line efficiency (Nambisan 2013). The successful innovators tend to
engage the partners to continuously gain more knowledge and to discover new and better opportunities.
Some examples or instances where the IT Strategy has been used to innovate the products and services in the
business enterprises are – the SMEs are making use of VoIP or the Voice over IP to deliver voice communications
with the help of the internet and has helped them reduce their phone bills significantly. They also make use of
Customer Relationship Management (CRM) to store the customer information and make use of it as and when
required. Moreover, the most distinguishing IT Strategy is the business intelligence which the SMEs use to analyse
data like sales revenue by breaking it into various subheads based on the product or on department. Printing and
storage along with digital marketing is being used by almost all the companies in todays’ world be it the big MNCs
or the SMEs. With the help of these IT strategies, the companies give a complete new outlook to their product or
service and make it stand out from their competitors. This not only is cost efficient but saves the energy too which is
quite needed in today’s deteriorating world scenario.

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Figure 1: Supply Chain IT Strategy
Source: Nambisan 2013
1.1. Processes and Tools to Optimize Innovation Capabilities -
 Developing new products as well as services (Santamaria, Nieto and Miles 2012) ;
 Gaining a better knowledge and view of the customers as well as the markets ;
 Moving into the new markets ;
 Innovation management as well as governance ;
 Creative thinking skills ;
 Promotion of organisational change management ;
 Developing new skill sets and methods to sustain the innovation ;
 Facilitate workflow, innovation workflow and knowledge management ;
 Optimizing the existing value chains ;
 Creating and formulating new business models