Delivery in day(s): 3
ITEC842 Enterprinse Management
Business strategy of the company
Aconex Limited is one of the leading ASX listed pubic Australian company which provides mobile and web-based collaboration technologies that is important for project management and project information. The company aims at expanding its online collaboration services for the rapid development of their domestic revenue. The business strategy of this company is to have control and insight for the project participants worldwide. The company focuses their target customers who use cloud and mobile platform for their project portfolio. Their objective is to deliver success to their partners. There business strategy functions through five principles of their business (www.aconex.com, 2017).
1. Equal access for all
The primary business strategy of the company is to provide easy access to the collaborators. Their construction management software increases the risk of the project and provides the party with privileged access.
2. Amalgamation of cloud and mobile
The company was initially built in the cloud because of their aim to create a secure software as a service platform that they considered to be the future of real time collaboration.
3. One project-wide platform
The company provides the users with easy to use online platforms for better collaboration and this platform can be availed by all the participants in a project manage information and processes.
4. Aconex unlimited
The company promises collaboration at no extra or hidden cost and offer unlimited numbers of users to organizations that participate in their projects. The policy provides the collaborators with unlimited data and support along with transparent and fair engagement.
5. Support anywhere
The company provides services to the entire project team of their partners not only their employees. The unlimited support is based upon several languages that has made the company acceptable to different countries and has facilitated the development of their business in overseas.
Their performance in recent years
in recent years this company has had 16,000 projects in more than seventy countries (www.aconex.com, 2017). It is important to note its recent development because of the company’s revised and improved business strategy. As per the recent reports Aconex is the most widely used online collaboration platform in the arena of construction, infrastructure, resources and energy projects. The company has served more than 70,000 user organizations in the recent years (www.aconex.com, 2017).
Importance of IT in their business strategy
The company provides their collaborator with online collaboration platforms for project management and therefore, IT is has much more importance in the implementation of their business strategy. Aconex offers their customers with cloud computing. Cloud based delivery is used in order to bring together multiple companies on one system. They have recently invested in a mobile platform in order to bring the companies in a single platform. Therefore IT has a major role to play in order to fulfill their business strategies. Cloud computing and the proposed mobile platform are directly associated in the implementation of advanced information technology in their infrastructure (Bharadwaj et al, 2013). This ensures better communication among the stakeholders and bringing the companies together in a single platform.
With the coming of technology in the world, there is a maximum use of technology in the business sector. These technologies based on the information technology helps the organizations to achieve the desired goals and grow their business in the most efficient way possible. Various technologies have been established in the past few years. These technologies have achieved greater reputation by successfully benefitting the business organizations. Various successful Information Technology Opportunities (ITOs) have been used by the business enterprises to improve the functioning of the organizations. Three of such technologies that are in use successfully in the business enterprises have been described in the following divisions.
Three successful ITOs
Software accounting packages
Software accounting systems or packages can be defined as the computer programs that help in trading of financial products in the business organizations. These products can be termed as stocks and currencies. These software are used by the accounting professionals in the business organizations in order to perform various accounting operations that benefits the organizations by reducing and simplifying the activities that are tedious but important in order to maintain the financial aspects of the organizations. It is done in order to conduct the internal and external audits of the organization that required reports, financial statements and meets the legal or internal requirements in the managerial posts.
Big data analytics
Big data is a term that is used for set of data, which are complex and large. The traditional data processing application software were not sufficient to maintain such large and complex data. Big data includes various challenges like capturing of data, storing data, analysis of the data, searching of data, sharing, transferring, visualization and updating of data (Sanghvi et al, 2016). Big data analytics is the option for the Business management of such data. Big data analytics is the process that examines large data and the complex data sets that cannot be processed by the usual software and traditional software. It discloses the hidden patterns and the unknown correlations, various market trends, preferences of the customers and various other information, which helps the organizations to make decisions. These decisions will be benefitting the organizations on a much better context (Lim, 2013).
Internet of things
Internet of things (IoT) can be defined as a system that contains computing devices that are interrelated, different mechanical and digital machines, objects and people that are given to the enterprises with the help of unique identifiers. It can also be defined as the ability to transfer various data through networks that does not require any human interaction or interaction human-to-computer. In internet of things, there is the involvement of various technologies that are wireless, micro-electromechanical systems, micro services and the internet. It allows sensing of objects and controlling them remotely across the various network structures. It is included into the system with the help of sensors and actuators (Tsai et al, 2016).
The use of the above technologies in terms of the IOT has been beneficial for the businesses in many ways. This has been briefly described below:
Software accounting packages
The presence of accounting systems in the organization gives major benefits to the organizations such as speed, improving the accuracy in the operation of the finance department of the business organization. These accounting software packages give the business organizations an ability to look into the real-time condition of the company’s position in terms of the financial position. The use of software accounting packages helps in reducing the cost of the businesses as it increases the operating speed and efficiency of the financial department of the business. It helps businesses to provide their staffs with reports in the correct time and ensures that the reports are accurate with the correct financial information provided into it. It also helps the companies to fill their business taxes, which are complex processes for the organizations that involve transactions of high value and in abundance (Najafabadi et al, 2015).
Big data analytics
The use of big data analysis helps the organizations to make use of the informational data and allows them to use the data in order to identify the various new opportunities that are present in the business world. This helps the businesses to take decisions, which are efficient, makes the operations of the business easier and gives bigger profits to the organizations. It helps the organization in the following ways:
1. Cost reduction: An enormous information technology that uses Big Data Technologies, for example, Hadoop and cloud-based analytics convey colossal cost motivations behind excitement regarding securing a lot of information despite they can see systems that are more advantageous in order to conduct the business processing.
2. Faster and improved decision-making: the businesses are able to analyze the information in the business with the help of the technologies like the Hadoop and the memory based analytics that is to be combined with information that is being analyzed.
3. New products and services: the big data technologies allow businesses to give satisfaction to the customers by including customer needs and demands with the help of the analytics. With the help of the Big Data analytics, the customers are getting opportunities to create new products that help the company to attract more customers to the organization (Wortmann and Flüchter, 2015).
Internet of things
The use of the internet of things in the business will be benefitting the businesses in numerous ways. Some of the ways is mentioned below:
1. Companies can make smarter products: the use of internet of things will allow the companies to make smarter products. With the coming of the technologies and the increasing demands of the customers it becomes essential for the customers to make new products that will be serving the needs of the customers. This is possible due to the better functioning of the operations of the production department of the companies with the use of the internet of things.
2. Smarter business operations and decisions: the internet of things has the ability to get attached to various systems without any difficulty. This allows the business operations to be easier to use by allowing the businesses to gather more information that is specific. These specific information can be the feedback on the processing of the products after use, the information regarding the breakdown of the products of provided by the business and the needs of the users for future use.
3. Chaining models of the business: the use of the internet of things will allow the businesses to changes the business models by adapting the various elements that is being presented by the internet of things to the companies. The use of such systems in the business models will allow the companies to analyze the current strategies that are to be incorporated into the business strategies of the system (Stankovic, 2014).
Reason for the success
The ideal reason that can be given for the success of the use of such technologies into the system is that these technologies are creates in accordance to the current demands of the customers and the entire population. The traditional methods of business operations that did not involve the use technologies made the running of the operations slow and tedious. With the inclusion of such technologies in the system of the business organization, the working of the business operations becomes easier for the employees to work with. The reduction of cost of the operations, the increase in the speed of the operations of the business and the faster delivery of services and products to the clients makes the use of the above-mentioned technologies fruitful. One of the most important criteria that are being fulfilled with the use of the ITOs in the organization is the demands of the customers and the clients of the business organization. The advancement in the technologies and the use of such advance technologies in the system of the business makes the use of the operations of the business easier for the employees, thus giving them the opportunity to work in a much better environment (Ames et al, 2014).
Proposal for three ITOs
With the technologies advancing, there is a constant need of advancement in the technology. This advancement in the technology helps the companies by giving them the benefits of running the operations in a much better way rather the traditional methods of business operations. Considering the demands of the customers and the requirements of the businesses, three ITOs can be proposed (Cui, 2016). These three ITOs are given below:
It can be described as a virtual model of the currently available process, products or services. The virtual model is based on the pairing of the virtual and the physical world objects, which allows the analysis of the data and the monitoring of the systems that is present. This is done in order to identify the issues that are present in the current system. It helps in removing the downtime, development of new opportunities and helps in the planning of the future systems with the help of the simulations. In this system the components that are present use sensors in order to gather data of the real-time status, the working condition of the system and the position of the system that is included in the object, which is physically present (Manyika et al, 2013).
Blockchain technology can be described as a digitized, decentralized public ledger that is used for the crypto currency transactions. The block chain is in constant growth in the form of blocks that are complete and have been recorded and included into the system in the chronological order. It allows the market participants to keep a track of the digital currency transactions that does need the requirement of central recordkeeping. This technology is visible in various commercial applications in the recent times. It can be used to verify transactions that is involved in the digital currencies even when the currencies can be digitized, coded and can be inserted in a any document into the block chain (Tao et al, 2017).
It is a method of efficiently optimizing the cloud computing systems by performing various processing which can be stated as the processing of data at the network edge aligned with the data source. It helps in reducing the bandwidth of the communication, which is important to be present between the sensors and the central datacenter. This is done by performing analytics and generation of the knowledge near the data source. This required the need of leveraging the resources, which may not be connected to the network on a continuous basis with devices such as laptops, smart phones and other digital devices. Edge computing includes a wider range of products and services that can include wireless sensor networks, acquisition of the mobile data, analysis of the mobile signature, processing of various cloud computing operations and many more (Pilkington, 2015).
Analysis of the market trends for the ITO
Technology has various important effects in the business market. The use of the above-mentioned technologies will be benefitting the market in different possible ways. The most important improvement is that the use of such technologies in the business environment will help in improving the communication with the customers. With the use of such technologies, the delivery of the services to the customers will be faster as compared to the traditional methods of service delivery. There will be steep efficiency in the operations of the business, as it will help the business to get a detailed understanding of the cash flow requirements, thus saving time and reducing the cost of the operations (Baktir et al, 2017).
The use of the above mentioned technologies will benefit the companies in a much better way. These ways are mentioned below:
1. There will be rapid communication, which will help in increasing the productivity of the business. Various servers chat services and websites of the company will help in improving the communication between the employees.
2. The use of these technologies will benefit the company by making the working structure of the companies easier which in turn makes the working environment for the employees better and exciting for the employees to work
3. It improves the efficiency of the company’s working procedures as the employees will be giving more input to the company
Summary of the business cases
Thus it can be summarized that the use of digital twin, edge computing, and blockchain will be befitting the company in various possible ways. The use of such technologies will allow the company to get a better understanding of the operations of the business. With better understanding of the business, operations there will be the better understanding of the customer needs. Companies that will be using these technologies will acquire various knowledge of the minute detailing of the processing system of the products, thus allowing the companies to make better products and services (Nunna and Ganesan, 2017). It can also be summarized from the business management strategy cases that the companies will not only be benefitted from these technologies but also helps in making the technologies advance. This is possible, as the inventors of the technologies will get beneficial feedback from the companies. This feedback will help in improving the technologies by bringing in modification into the system of the technology.
1. Aconex.com. (2017). Company overview page | Aconex. [online] Available at: https://www.aconex.com/about [Accessed 3 Nov. 2017].
2. Ames, A.J., Abbey, R. and Thompson, W., 2014. Big Data Analytics. SAS Technical Paper, Last accessed date, 3.
3. Baktir, A.C., Ozgovde, A. and Ersoy, C., 2017. How Can Edge Computing Benefit from Software-Defined Networking: A Survey, Use Cases & Future Directions. IEEE Communications Surveys & Tutorials.
4. Bharadwaj, A., El Sawy, O.A., Pavlou, P.A. and Venkatraman, N.V., 2013. Digital business strategy: toward a next generation of insights.
5. Cui, X., 2016. The internet of things. In Ethical Ripples of Creativity and Innovation (pp. 61-68). Palgrave Macmillan, London.
6. Lim, F.P.C., 2013. Impact of information technology on accounting systems. Asia-Pasific Jornal of Multimedia Services Convergent with Art, Humanities and Socialgy, 3(2), pp.93-106.
7. Manyika, J., Chui, M., Bughin, J., Dobbs, R., Bisson, P. and Marrs, A., 2013. Disruptive technologies: Advances that will transform life, business, and the global economy (Vol. 180). San Francisco, CA: McKinsey Global Institute.
8. Najafabadi, M.M., Villanustre, F., Khoshgoftaar, T.M., Seliya, N., Wald, R. and Muharemagic, E., 2015. Deep learning applications and challenges in big data analytics. Journal of Big Data, 2(1), p.1.
9. Nunna, S. and Ganesan, K., 2017. Mobile Edge Computing. In Health 4.0: How Virtualization and Big Data are Revolutionizing Healthcare (pp. 187-203). Springer International Publishing.
10. Pilkington, M., 2015. Blockchain technology: principles and applications. Browser Download This Paper.
11. Sanghvi, A.J., Zizys, G. and Rajarajan, V., Microsoft Technology Licensing, Llc, 2016. Applying packages to configure software stacks. U.S. Patent Application 15/089,428.
12. Stankovic, J.A., 2014. Research directions for the internet of things. IEEE Internet of Things Journal, 1(1), pp.3-9.
13. Tao, F., Zhang, M., Cheng, J. and QI, Q., 2017. Digital twin workshop: a new paradigm for future workshop. Comput Integr Manuf Syst, 23(1), pp.1-9.
14. Tsai, C.W., Lai, C.F., Chao, H.C. and Vasilakos, A.V., 2016. Big Data Analytics. In Big Data Technologies and Applications (pp. 13-52). Springer International Publishing.
15. Wortmann, F. and Flüchter, K., 2015. Internet of things. Business & Information Systems Engineering, 57(3), pp.221-224.