About IT World and Business
Technology has become a vital element of business globally. Every business utilizes IT tools and software to manage their business. These programs and applications help businesses cut their operational expenses through automation of certain tasks. They also help to improve the security and privacy of their data. Additionally, these programs aid companies save money that they would normally spend on recruiting additional employees. They can instead invest this money in other areas like marketing, better cyber security and employee rejuvenation programs.
Digital technology is disrupting many processes within MNEs and allow MNEs to reposition themselves to provide value to their customers by shifting their costs and activities from themselves to complementors, consumers and partners both at home and across the globe, the role of IT is changing rapidly. This creates new challenges and opportunities. The challenges include rapid erosion of MNEs’ competitive advantage as well as the development of new risks. The opportunities include greater access to markets, greater market influence and faster innovation.
In the past, IT and business have had a rocky relationship. When projects failed, each blamed the other. The complexity and cost of IT projects made this problem even worse. Even with a contract that guaranteed the business understood the IT offered it was difficult to predict what could go wrong. The requirements were also constantly changing during the course of development. The solution to this gap was to develop a new form of collaboration between business and IT: the term “partnership.” This partnership is based on the principle that both parties must be prepared for failure.
