Week 1 Research Paper Technology Research Paper Essay

Information Technology
Name
Institution/ Affiliation
Information technology
Technology has transformed the way firms conduct business across the world. In the contemporary age of globalization and extreme competition, information technology plays an essential role in improving business performance (Astuti, Rahayu & Wilopo, 2018). It is a resource that helps firms achieve competitive advantage by adding new capabilities and increasing operations efficiency. Arumugam & Raamani (2019), argues information technology is an integral tool to sustain the skills needed in producing skilled manpower.
Today, with business being faced with rampant change in technology, variation in consumer demand, taste, and preferences, reduction in lead-times, and reduced life expectancy of products, information and communication technology can help improve performance as well as increase efficiency (Turulja & Bajgorić, 2016). To achieve competitive and successful business depends on the effective use of high-tech infrastructure than competitors. In school settings, technology resources and equipment improves teaching and learning experiences (Mitchell, Wohleb & Skinner, 2016). Therefore, firms must continuously seek new technologies, adapt to new trends and develop strategies that help them compete efficiently.
Information technologies present firms with opportunities to adopt new business models. It is a unique resource that reduces barriers and improves collaboration and new competencies within and between firms (Haskins, Luţan & Tănase, 2020). Through collaboration, businesses can create mutual relationships and develop efficiencies in production. According Mitchell, Wohleb, & Skinner, (2016), technology offers a company the opportunity to assimilate, build and reconfigure capabilities to address the fast-changing environment. As such, businesses that adopt new technologies can respond faster to customer needs as well as address competitor threats. In reality, information technology improves communication processes, enhances employee productivity, increases efficiency in operations as well as broaden the customer base (Haskins, Luţan & Tănase, 2020).
The rapid growth of information and communication technologies has created a myriad of possibilities that enhance people lives as well as generate new business opportunities. As such, companies have shifted their innovation activities from closed good-centric to open service-centric (Haskins, Luţan & Tănase, 2020). Value is created through a series of service innovation in a complex collaborative networked ecosystem. In reality, information technology is multidimensional, thus providing new opportunities as well as challenges in the service innovation context (Haskins, Luţan & Tănase, 2020). For instance, little experience or training on the knowledge and skills has been cited as the major drawback in the implementation of technology in schools (Machado & Chung, 2015). As such, the organisation must develop an information technology strategy that aligns with the overall business strategy to allow for increased value creation as well as minimize challenges that come with information technology.
Value creation involves delivering products and...