Answer
A competitive strategy is a broad-based formula for how a business is going to compete, what its goals should be, and what plans and policies will be required to carry out those goals . Through its competitive strategy an organization seeks a competitive advantage in an industry—an advantage over competitors in some measure such as cost, quality, or speed.
Competitive advantage is at the core of a firm’s success or failure; such advantage seeks to lead to control of the market and to larger-than-average profits. A strategic information system helps an organization gain an competitive advantage through its contribution to the strategic goals of an organization and/or its ability to significantly increase performance and productivity. An SIS enables companies to gain competitive advantage and to benefit greatly at the expense of those that are subject to competitive disadvantage.
A strategic information system is mainly developed to respond to the corporate world and many business initiatives. Strategic information is used for gaining competitive advantage and formulating business strategies by organizations. It may deliver a service or product that is at a lower price, differentiated and mainly concentrates on a demanding market section, or which is innovative. It help companies frame business strategy, competitive strategy, take management decisions and thus gain competitive advantage and achieve cost reduction.
Strategic Information System is a management system that helps to set goals and organize activities for an organization. It allows you to to organize the information and ideas about the way your company works. In the 1990s, several companies were founded on the idea of “strategic information systems,” which is a fancy way of saying they use computers to gather data that helps them make better decisions. Strategic Information System (SIS) is a database of information collected by the government for the purposes of national defence and security.
Strategic Information System is a system that provides the right information to the right people at the right time. Strategic Information Systems can be used by companies, governments, and individuals to make better decisions in an increasingly fast-paced world. Today, the strategic information system are widely used in business. For example, the online application of this system is the ERP (Enterprise Resource Planning). It’s important to have a Strategic Information System (SIS) for your company. SIS is a system that allows you to track and store information about the performance of your company, as well as the performance of individual employees.
A Strategic Information System (SIS) is a system that assists an organization in the identification, acquisition, maintenance, use and disposition of its data resources. SIS helps organizations to evaluate their data requirements and maintain records with minimum cost and maximum effectiveness. Strategic Information System (SIS) is a type of information system that is designed to meet the specific needs of an organization. A Strategic Information System (SIS) is a tool used by law enforcement to collect, analyze, and share information across jurisdictions. The SIS can be a database for crime reports, arrest records, warrants, and more.
Strategic Information System is a way to measure the value of information. A Strategic Information System can be used to make strategic decisions by measuring the value of information. The processes that capture data, Strategic information systems are often used by governments to facilitate decision-making and execution. In the same way that businesses use strategic information systems, governments use systems like these to make important decisions and act on them effectively. The importance of Strategic Information System (SIS) can not be emphasized enough. Information System Strategy is an essential feature in Corporate and Information Technology (IT) world and provide them with better bargaining power. In a nutshell, it helps firms and companies to allocate, store, process data, move the data and information they develop and receive. It also enables and provides various tools and services for aiding the firms to apply metrics and analytical tools in their information repositories. Information systems allow them to recognize the resourceful opportunities for expansion and simple ways to enhance operations and supply efficiency. Thus firms with a better chain management, knowledge management, data management practices along with more effective data presentation and analysis can provide better customer service at reduced or less cost.
Importance and advantages of Strategic information system
Strategic information system provides a connection between demands of organization and latest information technology. This tactic helps an organization to get hold of the market by utilizing Information tech to meet its challenging requirements to the continuous variation in the corporate environment. Helps them evolve their business strategy, helps with knowledge management and operations management.
Information system strategy is a critical aspect of an organization’s management decision for its growth, expansion and supply chain management. Information technology and competitive intelligence can work wonders for a business. The integration of the data system and its function within the organization can be handled easily by enabling open access and use of management systems. Besides that, it also enables the classification of different opportunities for the use of information systems for different strategies. It gives the surety that only useful resources or the use of resources which are less are allocated to the applications and to use the scarce resources in a sustainable way and have a better impact factor. With the System Information Strategy, it ensures that the Information system functions accordingly and supports the business goals and objectives of the organization at the different levels.
There are several instances of strategic planning which have helped the organizations to help create and sustain the resources in this competitive market over the past years and has allocated several effective benefits and simply continued to provide for the survival of these organizations which have used these systems. These systems are often termed as ‘strategic concepts of the organization.’ To give the maximum performance of the firms financially in a fluctuating market, the correlation between Strategic Management and Information System is significant fundamentally. Understanding of management information system is equally helpful & an asset to the organisation.
In additional to the reduction in product related cost, it also helps in increasing market share, streamline business process, provide a better business environment, diversify functional areas, and deliver high quality product and services.