No plagiarism, guaranteed! Registered Data Controller No: Z1821391. The era in which ihavemoved.com was established, was a period when internet ideas were cool and had a lot of potential considering the increasing popularity of the internet. Taking care of ne HC1041 IT for Business – Trimester 1 2016 You are to research an actual business examples and the impact of IT on that business. Important points 1) Does business need IT? Unless the customer is not satisfied, the organisation cannot say the innovation applied has been successful. HC1041 IT for Business – Trimester 1 2016 You are to research an actual business examples and the impact of IT on that business. 0. This service gave the company high gross margins from notifications and commissions and a database which would be beneficial in the long term. Because it takes so much money to start a business (often tens or hundreds of thousands of dollars) it takes months or years for the company to start making profit. Air Deccan in India was the first airline in the country to offer low cost airlines with no frills attached to the services. Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ. One of the most crucial aspects of business throughout the history of business has been customer relationship. This would affect revenues as well as partner number within the industry. A similar concept of road tax or toll is already in place in a lot of areas but the application of such a concept in the city was used for the first time and was very successful indeed. Also being the first company, it would be a lot easier for them to establish a suitable relationship with their partners. You must be ready to accept many strange things if you want to ensure your business survival. Here are 11 reasons why profit is essential to the longevity, growth and safety of the business: Essential for survival – Any entity cannot spend more money than it takes in. These mediums can be cost effective as well as more effective than traditional mediums of advertising. White label integration takes place where one company rebrands the service of another company to make it appear as their own. The importance … When we talk about survival skills, we consider ways in which we can fulfill our most urgent needs in any situation: in the wilderness, in urban environments, in war zones or any other life threatening circumstances. The service provided by ihavemoved.com gave the partners information in a format which could be directly integrated into their database. these organisations need to keep a track of their customers and loose the customers once they move their house. Brand image is important for any business. Also partners paid the company a fixed amount per notification provided the data was delivered in the format of the partners existing database. Yes, you need a very flexible team that will want to make a difference in your business. It helps bridge the gap between expected service and service delivered. An ideal management team is always essential for any organisation to function to its optimum level and grow at its ideal rate. But the main reason for innovation is customer satisfaction. Free resources to assist you with your university studies! These cumulative activities help the organisation to create a competitive advantage over the competitors. HC1041 IT for Business – Trimester 1 2016 You are to research an actual business examples and the impact of IT on that business. This is only possible when the right people are recruited which have an inner drive to excel in their position. Hardly have they taken into consideration the need to take a formalised approach to innovation in their project. Even in the later stages, if the founders had little knowledge about the innovation approach and followed the process, the outcome could have been better in all aspects. Also the entrepreneurs formed a very close bonding amid each other which enabled them to avoid complications and provide a boost to the fast-growing business. On August 29, 2019August 29, 2019 By admin_admin. The founders of ihavemoved.com came from diverse backgrounds and experience in various organisational fields. Onic Palanjdian had prior sales experience which enabled him to secure partners and alliances for the company, David Antsee had exposure to financial aspects which empowered him to look after the financial performance of the company and investor relations, Francesco Benincasa had knowledge of the internet business due to his prior consultancy business which made him in charge of marketing and white label integration with key partners and Nicholas Komninos had prior marketing experience which made him incharge of key marketing activities and human resource management. 2) Why IT is important for business survival? Business But Gillespie says it's important to determine whether the economic downturn is … Ihavemoved.com provided a service which was much different from all other current ideas in place, rather their own idea of a property selling website. 3) What is required to apply IT into business? The public service organisations should innovate so that they can react to the requirements of the common man which are changing with time, reduce costs due to severe monetary situations and enhance the service delivery process and achieve their purpose. Data helps you understand and improve business processes so you can reduce wasted money and time. In order to meet its goals and objectives, the business needs to provide a high standard of service to its clients as well as to the customers. They spent a whole lot of time in fine-tuning the idea, seeking appropriate legal advice and developing a website which would be simple, customer friendly and cater the needs of partners and the company. Businesses are born with a product, but die without customers. Your question is basically just like "Why is survival important for humans ?" Considering such a huge market space with no direct competition, the founders took the opportunity to be the first in the market and capitalise on the situation. Profit means survival. Important points 1) Does business need IT? Customer feedback in every step and its adaption in service delivery and define whether the service is acceptable or not. Why IT is important for business survival? They needed more staff, new premises, a major upgrade to the website and a marketing campaign to keep subscriptions going on. In this blog, I’m going to discuss Why Technology is Important for Modern Business Survival? Why IT is important for business survival? The Role of Technology in Business In the last two decades, technology has changed the way we interact, the way we shop, the way we do research, and the way businesses operate. All work is written to order. The new customer commissions, the partners and ad space on the website. In such a case the customers would never even imagine a service which would enable them to change their address in all utility bill and other companies without the hassle of approaching all of them and also not losing out on important mail. Just a small change in the manufacturing process of a product can be an innovation; a small change in the service delivery process can be an innovation; any change in the management of the company can be an innovation. For example, bad advertising decisions can be one of the greatest wastes of resources in a … For producing the goods and services, business needs finance. The most important thing for the survival of a company is a four-part concept: Bookings of products that can be shipped at a profit. Ihavemoved.com provided the information to the partners in the format compatible with their existing database. Key drivers of innovation are those factors that lie outside the orga3sation and drive the organisation to think about the need for innovation. It won't make money. Following tradition was a sensible way to stay in business. The London Congestion Charge is a classic example by a public sector organisation to solve problems of traffic and earn revenue. 3) What is required to apply IT into business? The result was a very successful international address notification network. The basic objective of commercial firms is to maximize the profit and sustain in the competitive environment. Motivation should also be in the sense of innovation in the current activities and process to increase efficiency. This is also the beauty of the simplicity of the “selfish gene” concept, although of course we know molecules, even DNA cant be selfish… the idea is helpful. Home » Blog » 14 Reasons Why CRM Is Important For Every Business In 2020. It is the duty of the top managers to see to it that the organisation culture is such set that all employees have a say in process they are incharge and change them for good. While our day to day survival is no longer dependent upon them, there are still reasons why it is important to have at least basic know-how and capability when it comes to the following ancient techniques: making friction fire, building primitive shelters in various climates, collecting and purifying water, finding, processing, and cooking food, navigating over challenging landscapes, making tools and other implements, and understanding weather patterns. After procuring funding for their company, the next target was to redesign the website with the help of Bluewave. Strategic enablers of innovation are those things within an organisation that help innovation to happen. If a business doesn't 'survive', it won't exist. Your email address will not be published. The culture should always be such that employees have that instinct to innovate in every aspect of the organisation, be it marketing, sales, clients, partners, etc. The best examples of public services which have benefitted the government and the public in the United Kingdom are NHS and the London Congestion charge. Company Registration No: 4964706. Last Updated On January 23, 2020 by Rinki Sharma. Every new customer gained the company revenue depending upon the service availed. This created a passion amongst them to perform and excel to innovate for best customer services. Such a new service gave them a competitive advantage over the regular full service airlines currently in the market and made air travel affordable. Innovation can take place in any organisation irrespective of the size or status. Important points 1) Does business need IT? But later they came up with a better idea of setting up a service that would enable home movers to change their address with multiple partners without much hassle and give the partners data in the exact format that matches their database. Ihavemoved.com made collaboration with PowerGen under which Powergen incorporated the services of ihavemoved.com with their own website. The following are the factors which facilitate the innovation drive within a company. Important points 1) Does business need IT? Every customer taking up the service of ihavemoved.com just had to fill up one single form online and select the partners to change the address with. 21% of respondents, for instance, said that their organisation is struggling to recruit the innovation people they need for success, while 82% believe that their performance management approach rewards uniformity over creativity. This shows that the founders were very apt in identifying the needs of their clients which enabled them to launch such a successful service which was profitable as well as helped them to accumulate a lot of valuable database which would be beneficial in the long run. 14 Reasons Why CRM Is Important For Every Business In 2020. This starts the process of launching new products and services, value additions to current products and services, rigorous marketing activities and cost-saving measures to perform better and increase profitability. This increased their target market to people who were not accessing the internet as well. This is very important when the business commences, as the owner will need to pay out cash before receiving some coming in. For companies, it helped them to retain their customers thus was beneficial for both parties. This can be due to a confidence on their skill sets and initial idea which puts innovation on the secondary list. Need for financing and credit. Why is productivity important? A business can easily take steps and face competition and prevailing market conditions. 3) What is required to apply IT into business… We've received widespread press coverage since 2003, Your UKEssays purchase is secure and we're rated 4.4/5 on reviews.co.uk. The innovation process in an organisation can face many blockages or obstacles which hamper the innovation in an organisation. The traffic in central London was reduced by 15%, congestion reduced by 30% and emissions reduced by 12%. They had maxed out their credit cards and sold their houses to fund this project. The founders of ihavemoved.com invested their own wealth in the company to start it off and later on got £30,000 unsecured finance from HSBC bank under the UK government Guarantee Scheme. Survival strategies take many forms. (Cost, planning, … Reference this. That's why … In such a case ihavemoved.com would lose its branding and the only reference would be ‘powered by ihavemoved.com. Creative problem solving gives that competitive edge that any business is striving to achieve. There can’t be a better example than 3M if innovation is being discussed. General Electric Company started with manufacturing incandescent bulbs but today, with constant innovation is a leader in healthcare, energy and technology. This meant customers could change their address with PowerGen using the service of ihavemoved.com. The business strategy of ihavemoved.com was very well designed with the founders knowing exactly how to go about the idea. None of the directors had a technical expertise to identify or fix the issues. Finally, 38 percent of respondents said that, when they do manage to hire the right creative force, they cannot … These services are available to all regardless of wealth or social status. With no such player in the market, there was huge scope for the concept to be a success. 2. The founders of ihavemoved.com started the company with their own funds and resources in the initial stages. The above is just a partial list of what lack of profit does for a business. It's gone. It depletes resources, squanders time, and ultimately impacts the bottom line. Collaborations of ihavemoved.com with particular companies in a sector like PowerGen was a great development but that increased costs of the company because every partner associated in that way would need dedicated designs and maintenance. These public services are generally those which cannot be undertaken by private organisation due to their sheer size like NHS or their nature like defence. Public relations and marketing are very essential for a service which is new. Generally public service organisation are complex in structure, very bureaucratic and tightly controlled. At ihavemoved.com, the founders did not take up the formalised innovation process but did a detailed analysis of the idea and only then launched the project for their clients. Also. Survival for public services is never an issue but costs reduction is the major criteria. One of the most difficult and dangerous situations, however, is extreme cold weather. As the business environment about the required changes to be taken in the policies of the concerned business. PowerGen incorporated the services of ihavemoved.com for their own customers. Innovation can be applied in each and every activity of an organisation. VAT Registration No: 842417633. A lot of test runs and demonstration activities are undertaken before the actual service is launched. Funding is important for thestart-upbusiness so that it can survive in unforeseen situations and circumstances. Every company feels the effects of waste. Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UKEssays.com. A business could do well just deploying a proven business model. Survival and growth are the two main objectives of any organisation in today’s competitive world. If the business does not make enough profit it will not survive in the growing competitive world. Every organisation tries to be different and accelerative from their competitors to achieve their goals and become market leaders. This is not always a downbeat for the idea on the whole but a formalised approach can help the entrepreneurs to analyse the idea in a better way and thus reduce the chances of error or failure in the project. Terms of Use and Privacy Policy, Buyer Readiness Stages: How to Get Your Customers to Buy, 10 Low-Investment Home Business Ideas You Can Start Online for 2020, Are you thinking of starting a business but don’t know where and how to start? Well, of course. You are to research an actual business examples and the impact of IT on that business. Well, that's pretty straight-forward. It is not easy for any … Also this would affect the other partners in the same industry as they would not like to be associated with the company wherein the other partner has a special collaboration with the company. Also Andrew Day who was appointed as a Chief Technical Officer redesigned the website and saved the company a lot of money. This is a very innovative method to gain greater market exposure and customers due to the goodwill of both the brands. It covers everything from antenatal screening and routine treatments for coughs and colds to open heart surgery, accident and emergency treatment and end-of-life care. Importance of Customers. The main reason for innovation in public sector is direct comparison with performance with the private sector. When Ihavemoved.com was established, there was no other company offering such a service to consumers. But often, they don't act like they know that, and the result can be the failure of the company. The founders of Ihavemoved.com first proposed to first launch a website which would be listing and selling properties. Why IT is important for business survival? These factors are the basis which motivate an organisation to innovate and ultimately create a product or service which would help achieve the goals of the organisation, A first movers advantage is the benefit that a company gains by being the first player in a new and developing market segment so as to fully capitalise on the potential in the segment. It took the founder’s months of hard work and research before the innovative idea took the shape of a new and successful business. Also the campaign should be focussed not only on mainstream methods like billboards or radio but also other mediums of advertising like online, mobile advertising on cars, events sponsorships, flyers, mascot, etc. While the majority of respondents cited innovation as important to the survival of the firm, business culture and recruitment remain impediments to success. Now we discuss the Key drivers for innovation for the organization, strategic enablers within the organization, strategic blockages within the organization and recommendations to ensure improvements in the innovation process. Entrepreneurs with a new service idea generally are driven by a fresh drive to get the project off with the help of their expertise in the particular sector. Micheal Dell started a small personal computer assembling company in the year 1985 providing cheap and customised computers to consumers at a price lower than branded computers like IBM or Apple at that time. A more in-depth understanding of these blockages can enable the process of innovation to continue and get the most out of it. The original idea of a property selling website was changed to an address changing service for home movers due to its unique and innovative nature. Also collaborations with other partners need to be in such a way that both parties. Reward for risk taken: It implied that cars entering a specific area in London Zone 1 in the day time had to pay a fix charge either before or after visiting the designated area. But even after putting in the extra resources and funds, Bluewave was struggling with technical flaws and design issues which was looking difficult to rectify before the deadline of the launch of the new website. These services are available round the clock for each and every one irrespective of their wealth or social status. This is not an example of the work produced by our Essay Writing Service. 2) Why IT is important for business survival? The revenues out of this venture could be received from three main sources. Knowing primitive and societal survival skills may provide you with meditative exercises that might help with relaxation. On January 27, 2020January 27, 2020 By admin_admin. The process of innovation of searching for opportunities and avenues of innovation, selecting the best options, implementing them and reaping the benefits of the implementation enables the organisation to reduce costs, increase efficiency, increase sales and ultimately increase profitability. Know Why You're Surviving The recession is reason enough for any startup to end up in survival mode. Helps the Long-Term Growth and Survival of the Business. For all this they required funding which was very difficult to procure under current market conditions. Public Services are those services which are provided by government organisations or authorised by government organisations for welfare of common man. It enables the business to grow, helps employee motivation, eases negotiations with banks, attracts investors, and gives clients and customers a confidence in business. This led to a lot of entrepreneurs taking up internet ideas relating to goods and services which were never imagined before. We're here to answer any questions you have about our services. Twenty-one percent of respondents, for instance, said that their organization is struggling to recruit the innovation people they need for success, while 82 percent believe that their performance management approach rewards uniformity over creativity. Financial resources are very essential for any organisation to start off and especially for a new service which needs to be developed from scratch. These two innovations have laid an example for public organisations world over for public welfare and government revenues. 3) What is required to apply IT into business? The company needs to be more careful in future for white label integrations so that the goodwill increases and its name is not hidden behind the partner’s goodwill. A business uses working capital in its daily operations; working capital is the difference between a business's current assets and current liabilities or debts. To export a reference to this article please select a referencing stye below: If you are the original writer of this essay and no longer wish to have your work published on UKEssays.com then please: Our academic writing and marking services can help you! Home / Why IT is important for business survival? Apple Computers Inc. has been in the computers business since decades together with their ups and downs but with the launch of Mac OS and Ipod and Iphone products, apple became a key player in the respective markets within a short period of time. You wouldn’t attempt completing an obstacle course blindfolded, and you shouldn’t try to create a business plan without knowing the figures – it won’t be pleasant. 3M produces over 55000 products with numerous patents and trademarks registered worldwide. While the majority of respondents cited innovation as essential to the survival of the firm, business culture and recruitment remain impediments to success. The National Health Service, established in 1948 is the world’s largest government funded healthcare institute providing every possible health remedy at free of cost or at a nominal price for certain services. They fail because they run out of customer’s orders… Today, technology is central to the success of most businesses. Survival and growth are the two main objectives of any organisation in today’s competitive world. 2) Why IT is important for business survival? It consists of money in the company's safe and balances in banks and iinancial institutions. It's dead. The value of the business drops dramatically. Every organisation tries to be different and accelerative from their competitors to achieve their goals and become market leaders. You can view samples of our professional work here. This reduced the administration expenses of the partners such as call centres, data entry and administration. But what good does a profit do? 2) Why IT is important for business survival? Since there is no tangible transfer of any goods, the service delivery plays a very important role in defining whether the service delivered was satisfactory or not. Thus it plays an important role in the long-term growth and survival of the business. To be successful and remain in business, both profitability and growth are important and necessary for a company to survive and remain attractive to investors and analysts… Along with the best employees, the managers also need to be at their best in harvesting talent and inculcate innovation amongst their employees to get the best out of them. The company is so dedicated towards innovation that 30% sales of the company comes from product innovations in the past 3 years. The liquidity of a company means the liquid assets held by it that can be easily converted into cash. Also the population of the age group 15-44 is more likely to try new things and services which allowed the founders to gain a better market access. Important points 1) Does business need IT? 3. Goals and objectives: Every business has some goals and objectives. Second on the list to answer why are survival skills important is the fact that it can be very rewarding. This hampered their innovation process and growth plans. All that adds up to success. You are to research an actual business examples and the impact of IT on that business. Copyright © 2003 - 2020 - UKEssays is a trading name of All Answers Ltd, a company registered in England and Wales. If it was not for him, the launch would have been delayed and ultimately affected the company’s reputation. *You can also browse our support articles here >. In public organisations, innovation generally takes place in new services and organisations or upgrading currently placed technology. 3) What is required to apply IT into business? Innovations in the service industry always need to be customer centric and oriented towards customer satisfaction. Innovation within an organisation can only be fostered when the organisational values and culture are so incorporated. Why IT is important for business survival? This helped the company to retain the web designing company Bluewave to further develop and expand their project and launch it at a larger scale. Everyone knows that!!!! I upvoted but want to elaborate on Lorri’s simple but elegant answer. Due to this, implementation of innovation is quite a challenging scenario. Ihavemoved.com is an internet service developed by MBA students in London Business School as a part of their project. Along with a perfect human resource team, it is very essential that the employees and management of a company are motivated and believe in the values of the organisation. Efficiency was not a prime directive. From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs. In the UK, every year 10% of the 60 million population moved their houses every year of which almost 80% were aged between 15 and 44. If you need assistance with writing your essay, our professional essay writing service is here to help! But the service was not simple to develop. Home / Why IT is important for business survival? Here are the top reasons why liquidity is very important for any business. Productivity means to become efficient, effective, and abundant. It means producing new wealth or more wealth without additional cost. You don’t need a hundred questions as to why something must be taken. #2 You Need a Flexible Team for Business Survival. This starts the process of launching new products and services, value additions to current products and services, rigorous marketing activities and cost-saving measures to perform better and increase profitability… The stages of idea screening, selection, implementation and results in the innovation process can be of great use in putting the project into a proper place so as to get optimum feedback for the idea and best results from the project. It means producing more goods having the same resources or same amount of goods using lesser resources. Would lose its branding and the only reference would be beneficial in the 3... Knowing primitive and societal survival skills may provide you with meditative exercises that might help with relaxation create... And culture are so incorporated your essay, our professional essay writing service is or. T be a success internet idea a great impetus due to which the project was off... 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