Investigate and evaluate the economic advantages of having a person with both IT and management skills on the board of a company.© BrainMass Inc. brainmass.com October 17, 2018, 11:20 am ad1c9bdddf
Economic Influence of Combination of Managerial & IT Skills
A combination of managerial and Informational Technology (IT) skills in a board member of a company enables to offer several benefits, but it mainly provides an economic return (Papp, 2001). Following are some areas improved by a technical and managerial competent board member of company, which delivers economic benefits:
Formulation of vision, mission and strategies: A board member is responsible to create, establish and implement organizational vision, mission and strategies, which play a significant role to ensure operational and financial growth accordingly. By exercising a combination of above two skills, a board member enables to make effective use of IT in identifying, planning and formulating better vision and mission. An effective use of IT tools and techniques by a board member enables to identify such bottlenecks that are responsible to create a gap between current and the desired state of operational performance (Ginter, 2013). In this way, such board member enables the companies to improve lacking business areas and to enhance organizational performance that delivers an effective floor for utilizing resources optimally and reducing cost accordingly.
Knowledge management: Through combining technical and managerial competencies, the company is also enabled to obtain ...
The following posting helps investigate and evaluate the economic advantages of having a person with both IT and management skills on the board of a company.
Entrepreneur project business idea
Discuss the feasibility of an original business idea and business model by using a screening inventory. Note: this is not a business plan. Include a screening inventory with supporting rationale on the following elements:
Original business idea (specific idea to meet unmet need)
Description of service or product (overview)
Value Proposition (how will need be met)
Business Model (what criteria supports the model selected)
Market Size and Growth (large enough market potential for venture to be profitable; potential for growth)
Competitive Advantages (what will make the venture stand out among competitors within industry)
Management (skills of entrepreneur and team to develop venture)
Revenue/ Growth Projections (how long will it take to be financially viable)
Financing Requirements (financing requirements to begin operations)
Summary (identification of specific supporting information that will enable the potential of the business idea to develop into a viable venture and overcome any risks)