Discuss the importance of competitive advantage and how to leverage corporate information into competitive advantage.
What will be an ideal response?
A critical element in ensuring the success of the strategic management function is the ability to ensure the most effective coordination between the people who are involved in the process. Information is a prime enabler of competitive advantage because it lets companies translate the knowledge they generate into business value. Leveraging corporate information into competitive advantage means involving people in the process who have traditionally not participated in planning long-term corporate strategy. Because there are diverse perspectives involved in the actual planning, it is important to use a formal process to ensure input from all of the people who are needed to define and maintain an effective alignment. The need for an actual process to ensure cooperation among all of the relevant parties stems from the fact that technology is something of a black box to conventional, executive-level decision makers.
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