Kinh Nghiệm Hướng dẫn List six 6 strategic business objectives 2022

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Nội dung chính

    1. Improved Operational
    Efficiency2. New Means of Making Money3. Customer and Supplier Relationships4. Improving the Decision-Making5. Keeping a Competitive Advantage6. Survival of the FittestWhat are the strategic objectives that firms trying to achieve by investing in information systems and technologies?How do successful businesses use information systems to achieve their strategic business objectives?What are the strategic objectives of a business?What are the objectives of information systems?What are the strategic objectives of a business?What are the six strategic business objectives business organizations intend to achieve by investing heavily in information system?What are the 5 main business objectives?What are the 4 main business objectives?

Nội dung chính

    1. Improved Operational Efficiency2. New Means of Making Money3. Customer and Supplier Relationships4. Improving the Decision-Making5. Keeping a Competitive Advantage6. Survival of the FittestWhat are the strategic objectives that firms trying to achieve by investing in information systems and technologies?How do successful businesses use information systems to achieve their strategic business objectives?What are the strategic objectives of a business?What are the
    objectives of information systems?

Strategic Business Objectives of Information Systems

Although many managers are familiar with the reasons why managing their typical resources such as

equipment and people are important, it is important to examine the growing interdependence between a

firm’s ability to use information technology and its ability to implement corporate strategies and
achieve

corporate goals. Specifically, business firms invest heavily in information to achieve six strategic

business objectives:

Operational excellence

New products, services, and business models

Customer and supplier intimacy

Improved decision making

Competitive advantage

Survival

Operational Excellence

Businesses continuously seek to improve the efficiency of their operations in order to achieve higher

profitability. Information systems and technologies are some of the most important tools available to

managers for achieving higher levels of efficiency and productivity in business operations, especially

when coupled with changes in business practices and management behavior.

New
Products, Services, and Business Models

Information systems and technologies are a major enabling tool for firms to create new products and

services, as well as entirely new business models. A business model describes how a company

produces, delivers, and sells a product or service to create wealth. As successful as Apple Inc., BestBuy,

and Walmart were
in their traditional brick-and-mortar existence, they have all introduced new products,

services, and business models that have made them even more competitive and profitable.

Customer and Supplier Intimacy

When a business really knows its customers, and serves them well, the way they want to be served,

customers generally respond by returning and purchasing more. The result is increased revenues and

profits.
Likewise with suppliers: The more a business engages its suppliers, the better the suppliers can

provide vital inputs. The result is a lower cost of doing business. JC Penney is an excellent example of

how the use of information systems and technologies are extensively used to better serve suppliers and

retail customers. Its information system digitally links the supplier to each of its stores
worldwide.

Suppliers are able to ensure the continuous flow of products to the stores in order to satisfy customer

demands.

Improved Decision Making

Information systems and technologies have made it possible for managers to use real-time data from the

marketplace when making decisions. Previously, managers did not have access to accurate and current

1

For a company to survive and thrive, it needs to operate
intentionally and strategically. Strategic business objectives are concrete goals that can be measured and quantified, which is vital because a non-measurable goal serves no practical purpose for a company. Company management and leadership are often tasked with setting these business objectives and establishing the direction the company is aiming to go in. The following are six examples of strategic goals and objectives.

1. Improved Operational
Efficiency

Efficiency in operations is one of the vital measures of a company’s strength. In order to achieve higher profits, companies continuously aim to improve the efficiency and productivity of their operations. This could include streamlining tasks, improving technology or cutting back on production waste. Cutting back on unnecessary paperwork, for example, allows companies to save money on supplies, as well as gives employees a chance to use that wasted time more efficiently in
other areas.

Improving operational efficiency comes down to one thing: improving a company’s bottom line. If costs can be cut without sacrificing business productivity, that is a win-win for businesses.

2. New Means of Making Money

For a company to sustain competitiveness, it needs to introduce new products, services and business models every so often. Business models are the processes in which businesses make money from their products or
services, and remaining stagnant is a sure-fire way for a company to become irrelevant. Even the most successful companies have had to divert away from their initial bread and butter and introduce new products, services and business models to remain relevant and competitive in an ever-changing business landscape.

3. Customer and Supplier Relationships

When a company truly knows its customers well, that allows them to serve those customers
better. They know what their customers want, when they want it and how they want it. In return, customers tend to become loyal and increase spending over time, which, of course, increases a company’s revenues and profits.

The same applies when it comes to relationships with suppliers. The more interactions between a company and a supplier — particularly with improved communication — the more likely it is that services can be tailored for a particular company and costs can be lowered.

4. Improving the Decision-Making

Before the prevalence of easily accessed and readily available data, most company leadership had to make decisions based on best guesses and forecasts by analysts. Now, with the availability of real-time data, company management is much more equipped to set company strategic objectives based on accurate, real-time information. Data-driven decision-making is much more effective for improving business functions.

5. Keeping a Competitive Advantage

Whether it is a company’s ability to perform a service more efficiently, charge less for a product or provide better customer service, they must maintain a competitive advantage to remain viable in the marketplace. Sectors are continuously being disrupted by newer, more innovative companies, and to survive, companies must provide something to their customer that they cannot receive from their competitors. Doing
so almost inevitably increases a company’s revenues and profits.

6. Survival of the Fittest

The business landscape is steadily changing, and with an increase in innovation and available information, it is showing no signs of slowing down or becoming stagnant. To survive, companies must adjust with the times. These changes can happen on an industry level, like with the introduction of ATMs in the banking industry, or they can be byproducts of
government regulations, such as the banning of television advertisements for tobacco companies.

References

Writer Bio

Stefon Walters earned a bachelor’s degree in Economics from the University of North Carolina Chapel Hill. After college, he went on to work sales and finance roles for a Fortune 200 company before founding two tech companies. He is also the author of Finessin’ Finances, a full-length book on personal finances.

Image Credit

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What are the strategic objectives that firms trying to achieve by investing in information systems and technologies?

Business firms invest heavily in information systems to achieve six strategic business objectives: Operational excellence: Efficiency, productivity, and improved changes in business practices and management behavior.

How do successful businesses use information systems to achieve their strategic business objectives?

Making use of an information system enables your company to analyze stocks and check on their previous performance to predict any form of disaster. The MIS can keep track of all margins and profits so that your business can have all the necessary data for anticipating and
invading a crisis.

What are the strategic objectives of a business?

Examples of business processes/operations strategic objectives.

Use business intelligence projections to increase growth across all markets..

Prioritize innovation..

Promote customer growth through marketing..

Increase productivity throughout the year..

Reorganize production processes..

Maintain sales
partnerships..

What are the objectives of information systems?

Specific objectives: Recognize and solve organizational and management problems in organizations, Understand and solve problems in the process of design, maintenance, organization and management of information systems with the aim to achieve effective and efficient business of an organization.

What are the strategic objectives of a business?

Strategic objectives are purpose statements that help create an overall vision and set goals and measurable steps for an organization to help achieve the desired outcome. A strategic objective is most effective when it is quantifiable either by statistical results or observable data.

What are the six strategic business objectives business organizations intend to achieve by investing heavily in information system?

Six reasons why information systems are so important for business today include : ( 1 ) Operational excellence ( 2 ) New products , services , and business models ( 3 ) Customer and supplier intimacy ( 4 ) Improved decision making ( 5 ) Competitive advantage ( 6 ) Survival 1 – Operational Excellence Businesses always …

What are the 5 main business objectives?

Business objectives. survival.. profit.. provision of a service.. social responsibility.. customer satisfaction.. market share.. enterprise..

What are the 4 main business objectives?

Objectives of Business. 3.1 1] Profit Earning.. 3.2 2] Market Share / Creation of Customers.. 3.3 3] Innovation & Utilization of Resources.. 3.4 4] Increasing Productivity..
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