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Forming an It Strategy

Introduction

Forming an IT strategy is a process that requires an understanding of the entire strategic context in which the company is situated. A successful IT strategy will take in consideration all other aspects of a company along its vision and mission. This strategic situation will give the appropriate insights to know what to leverage, what to coordinate inside the company and what is the best way to do it. This synthesis is expressed in the form of maxims. These generally short strategic statements seek to convert strategies into actionable business terms. They represent a shared understanding of what needs to happen and express the extent to which the firm seeks to coordinate business units and leverage synergies. Finally, it involves the extent to which the firm wants to exploit these synergies.

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The basic reason why we need business and IT maxims is that they ensure cohesion between all of the units of the business. Uniformity and cohesion inside the structure of a company make possible that each unit operates at max capacity. Communication among units is also easier and thus, it results in an increase in performance.

IT / Business Maxims analysis

In order to conduct an IT / Business Maxim analysis for ABC Insurance Corporation, we have to consider the six components of the analysis. They are cost focus, value differentiation as perceived by customers, flexibility and agility, growth, human resources and management orientation. For each of these factors, we have to consider the business maxims and their derived IT maxims.

Cost focus

Business maxim: ABC Insurance Inc. aims at being competitive in all markets that it has a presence.

IT maxim: Implementation of new IT equipment will have a lowering effect on costs associated with clients.

Growth

Business maxim: The planned expansion to Singapore and Malaysia will ensure growth on the mid to long term for the company.

IT maxim: Information technology systems (cloud computing) will help in facilitating market entry and positioning in these new markets.

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Value differentiation as perceived by customers

Business maxim: ABC insurance aims at delivering outstanding quality products and services that are cost effective for households and businesses. It aims to be an outstanding competitor in the chosen markets.

IT maxim: Cloud computing and IT will enable the company to increase its quality and performance levels, thus achieving value differentiation as perceived by customers.

Flexibility and agility

Business maxim: One single on-demand solution needs to be implemented that is not bound by geographic area and that operates smoothly independent from user location.

IT maxim: Cloud computing are the adequate IT tool that can operate smoothly across geographic areas and is independent of user location.

Human resources

Business maxim: ABC Insurance will do its best to attract, develop, reward and retain the best possible professionals in insurance and operations.

IT maxim: ABC Insurance will develop sound strategies for the recruitment and retention of professional IT staff whose capabilities are aligned with that of an insurance company.

Management orientation

Business maxim: The Company aims at developing a sustainable platform and network to achieve the market entry and positioning goals.

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IT maxim: Cloud computing will help the company reduce duplication of systems and content. It will also ensure that strategy implementation is according to company’s values, mission and vision.

Business maxims

Components Maxims
Cost focused Become competitive in all participating markets
Value differentiation as perceived by customers Deliver outstanding quality products and services that are cost effective for households and businesses
Flexibility and agility Single on-demand solution operating independent of user location
Growth Expansion to new markets, Singapore and Malaysia
Human resources Attract, develop, reward and retain the best possible professionals in insurance and operations
Management orientation Develop a sustainable platform and network to achieve market entry and positioning

IT maxims

Components Maxims
Cost focused IT cloud computing will have a cost-lowering effect
Value differentiation as perceived by customers Cloud computing will increase quality and performance levels
Flexibility and agility Cloud computing operates smoothly across geographical areas
Growth Cloud computing facilitates market entry and positioning
Human resources Develop sound strategies for the recruitment and retention of professional IT staff
Management orientation Cloud computing reduces duplication of systems and content

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StudyCorgi. (2021, December 21). Forming an It Strategy. Retrieved from https://studycorgi.com/forming-an-it-strategy/

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StudyCorgi. (2021, December 21). Forming an It Strategy. https://studycorgi.com/forming-an-it-strategy/

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"Forming an It Strategy." StudyCorgi, 21 Dec. 2021, studycorgi.com/forming-an-it-strategy/.

1. StudyCorgi. "Forming an It Strategy." December 21, 2021. https://studycorgi.com/forming-an-it-strategy/.


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StudyCorgi. "Forming an It Strategy." December 21, 2021. https://studycorgi.com/forming-an-it-strategy/.

References

StudyCorgi. 2021. "Forming an It Strategy." December 21, 2021. https://studycorgi.com/forming-an-it-strategy/.

References

StudyCorgi. (2021) 'Forming an It Strategy'. 21 December.

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