Information Management For Business Advantage
Information Management for Business Advantage (IMBA) is a medium-sized information industry which controls a significant market share. The company was initially an expert consultancy firm but in the recent years has diversified its products and services greatly. It expanded most of its services to cater for the growing market demand and as a result of this it acquired a competitive edge.
Diversification and service expansion by IMBA has led to more factors influencing its performance in the business sphere. The company is influence by the current trends in market which are associated with social, technological and economic factors. Government policies and regulations also influence the operations and activities of IMBA to a large extent, especially since it has expanded its services and products.
Brief background
IMBA is a United Kingdom (UK) based information company which commands a significant market share in information and technology management. It comprises of about six hundred employees thus a wide range of skills and knowledge concerning information and technology. For the past two decades, the company has been offering professional consultancy services to information businesses requiring information usage improvement aimed at provision of competitive edge over their rivals. Such consumers encompassed e-commerce, mobile communications, information technology and other organisations that require information and technological advice services.
The company’s consultancy services are inclusive of specialist software testing and development, on-site advice on issues concerning technology and information, implementation of information system, accessibility to professionals either online or via phone and implementation of e-commerce system. In addition, IMBA provides a large series of seminars covering matters concerning the management of information technology, focused online groups of discussion and a monthly magazine that focuses primarily on information and technology issues.
In the recent years, IMBA has diversified thus entering into another phase of development. It acquired a telecommunication company following the collapse of telecoms and Dot-Com companies. IMBA Company has also expanded its software development part through social networking and media services. Currently, in addition to its consultancy services, the company also offers mobile telecommunications on business matters, software development services, on-demand media services through the internet, and social networking services.
Overview of IMBA and the business sector
IMBA has the potential to improve its services and products, grow tremendously and at the same time maintain the grip on its competitive advantage. Diversification normally takes numerous forms some of which include new products for emerging markets, related or new products for existing markets and new markets for existing services or products (Grant, 2002). IMBA’s human resources comprises of adequate qualified professionals thus portraying the presence of sufficient skills essential in ensuring the existing markets are fully exploited and new markets sought. Prior to diversification it is imperative for an organisation to conduct a thorough research on the customers and market on matters concerning the new product or service; develop a clear strategy for testing the market; and ensure that operations of marketing, sales and supply chain can cope with the increased product or service demands (Cranfield University n.d.).
IMBA has been in information and technology business for more than two decades hence has enough experience and skills concerning the field. Being in consultancy business has enabled it acquire vast knowledge on new and better ways of utilizing information and technology to meet consumer needs. As a consultancy firm, IMBA was able to sustain itself for a long time despite the intense competition. For a business to remain profitable and sustainable, it needs to provide high quality services and products and in addition to that, should sell them at a competitive price relative to the market price (Grant 2002). IMBA is characterised by an excellent reputation on consultancy services which is reflective of superior quality and customer focused services. This places IMBA at a superb position in the business portfolio thereby giving it a good opportunity to prosper through a diversification strategy that is adequately research and wisely developed.
The company has proved to be innovative and creative through its Web and software presence. This is observed in IMBA’s sale of user data, use of online advertising, software patents and provision of independent media production accessibility. Innovation is the key ingredient for any organisation wishing to increase productivity (Rao et al 2001). Innovation is characterized by knowledge, talent and ingenuity which are initiated by diligence, commitment and persistence (Drucker 2007). This might provide an implication that enormous investment is essential to bring about innovative products or services but the benefits associated with it are immense. Innovation brings added value to an organisation.
Despite the economic recession which is experienced around the world, the information and technology industry is still vast and booming. Tapping into this market is a great challenge to most companies since it requires innovative and creative business strategies. Such strategies are not available in many organisations, especially small-to-medium sized ones, thus resulting in their low performance in the market. Furthermore, for the past few years, the telecommunication industry has experienced massive alterations associated with the convergence of data and voice together with the development of new and better information technology (IT) and telecommunication solutions (B2B International 2009). Despite the economic downturn, this industry has continued to invest in researches focused on improving the management and mitigation of risks. In spite of it being creative and innovative, it is imperative for IMBA to invest more resources on the management of risks in order to ensure its success in this industry.
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