Challenges That Most Businesses Face As A Result Of Continually Changing Technology. What Is Management's Role In Addressing These Challenges?


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Challenges are numerous in the business arena and include changing demographics, changes in regulatory bodies’ rules and compliance, a focus on the customer and the rise of conspicuous consumption and the consumer’s disposable income.

In a technological sphere, outsourcing and information risk management, combined with customer data integration (CDI), are key factors. The CDI will integrate client data to create a relationship hierarchy and use this for reporting and compliance. Management ought to assign teams to do this, and communicate the desired instructions clearly and methodically. Managing risk, caused by data security breaches, help to sort compliance matters and improve competitiveness.

Outsourcing will enable clients to offer a better service set to their customers by standardization of affairs such as portfolio management. By leading from the front, management can gain a bird’s eye view on all affairs to ensure the professionalism of the company. A good five-step plan is to communicate the vision by creating urgency, define the right team with a project manager and a lead manager (similar to picking the star players in a sports team) and ensure the team has the correct size, initiate an action plan and act quickly regardless of absolute success, then make any change habitual to succeed in the implementation of the plan.

Real change takes time and practice makes perfect; it’s no use planning for perfection if there is time to act imperfectly. Technology itself is the high-octane fuel which drives an economy, with the maximum return necessary from the technology. The key is automation, looking for ways in which technology can improve productivity; management can launch a strategic review of operations, including the harsh realities of redundancies. It is also important to be flexible in the vision of the company, adjusting to technological changes, as seen in the current Blackberry/ iPhone/ work-never-stops lifestyle.

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