In an era where information technology (IT) is the backbone of organizational efficiency, particularly in emerging markets, this comprehensive study explores the intricate interplay between IT governance and strategic planning. Grounded in the transformative potential of IT, the paper delves into the nuances of developing effective IT strategies in burgeoning economies, focusing on crucial elements such as affordability, speed, and availability of internet services.
As technology becomes more pervasive, the need for adept IT governance strategies rises. The analysis emphasizes five pivotal areas essential for successful IT governance in emerging markets:
1. Strategic Alignment of Processes, Data, and Information: The convergence of data and information via specific channels holds the key to streamlined processes. By strategically aligning these elements, organizations can achieve enhanced data analysis, reducing the effort associated with process and data management.
2. Delivery of Valuable Services to the Consumer: Quality service delivery stands as a linchpin for success. IT governance ensures that valuable services reach the end consumer, playing a crucial role in an organization’s development and growth.
3. Effective Resource Management: Harnessing the power of IT, organizations can align processes and resource data to optimize resource usage. This allows for meticulous planning and sustainable management of available resources, a critical aspect for emerging markets.
4. Effective Risk Management: The ability to predict and assess risks accurately is a game-changer for businesses. IT tools facilitate precise risk calculations, empowering organizations to counter potential threats and mitigate their impact effectively.
5. Effective Performance Management: As organizations expand, managing performance becomes paramount. IT governance tools interconnect branches and employees, allowing for meticulous monitoring and alignment of processes, reducing the burden on physical supervision.
The paper concludes by highlighting the transformative impact of IT governance on business management, cost reduction, and overall organizational efficiency. The role of IT in improving communication, aligning processes, and empowering stakeholders is evident, making it an indispensable tool for success in emerging markets.
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IT Governance and Strategy in Emerging Markets
STUDENT NAME
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Contents
Introduction ................................................................................................................................................... 2
Developing an Effective IT strategy in emerging markets ........................................................................... 2
Affordability ............................................................................................................................................. 3
Speed ......................................................................................................................................................... 3
Availability ............................................................................................................................................... 3
Five Focus Areas towards Successful IT Governance .................................................................................. 4
Strategic alignment of Processes, Data, and Information ......................................................................... 4
Delivery of Valuable services to the consumer ........................................................................................ 4
Effective Resource Management .............................................................................................................. 5
Effective Risk Management ...................................................................................................................... 5
Effective Performance Management ......................................................................................................... 6
Conclusion .................................................................................................................................................... 6
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Introduction
Information technology has revolutionized the world with practically every business, industry
and organization utilizing IT to make work easier and more efficient. Most people in urban areas
are closely linked to digital technologies and with a little help from information technology they
can quickly adopt effective governance approaches that bill delivers major long-term benefits. IT
helps direct, measure and evaluates different processes thus helping to make them more efficient
and cost effective. Simply having the latest and most advanced technologies is not adequate to
deliver high performance and quality at the workplace(Hilty, 2008). To improve a business or
organization's performance, it’s vital to make sure the organizations utilizes information
Technology as this will help the organization secure high-quality information to help direct the
organization towards securing higher levels of success. IT helps minimize risks, reduce cost,
eliminate unexpected surprises, improve quality and enhance delivery.
Developing an Effective IT strategy in emerging markets
IT has developed to be the most effective tools used in business today but to utilize these tools
effectively, it's vital for the emerging markets and economies to deliver the requires
infrastructure to support It. It is heavily dependent on the internet this it’s critical for the
emerging markets to deliver fast and affordable internet which are available on the
market(Cummings & Angwin, 2015). Affordability has been the main point linked to
determining the success of an emerging market since the internet services must be accessible to
all people. Speed and accessibility are other important factors but less concerning since there are
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technologies and communication mediums which can utilize the slow internet connection and
from specific locations to deliver the desired result.
Affordability
The first element linked to any emerging nation properly utilizing IT to steer its economy and
drive success is the delivery of affordable internet services. Internet affordability is a priority
simply due to it being the primary requirement to execute IT. This makes it critical that internet
services remain affordable or a verity of packages is delivered which will deliver users with
different options related to the services. The Internet should be offered to the public in the 2G,
3G, and 4G formats(Hota & Srimani, 2013). This delivered more flexibility linked to
affordability which allows more people to access the internet services.
Speed
Internet speed also determines the quality of it services delivered since it determines how fast
information and data can be compiled and sent for analysis before the results can be received.
With many online tools now offering an alternative solution to IT needs, many are also growing
more dependent on the high-speed internet(Aydemirkan, 2014). This makes it important to
emerging markets and economies to deliver high-speed internet connectivity to their consumer so
as to ensure they are capable of accessing and using the latest IT tools available on the internet.
Availability
With more people utilizing a smartphone to access the internet via cellular data packages, it has
become critical to broadening n network coverage. This ensures the users are capable of
accessing the internet at any given time and have network access thus allowing them to utilize
the internet at all locations. Smartphone applications have grown heavily dependent on the
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internet to function as they need to transmit a signal or specific data to the server for the
information to be calculated and results sent back(Miller, Vucetic, & Berry, 2012). With more
network coverage, internet services will also be more accessible resulting in more effective IT
governance and strategy.
Five Focus Areas towards Successful IT Governance
Successful IT Governance is also heavily dependent on Five Main areas which help make the IT
is successful and delivers the desired result(Gao & Rusu, 2015). IT governance must also
implement these areas to be classified as being successful otherwise IT would not be effective or
deliver the expected results. The five areas which determine successful governance and strategy
adopting for companies in emerging markets include:
Strategic alignment of Processes, Data, and Information
The main area of focus for the success of IT governance is the ability for the IT services to bring
together the data and strategically align the data and information via a specific channel. This
alignment of the data and the information is very important as it helps bring together all the state
and strategies linked to a process from different sources which help for better analysis of the
information and data(Chew, 2012). This automatically results in reduced effort linked to process
and data management which is a critical requirement
Delivery of Valuable services to the consumer
IT governance also ensures that valuable services are delivered to the customer. Service delivery
quality plays an important role towards any projects success thus it's critical to make sure the
quality perspective is taken into close consideration at all times. Service quality also determines
the effectiveness of IT governance since there are many tools which can be accessed to help
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individual secure high-quality services(Johnston, 2007). IT helps organizations and businesses
determine the best approaches linked to managing the business which is very important towards
the organization's development and growth.
Effective Resource Management
Another important benefit linked to IT governance is its ability to deliver effective resource
management. This is important as the IT tools are capable of aligning processes and resource
data which can be calculated to determine the most effective use of resources. These tools also
help the organization and business determine recourse quality and usage thus helping the
organization better plans its proper utilizations(Briscoe, Schuler, & Tarique, 2012). The
alignment and management of resources also allow the organization determine important
statistics linked to the amount of resources available in the region thus helping ensure proper
management and usage and sustainability management of the resources.
Effective Risk Management
The risk is noted to be the biggest concern any business, organization or individual can
experience thus it's critical to manage and reduce the amount of risk one encounters at all times.
Today IT tools help make precise calculations which can be used to predict risk thus allowing the
business owners and managers prepare to counter the risks. This is a very important element
required for any business in an emerging market to register success since the stakeholders are
capable of evaluating a scenario and determine the most appropriate manner to approach the
situation. With the IT tools, the individual or organization is better able to predict and assess
risks which can be countered to help reduce the effects it will have on any organization(Wheeler,
2011). Unseen or unexpected risks are the biggest concern for any organization as the risks have
not been expected or anticipated and this leads to serious complications when they do occur. IT
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helps determine this threat which helps prepare for the organization to counter the threat or risk
before it occurs.
Effective Performance Management
As businesses and organizations expand their operations, the need to manage performance is on
the increase thus making it important for IT governance and tools to be used to perform the
work. The IT governance and tools help manage an organization's performance by aligning the
different processes and individual contributions so deliver an overall management of the
operations. Now IT governance solutions allow the interconnections of all branches and
employees who are required to follow certain approaches and protocol so as to remain within the
businesses guidelines. The data collected from them is then relayed directly to a cereal server
which processes the information and issues alerts linked to a specific individual who may not be
performing in accordance with their set limitations(Bainey, 2016). The IT performance tools
play a major role towards any organizations management and will monitor the processes very
carefully and accurately to ensure proper management of performance by the workforce without
needing managers of supervisees to be physically attached to the project or position.
Conclusion
IT governance has grown to become the most powerful tool businesses, organizations and the
government can utilize to improve performance. This is already clearly seen in many nations
which have invested heavily towards the delivery of affordable and effective IT and internet
services. IT governance has been identified to slash business management advertisement and
management costs by up to 30% which is a critical requirement for businesses in emerging
markets. This is due to them needing to deliver more competitive working terms and conditions
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so as to retain their competitive edge on the market. Besides reducing costs, proper IT
governance has been identified to greatly reduce the burden on any organization as it helps speed
up communication and align as well as monitor processes. This is clearly seen in government
website portals which have a tracking system which allows for the public to raise inquiry linked
to any communications and documentations which may be experiencing the unnecessary delay.
This helps empower all stakeholders thus helping improve governance and management of
processes to ensure the very best results are delivered to all stakeholders at all times.