For this assignment, you are assuming the role of senior IT manager. Reynolds Tool & Die has decided on a set of competitive advantages it would like to pursue. The company has asked you to provid

LEVERAGING TECHNOLOGY TO DRIVE COMPETITIVE ADVANTAGE 5

Leveraging Technology to Drive Competitive Advantage

Executive Summary

The technological revolution is sweeping across the economy today, and it is impossible to escape its effect. A company that invests highly in technology will reap significant rewards in the marketplace (Frohman 2016). On the contrary, another company could pump a lot of resources in a similar project, but without technology, it will never make it in the marketplace. The key difference here is how these companies utilize the power of technology. Studies show that companies making it high in the market today have well established IT departments. Reynolds Tool & Die is a company that deals with technology tools; hence, investing in technology will give it’s an upper hand in the market.

New companies are blossoming like seeds from all parts of the world, especially in the technology sector. The main reason for this is because all the investors know that technology is running the leading companies today (Lagash 2019). Without proper investment in the information and technology, Reynolds Tool & Die is likely to face stiff competition. Due to this, I have provided the main ways that it can reap by using technology as the primary tool for competition.

The first point to remember here is that in software technology, customers will always go for the new as they are mostly an upgrade. Companies today use cloud software or SaaS to ensure that they have frequent updates (Mark 2018). These updates do not require the physical presence of the workers. The computers automatically provide notifications when something requires updating. With these software, Reynolds Tool & Die will easily know the areas that it needs to update. With frequent updates, the company will always provide the most up to date suspension pieces and technology. In return, it will attract more customers that are looking for the most recent technology.

With the appropriate technology, it is possible to offer the best customer services. Companies should always look forward to providing the best services to their customers, and this will bring them back. Technology comes with several alternatives that companies can use to ensure they remain connected to their customers. Some of these are IoT, AI, and machine learning (Mark, 2018). This software can easily overcome geographical barriers to reach customers from all parts of the world. Reaching out to customers at any time ensures they receive all the information regarding the company's products.

With modern technology, organizations can easily and effectively carry out their operations and processes. In the case of Reynolds Tool & Die, utilizing technology will save time and resources. For example, with the use of machines, it will be possible to complete operations faster and more effectively (Lagash 2019). Hence, it will provide better suspensions and technology than its competitors. Furthermore, it produces more products, and this will attract more customers. Additionally, technology will make it easy to store and retrieve documents through the use of databases.

Technology saves a significant amount of money by saving time and producing high quality products and services. In this case, Reynolds Tool & Die can reduce the number of its employees and provide high quality products. In return, the company will raise its annual revenue and can have more to invest in technology. Additionally, with these advantages, the company will also attract more partners and investors (Frohman 2016). With a good reputation, the company will increase its' partner ecosystem. With more partners, it's easy for Reynolds Tool & Die to outdo all its' competitors.

References

Alan L. Frohman (2016). Technology as a Competitive Weapon. Available online at https://hbr.org/1982/01/technology-as-a-competitive-weapon. Accessed on June 5, 2020

Jay Mark (2018). 4 Ways Technology Can Give You A Competitive Advantage. Available online at https://www.jmark.com/4-ways-technology-can-give-you-a-competitive- advantage/. Accessed on June 5, 2020

Lagash (2019). Five Ways in which Technology Can Boost Your Competitive Advantage. Available online at https://lagash.blog/2019/06/20/five-ways-in-which-technology-can- boost-your-competitive-advantage/. Accessed on June 5, 2020