Spreadsheet: Monthly Cash Budget from January to June
Charts
Purchases, total costs (expenditure) and total revenue (receipts)
Closing cash January to June
Why and how WASS Film and Media should look for new ways to use information systems for competitive advantage
WASS Film and Media should look for new ways to use information system to gain competitive advantage over other similar businesses. The new ways to use information system will allow the WASS Film and Media to use innovation technologies. According to Olson (1982), use of new technology will ensure that things in the shop are done in a better, faster, and more efficient way (p.81). Change to the new ways of using information will be necessary to both the shop and employees. The change will relive employees from constraints and pressures.
On how to implement the new ways in WASS Film and Media firm, the management should be ready to follow all business processes involved with the new technology innovation. Great changes to both the employees and the processes used may occur. New technologies may require that new resources and the business to be ready to either increase resources or reduce them (Parsons 1984, p. 47). It is important for the business to asses the risks involved in new technologies and new ways of using information system for such will prepare managers and the owners of WASS Film and Media to face and deal with any risk in the best way possible. Assessing the risk will also allow them to predict the outcomes of new technology.
For better handling of the new systems and technologies, the firm should make use a group of people in the special units. The group will be able to scan the environment and sense any dangers associated with the new technologies. It will also be able to asses the business and advice WASS Film and Media firm on the best technologies to use for development within the firm. The special unit team lists the technologies down and the best technology that matches and fits with the challenges of the business wins. Implementation of the best technology then takes place and by that time, the team is able to asses the new technology in the way it works.
The risks involved
It is risky for the shop to look for new ways, which involves the emerging technologies because of the disadvantages that are associated with new modern technologies. Most of the new technologies are unstable compared to the traditional technologies. Moreover, it is expensive for the company to upgrade new technologies, and it could have a negative financial effect on the company. The advantages associated with use of innovative information could be short-lived for the company because technologies can change at any time. This includes competitive advantage over other companies. Therefore, it is not advisable for all companies and businesses to use innovative systems because the advantages may only last for a short time. WASS Film and Media can make use of the new technology in their business if they find themselves in a competitive environment (Golda, & Philippi 2007, p.101). Using of the new technology in a highly competitive environment will help the business to stay ahead of competitors. Although the risk involved in the use of new information systems is high, the advantages and the rewards associated with the same are numerous and thus worthy the risk.
Reference List
Golda, J., & Philippi, C., 2007. Managing New Technology Risk in the Supply Chain. Intel Technology Journal, 11(2), pp. 100-102.
Olson, H., 1982. New Information Technology and Organizational Culture. MIS Quarterly, 6(4), pp. 80-83.
Parsons, G., 1984, Information technology: a new competitive weapon. McKinsey Quarterly, 2(1), pp. 46-49.