Technology has become a vital element of the global business. Every business employs IT tools and software to run their operations. These programs and applications help companies reduce their operational costs through automation of certain tasks. They also assist in improving the security and privacy of their data. Additionally, these programs allow companies to save money they would otherwise use for hiring more employees. They can instead invest the money in other areas, such as marketing, better security for cyber attacks, and employee renewal programs.
The role of IT in the future is changing rapidly as digital technologies disrupt a number of processes within MNEs. They also alter their roles to deliver value to their customers by shifting the expenses and activities away from themselves and toward complementors, partners, and consumers at home and abroad. This creates new challenges and opportunities. The threats include the rapid erosion of MNEs’ competitive advantage, as well as the emergence of new risks. The opportunities include greater market influence, more market access, and quicker technological advancement.
Historically, the relationship between IT and business was antagonistic. When projects failed, each side pointed the finger at the other. This was exacerbated by the nature of IT projects which were complex and expensive to design. Even with a contract in place to ensure that the business understood what IT was providing, it was hard to predict exactly what could be wrong. The requirements were also constantly changing during the course of development. This gap could be plugged by establishing a new kind of collaboration between IT and business: a partnership.
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