Information, Strategy and Economics

This article examines the relationship between the management of information, business strategy, and economics. Levels of business strategy are explained along with the various types of information systems that business executives need to either stay on course or to modify their strategies. These information systems include Enterprise Resource Planning Systems, Decision Support Systems, and Competitive Intelligence Systems. Factors that drive corporate change, including economic downturns, are also reviewed and the impact of severe simultaneous changes is examined. How corporate executives manage change and create change is also reviewed.

Keywords: Business Strategy; Competitive Intelligence Systems; Change; Decision Support Systems; Economics; Enterprise Resource Systems; Information Systems; Strategy

Information, Strategy & Economics

Overview

Business Strategy

A business strategy guides a company's product, marketing, and sales efforts. Company executives and managers use information to direct operations, forecast sales, and respond to customer needs. Information generated by corporate systems and competitive intelligence obtained from outside the company help executives respond to changing economic conditions. Actions can include adjusting manufacturing output, modifying pricing, or revamping marketing campaigns (Moran, 2009)(Sull, 2009). These basic managerial functions and activities have remained relatively unchanged over time. However, what has changed overtime is how managers have viewed and executed these functions (Hill & McShane, 2008). As businesses work to survive in poor economic conditions, the relationship between strategy development and the information to make good business decisions has become critical.

Grand Strategy

Developing and supporting a business strategy is both a challenging and complex process. The grand strategy, or master strategy, is developed by analyzing a company's operating environment. The grand strategy provides the guidelines necessary for the different branches of a firm to develop strategies, operational plans and resource requirement documents. According to Novack, Dunn and Young:

Functional Strategy

Novack, Dunn and Young go on further to mention:

The resource planning process assures that the acquisition of resources is planned in a manner that facilities efficient work flow across functions (Novack, Dunn & Young, 1993).

Strategy & Business Processes

Strategies are accomplished through the execution of business processes. Business processes comprise the inputs and activities required to produce an output that is desirable to the customer. Each business process is a collection of activities that combine different inputs to create an output that is of value to the customer. Businesses generally engage in three main processes: Acquiring and paying for resources, converting resources into goods/services, and acquiring customers, delivering goods and services, and collecting revenues (Klamm & Weidenmier, 2004). Successful implementation of strategies requires that business processes are properly timed and appropriate resources are available when and where they are needed. Both the timing and availability of resources are accomplished through well-managed resource planning (Yukl & Lepsinger, 2007).

Information Systems

Corporate investment in information systems can enable mangers to maintain strong control over operations and have a positive impact on revenue (Oh & Pinsonneault, 2007). Managers obtain information from both internal systems and outside sources. Internal systems provide executives with information on administrative functions, sales activities, manufacturing, quality control, logistics, and customer support. Most corporate information systems are designed to support these essential Business-to-business (B2B) applications and play a key role in the modern supply chain structure. Supply chain management systems (SCMS) are digitally enabled interfirm processes that integrate information flow, physical flow, and financial flow. Such systems require reliable networks capable of spanning the globe.

Supply Chain Systems

According to Kumar (2001):

Implementation of IT-based supply chain management systems has been shown to have a "positive effect on procurement of materials for production as well as distribution, marketing, and sales after production" (Richardson, 2006).

Microcomputer-Based Software

Many corporate executives rely on microcomputer-based software and systems to analyze business data. Spreadsheets, for example, can aide in analytical tasks that range from the simple to the very complex. Many of these decision support systems involve the analysis of business intelligence using problem-specific methodologies. The purpose of such systems is to solve an unstructured problem in business environment. Therefore, knowledge of procedures for problem solving is critical for executives as is an understanding of the decision-making process (Chou & Gensler, 1993).

Internet & Intranet

Both Internet and Intranet applications provide support for business strategy planning and operations management. The use of Intranets in organizations has become a vital tool for information exchange, knowledge creation and sharing, and allows the possibility of communicating horizontally and vertically (Nystrom, 2006). Internet applications ranging from information dissemination, customer support, Web-based sales, and the support of remote workers have been successful for many organizations in Europe and North America (Johnston, Wade & McClean, 2007).

Business & Competitive Intelligence

Obtaining information about markets, competitors, and social or political influences on the economy has long been of interest to corporate managers (Jourdan, Rainer, & Marshall, 2008). The field of business intelligence and competitive intelligence has changed considerably over the last several decades. In the past, intelligence and information were often confused. In contemporary terms, intelligence is focused helping corporations develop and sustain competitive advantages that set them apart from other companies in their markets or geographical region (Calof, 2007). To qualify as intelligence, material must not only provide insight but also a basis for action on the part of corporate management.

Competitive intelligence can cover many business areas, geographical regions, or activities that may impact business in the future. Most large companies around the world have expended considerable effort to better understand or verify what they know about their competitive environment. This includes profiles of companies in direct competition for market share or resources. It also includes analysis of organizations that drive business trends such as investment banks, venture capitalists, industry associations, and lobbyists (Richardson & Luchsinger, 2007).

The Bottom Line

When all is said and done (strategy developed, information management systems in place, and competitive intelligence systems activated and tuned) to achieve long term sustainability, corporate managers must still cope with sometimes unanticipated economic shifts. During 2008 and into 2009 the economy turned more than sour. Corporate failures, bankruptcies, foreclosures, sales declines, drastic drops in consumer spending and of course layoffs were in the news daily (Alleven, 2009). Many predicted that more declines in spending were on the way (O'Leary, 2009). Loses for corporations as well as individual retirement plans, family incomes, state treasuries, and local funding sources for schools and public services were all suffering declines. Recession seemed to be on the horizon (Gopal, 2009).

Applications

In Search of the Corporate Control Panel

What information is required to navigate and pilot a large corporation? How do managers create and manage the information they need? These are big questions with lots of little answers. However; to date, the super-duper corporate control panel that all starship captains dream of has not been developed. But corporate executives do have a wide range of tools available. How well the tools work and how capable managers are of using the tools are issues that are rather widely debated.

Three types of systems are currently in widespread use:

• Enterprise Resource Planning Systems;
• Decision Support Systems;
• Competitive Intelligence Systems.
• Each of these systems serves as tools to help managers plan activities and control processes in their organizations.

Enterprise Resource Systems

During the last twenty years, Enterprise Resource Planning Systems (ERP) have helped to support corporate operations across all administrative, manufacturing and logistics functions. ERP systems have also helped interconnect different companies in a supply chain environment. However, implementing an ERP system is a long and complex process and not all systems have readily fulfilled their promise as an interegal part of the corporate control panel (Garcia-Sãnjchez & Perez-Bernal, 2007).

Implementing an ERP system is also a very expensive process (Peslak, Subramanian, Clayton, 2007). The cost of the ERP software is just the beginning of the expenses. Data preparation, application migration, customization, and training are also part of the implementation costs. As the costs of projects get out of hand; many organizations end up cutting the training budget. This often results in under utilization of the system and a lower than desired return on investment for the ERP system. Some studies have also noted that even when training employees was vigorously executed many still did not learn the systems well enough to operate independently (Barrett, 2007).

Business intelligence software applications have been developed by many companies to help extract or mine data from internal ERP systems that can aid in making marketing or pricing decisions. These applications are generally designed for specific industries or business areas. Managers can optimize the use of capacity, schedule supply orders, and project human resource needs. This can help to maximize profitability on an ongoing basis (Rus & Toader, 2008).

Decision Support Systems

Decision Support Systems (DSS) are software applications that are designed to support managerial decision-making in a specific environment. A DSS can be a simple and straightforward application designed to provide, extract, collect and perform basic data analysis functions. However, many contemporary DSS applications also have the ability to apply business rules that are modeled after the managerial decision-making process. This can save time by providing managers with recommended actions or directions that should resemble the human-based thinking process (Mateou & Andreou, 2008). In many cases some of the data used in the DSS can be extracted from ERP systems.

Competitive Intelligence Systems

Competitive Intelligence Systems provide a different type of support for managers than ERP and DSS applications can provide. First, Competitive Intelligence Systems generally rely on external data whereas ERP and DSS applications generally provide analyses of internal data. Second, the internal data that is analyzed using ERP and DSS applications is far more structured, focuses mainly on internal operations, and needs less interpretation than that analyzed with Competitive Intelligence Systems. Finally, to benefit from competitive intelligence, mangers must have a far great understanding of industry trends as well as general business trends and how those trends can impact their business.

Competitive intelligence comes from many different sources and in many different forms. In most sectors there are research and consulting firms that provide annual or periodic reports about the state of an industry and provide some background on major players in the industry. Many sectors also have industry associations that compile reports about business conditions while also providing background information about process, sales, or marketing trends. In the case of regulated industries, there are also government reports that may provide some insight into trends and conditions.

Larger companies with more money to spend often establish internal competitive intelligence units or hire external consultants to gather and analyze competitive intelligence. The internal unit usually develops a list of areas or topics that require ongoing intelligence. These could include pricing, packaging, strategic marketing plans, and strategic relations development of competitors.

External consultants can operate in a similar fashion to that of the internal unit but most often are hired when specific questions need to be answered in a short period of time. External consultants often market themselves based on their personal or staff backgrounds and knowledge in specific industries. The overall goal of competitive intelligence activities or systems is to provide knowledgeable and actionable information as opposed to just reams of data (Brown, 2007).

The combination of competitive intelligence about the market place, internal operations data, and business intelligence generated from business activity provides corporate executives with complex sets of data and analysis. Once these systems are in place, it is still up to the executive to make adjustments to corporate strategy and to plan for production needs or develop marketing campaigns. When business is flowing at a steady pace, this may be relatively easy. However, when changes are rapidly occurring on multiple fronts, the skills and knowledge of executive are essential regardless of how much data and analysis is at their fingertips.

Issue

Keeping Pace with Change at the Speed of Light

In the business environment, change is constant. Shifts in global relationships, the introduction of new technology, and economic booms and downturns are among the most powerful catalysts for change (Oakland & Tanner 2007). Business can be steady for years to the point where many things are predictable. The velocity of change, however, can be greatly accelerated when several unfavorable simultaneous events or trends converge. This occurred in 2008 during a serious economic crisis. In a short period of a few months, the less-than-sound business practices of the previous several years took their toll on almost every industrial and business sector.

The complexity of global markets, technology innovation, economic interconnectedness and the volume of information necessary to manage organizations have all increased over the last twenty years. The interrelationships between all of these factors sometimes make it difficult to identify the source of change and the impact that various changes will have on a corporate strategy (Freda, Arn, & Gatlin-Watts, 1999). Thus, it is important to establish and manage a company's capacity and capability to adapt to change (Chirico & Salvato, 2008).

Implementing Change

Change is often difficult for individuals as well as corporations. Executives often struggle with implementing changes to production processes, human resource management, or marketing approaches. Resistance can come from managers themselves, employees, labor unions, or even customers. When the economy is booming and financial resources are plentiful, change efforts can be accelerated through incentives, buyouts, or programs designed to ease the change process and reinforce the importance of new goals. In addition, corporate executives have the opportunity to retune their change management efforts until they can achieve greater levels of implementation (Holt, Dorey, Bailey, & Low, 2009).

When the economy is in a downturn and financial resources are tight or even nonexistent, executives usually do not have the luxury of implementing incentive programs or hiring consultants to help with change management. The key to survival in a rapidly changing world or a sudden economic crisis is an organization's indigenous ability to forecast coming changes, plan for contingencies, and develop change strategies in advance (Evenson, 2009).

Even with all of the advanced notice possible and the best laid plans in place, change during an economic downturn is difficult for people to accept and thus difficult for managers to implement. Since super heroes are few and far between, organizations faced with difficult changes often turn to the next best thing a champion of change (Warrick, 2009). Keep in mind that the present economic downturn is not the first that has ever occurred, nor is it likely that it will be the last. Managers as well as students of business may do well to look to the past in order to help deal with the present and plan for the future.

IBM as a Model of Change

One case that is repeatedly commented on is International Business Machine's (IBM) efforts to restructure and realign business practices after the economic downturn of the early 1990s. As the economy worsened, stock prices fell, the bottom fell out of the real estate market and 401k plans plummeted in value. There was also increasing competition in the computer industry and the margins on all of IBM's product lines were taking a nosedive. Commentaries on the causes of IBM's woes were endless. The facts were clear that IBM was simultaneously facing multiple changes on multiple fronts and facing them at the speed of light ("Gerstner's jury is still out," 1994)(Hayes, 2009)(Khermouch, 1994).

Enter the champion. Louis Gerstner Jr was hired to bring life back to IBM and establish a sustainable business model. Gerstner's background included being at the helm of RJR Nabisco. It took several years and both insiders and outsiders will tell you that it was not a pretty sight. There were massive layoffs in the name of downsizing. New sales approaches were implemented through a system of channel partners. Advertising efforts and advertising agencies were cut, redesigned, and relaunched. Excess real estate holdings were sold off and in a move that shocked many old time executives inside and outside of the company, IBM closed it's three private golf courses that had been used to entertain customers and the upper management of IBM.

IBM survived. The company returned to profitability in the fourth quarter of 1993. The commentaries continued and still do even today. Was Gerstner good? Did he make the right choices? Is IBM better or worse for the experience? These questions are all difficult to answer. One thing for sure, IBM is not the same company it was before the experience.

Conclusion

Corporate management can be a financially rewarding career with perks, bonuses, and wide range of benefits. It is also challenging and perhaps never more challenging than during an economic downturn. The skill set and knowledge base to become and remain a successful executive is constantly growing. Among the most complex areas in which executives must be fluent are strategy, information, and change. Executives must also be aware of global business trends and global economics. They must also be very good futurists and not be afraid of the many changes that the future brings.

What the downturn of the last year and the many downturns of the past have shown is that corporate executives need to embrace change. They need to love change and be strong enough to stand during turmoil. Not just stress, but real turmoil. Economic shifts can sometimes ripple through sectors and impact a company in a manner that was completely excluded from a corporate strategy. At other times, economic shifts can roll through multiple sectors like a tsunami washing away the past in mere moments.

The adage of the survival of the fittest is often applied to life, business, and civilizations. The definition of "fit" changes with each new wave of challenges. Strength may have worked well in the past. Adaptability has served many well. But survival also requires agility, knowledge, insight, and speed of response.

Terms & Concepts

Business-to-business (B2B) Applications: Applications software that supports interaction and transactions between businesses including supply chain systems, order entry and processing, and collaboration on design or fulfillment requirements.

Competitive Intelligence Systems: Applications and processes designed to help provide managers with insights and understanding of industry trends and business conditions outside of their organization.

Decision Support Systems: Applications software designed to aide managerial decision making in a specific industry or corporate environment.

Enterprise Resource Planning Systems: Integrated suites of applications software designed control administrative, manufacturing, and logistics functions of an organization.

Functional Strategies: "Functional strategies take the form of marketing, manufacturing, and logistics strategies" which when implemented in a coordinated manner result in the achievement of the grand strategy (Novack, Dunn & Young, 1993).

Grand Strategy: The grand strategy, or master strategy, is a result of an analysis of the environment in which the company operates. The grand strategy "is the mechanism by which the separate entities within the firm develop their strategies and operational plans" and determine their resources requirements (Novack, Dunn & Young, 1993).

Intranet: Intranets use Internet technologies (browsers, uniform resource locators, routing, and TCP/IP protocols) to serve the internal needs and constituencies of an organization. Thus the key difference between an Intranet and Internet application is the underlying mission of the Intranet portal. The Internet is used to facilitate communications outside the organization and the Intranet is used for internal purposes.

Supply Chain Management Systems: Applications software which is integrated into a communications network that enables organizations to communicate about and support their purchasing, sales, and shipping needs.

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Suggested Reading

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