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ITM 100 (123)
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Chapter 3

Chapter 3

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Ryerson University
Information Technology Management
ITM 100
Ron Babin

Chapter 3 Creating Business Value Business organization and business processes Business strategy is required to deliver the end-result product or service Michael porter says strategy is a broad-base formula for how a business is going to compete, what its goals should be, and what plans and policies will be needed to carry out those goals Porter said that, if industry is open and has few barriers to entry, then more competitors will enter the industry, then it will increase competition If there are barriers to entry, then it will be harder for new competitors to enter IT is an important part of any company IT professionals make sure that hard work helps the business reach its end result Business as open systems Open system model indicates that a business operates by transforming inputs into outputs and by constantly interacting with its environment 2 important parts of the business environment o Stakeholders it is a person or company that has an interest and an influence on how a business will function in order to succeed such as a shareholder or government agency Stakeholders could be external (in the environment) or internal (within organization) For example, if you shop online at a companys website, and you notice problems on the website and describe those problems to that company, your suggestions may influence future e-commerce operations. You had an interest and influence, so you are a stakeholder o Organizational boundary allows a business to receive inputs and produce outputs o A business must be aware of what is going in its environment, so that they can remain competitive by responding to opportunities or threats www.notesolution.com
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