Taking care of ne Read below to learn why technology is essential for businesses to not only survive, but to thrive. Hardly have they taken into consideration the need to take a formalised approach to innovation in their project. The importance … Ihavemoved.com is an internet service developed by MBA students in London Business School as a part of their project. Even the loan from the UK government Guarantee Scheme was not very sufficient to meet their rapid expansion policies. For this, they had to hire a Chief technical officer, Andrew day who helped the company to meet their time constraints. Every organisation tries to be different and accelerative from their competitors to achieve their goals and become market leaders. Key drivers of innovation are those factors that lie outside the orga3sation and drive the organisation to think about the need for innovation. Survival strategies take many forms. *You can also browse our support articles here >. 17th Jul 2017 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. Innovation within an organisation can only be fostered when the organisational values and culture are so incorporated. 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. These examples illustrate how important is innovation is for companies from every sector to sustain the tough market conditions and remain competitive in an evolving market place while maintain smooth customer relations. Generally public service organisation are complex in structure, very bureaucratic and tightly controlled. But the main reason for innovation is customer satisfaction. 3) What is required to apply IT into business… Do you have a 2:1 degree or higher? In this blog, I’m going to discuss Why Technology is Important for Modern Business Survival? You must be ready to accept many strange things if you want to ensure your business survival. The value of the business drops dramatically. The Importance of Business Objectives A business plan cannot exist without objectives much in the same way as the business itself cannot exist without knowing its purpose or intention. Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ. All that adds up to success. An ideal management team is always essential for any organisation to function to its optimum level and grow at its ideal rate. these organisations need to keep a track of their customers and loose the customers once they move their house. Profit means survival. While the majority of respondents cited innovation as essential to the survival of the firm, business culture and recruitment remain impediments to success. Customer feedback in every step and its adaption in service delivery and define whether the service is acceptable or not. Brand image is important for any business. Second on the list to answer why are survival skills important is the fact that it can be very rewarding. When Ihavemoved.com was established, there was no other company offering such a service to consumers. Reference this. Why IT is important for business survival? It won't make money. Also. Whereas, on the other hand, public sector organisations do not exist to maximise profit but function mainly for public welfare. 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. Every service provider today is in the process to acquire new customers as well as retain their old customers. Business 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. 2) Why IT is important for business survival? A more in-depth understanding of these blockages can enable the process of innovation to continue and get the most out of it. Home » Blog » 14 Reasons Why CRM Is Important For Every Business In 2020. 2) Why IT is important for business survival? 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. Study for free with our range of university lectures! All these activities are a result of innovation in an organisation. 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. For example, bad advertising decisions can be one of the greatest wastes of resources in a … You are to research an actual business examples and the impact of IT on that business. 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. But the service was not simple to develop. 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. The founders of ihavemoved.com came from diverse backgrounds and experience in various organisational fields. These services are available to all regardless of wealth or social status. The liquidity of a company means the liquid assets held by it that can be easily converted into cash. Importance of Customers. Due to this, implementation of innovation is quite a challenging scenario. This gap can be closed by applying service innovation and consequently customer satisfaction. Free resources to assist you with your university studies! 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. 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. HC1041 IT for Business – Trimester 1 2016 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. Last Updated On January 23, 2020 by Rinki Sharma. They act as catalysts in the innovation process and enable the organisation to achieve their goals. 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