Business Strategy, Technology and the New Reality

Defining a technological agenda that includes the development of online sales channels, digital marketing and improvement of processes and operations is essential for companies to meet the challenges they must overcome to compete in the new commercial reality.

Tuesday, May 11, 2021

Technology specialists agree that companies should focus on reinventing the role of technology in business. Strategies should be aimed at ensuring that the functionalities of technological tools are focused on making the company grow and not just on fulfilling basic tasks.

The business strategies that serve to compete in this new business scenario must take into account most of the factors that influence the operation and growth of companies.

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Elfinanciero.com reviews that "... 'the technological revolution is here. Customer preferences have changed and people are more accustomed to technology. It's not just one particular technology driving the change, but many of them coming together,' said Krish Krishnakanthan, McKinsey & Co.'s North America application development and maintenance leader, in a McKinsey & Co. conversation."

Business strategy must match business priorities with technology priorities, because it doesn't work to develop your business strategy and then your technology strategy, Krishnakanthan said.

Also see "Informal Market Challenges: Big Data as a Tool"

The article specifies that a company's technology agenda should contemplate "... the development of online sales channels, digital marketing and process and operations improvement, accounting and finance, human resources, inventory management and logistics. It must focus on reinventing the role technology plays in the business: is it just an order taker or is it paving the way for growth? Technology-based strategy has a more important role to play in launching and marketing products."

According to the publication, cloud computing now makes new technologies available to companies at lower cost and with greater ease.

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