The IT software and hardware industry absorbs billions every year, so you might expect managers and directors to know exactly how information technology can actually improve their results. But then, what is the actual connection between the huge investments and the performance or productivity growth? Being oriented toward the information is the answer. There are three major factors that can determine these things. According to Donald Marchand and William J. Kettinger, the three key factors must be respected in very small details.
Identifying the informational behaviours and benchmarks
This is the actual capacity of a company to blast and promote behaviours and benchmarks in order to use the information in an efficient manner. The director is supposed to promote integrity, control, participation, transparency and formality, not to mention about clearing all the factors that might obstruct the informational flux.
Applying the right techniques in managing the information
Managing such information asks for analysis, organization, processing and administration. A manager is responsible for creating the process, instruct employees and assume the responsibility for the administration. This way, their organizations are focused on the right sources of information.
Managers try their best to avoid or at least to minimize overloading themselves with information.
Revealing some IT exercises
IT infrastructure and applications must support your ability to make smart decisions. As a direct consequence, business strategies should be mixed with IT strategies, only for the applications and infrastructure to support business processes, operations, decisions and innovations.
Some of the most significant companies that have successfully implemented major IT projects include Banco Bilbao Vizcaya Argentaria (BBVA) and SkandiaBanken.
BBVA had an unsuccessful banking system based on offices. It has become one of the most successful Spanish banking systems within a thousand days only. The result was obtained by providing the right information to all the employees, only for them to sell the products in a cross selling system.
On the other hand, SkandiaBanken has created an exquisite model of online business. It is the first Swedish bank with no actual offices. It has managed to overcome its competition in no time. While most transactions are conducted online and by phone, the manager agrees that personal responsibility, action and transparency are the factors that have made the difference.
How to implement information into your business model
- Do realize that information administration depends on actual people – how they truly use the available information, how they share their knowledge with their colleagues and how motivated they are to use the information in order to innovate.
- Evaluate, develop and improve the processes required for a proper administration of the available information. While technology might be essential, the truth is that it does not represent a panacea.