BUSN336 WK 7 DISCUSSION
One key strategic element of the project paper is integrating technology alongside innovation into the business strategy. The project delves into the dynamic relationship between creativity, innovation, along with technology, stressing the need for organizations to leverage these elements for success in the modern business era. This strategic element conforms to the broader objective of guiding organizations in navigating the evolving landscape of contemporary business.
In line with the risk management, two areas related to the proposed digital strategy can be noted:
Data Security and Privacy:
As the digital strategy grossly relies on technologies such as Information Technology, Artificial Intelligence, Blockchain, and the Internet of Things, ensuring robust data security alongside privacy measures is paramount. Integrating these technologies entails handling huge amounts of critical information, and any breach could have acute consequences. The project needs to include a robust risk management plan addressing possible cyber threats and data breaches, as well as ensuring compliance with relevant data protection regulations (Daraojimba et al., 2023). Strategies such as encryption, regular security audits, and employee training on cybersecurity practices are fundamental components of the risk management plan.
Adaptability and Change Management:
The rapid evolution of technology needs organizations to be highly adaptable. The project needs to consider the risks associated with resistance to change among employees, possible disruptions during the implementation of new technologies, as well as the need for ongoing training and upskilling. A robust change management plan needs to be outlined to address these risks, making sure there is a smooth transition as well as acceptance of the digital strategy throughout the organization. Communication strategies and training programs, as well as fostering a culture of innovation alongside adaptability, could be key elements in the management of this aspect of risk (Keiningham et al., 2020).
Through the incorporation of these risk management considerations, the digital strategy outlined in the project paper can become more resilient, making sure that the benefits of innovation and technology are well maximized whereas minimizing possible pitfalls.
Reference
Daraojimba, C., Abioye, K. M., Bakare, A. D., Mhlongo, N. Z., Onunka, O., & Daraojimba, D. O. (2023). TECHNOLOGY AND INNOVATION TO GROWTH OF ENTREPRENEURSHIP AND FINANCIAL BOOST: A DECADE IN REVIEW (2013-2023). International Journal of Management & Entrepreneurship Research, 5(10), 769-792.
Keiningham, T., Aksoy, L., Bruce, H. L., Cadet, F., Clennell, N., Hodgkinson, I. R., & Kearney, T. (2020). Customer experience driven business model innovation. Journal of Business Research, 116, 431-440.