Discussion: IoT and More
Chapter 0: Introduction
Internet of Things (IoT) is a network of physical devices, vehicles, appliances, and other items embedded with sensors and software, to connect and exchange data with other devices over the internet. IoT has changed how businesses operate: devices can now communicate with each other in any industry or sector. At home, I use smart bulbs and a smart thermostat.
Three Major Roles of Managers are planning and strategizing, organizing resources, and controlling and monitoring. Managers have to oversee that resources are used efficiently and the organization's goals are met. When I led a project team, I had to plan our strategy, organize manpower, and monitor progress to meet deadlines.
Chapter 1: The Information Systems Strategy Triangle
The Generic Strategies Framework is a that classifies business strategies into three types: Cost leadership, differentiation, and focus (Allen & Helms, 2006). Companies use this to determine their competitive advantage. When I started my online store, I used the differentiation strategy to make my hand-crafted items stand out from mass-produced ones.
Dynamic Environment Strategies are strategies that businesses use in response to rapidly changing environments. Tech companies need to adapt just as fast trends change in the market. I once worked for a startup that changed its business model three times in two years due to market feedback.
Chapter 2: Strategic Use of Information Resources
Five Competitive Forces model looks at: Threat of new entrants, bargaining power of buyers, bargaining power of suppliers, threat of substitute products, and rivalry among existing competitors. Businesses analyze with these forces to understand their competition and strategize accordingly. With my online store, I analyzed the market and saw that the bargaining power of buyers was high due to alternative stores. So I offered excellent customer service to address this.
The Value Chain Model breaks down the activities conducted by a business into primary and support activities. Companies use the Value Chain Model to analyze their operations and identify where they can increase efficiency, reduce costs, and improve value delivered to customers. When I worked at the startup, we used the Value Chain Model to identify inefficiencies in our product development process.
References
Allen, R. S., & Helms, M. M. (2006). Linking strategic practices and organizational performance to Porter's generic strategies.Business process management journal,12(4), 433-454.
