Marketing Issues Facing the HSBC Bank in the UK

Marketing Issues Facing the HSBC Bank in the UK Key marketing issues facing HSBC Bank in the United Kingdom and globally: How it can be improved for entering in to 2011 Abstract Todays global banking environment is highly volatile, but this does not hinder competition from being intense. Consequently, organisations such as HSBC Bank plc, the worlds local bank, need to align their marketing strategies to improve on their brand value and positioning. To enter into the year 2011, they need to address both internal and external environment(s) which inevitably affect their competitive advantage, positioning and performance. In the following, the researcher aims to explore these avenues with the view to propose an extended study on new strategies to improve upon HSBCs current standing. Table of contents Chapter 1: Introduction Chapter 2: Methodology Chapter 3: Literature Review Chapter 4: Evidence Chapter 5: Conclusion and Recommendations References Appendices Introduction In the last few years, the banking industry has undergone tremendous change in the face of global transformation. As a result, executives are finding it difficult to meet competitive challenges as the pressure to become global intensifies. HSBC Bank plc, headquartered in United Kingdom, is a global business which faces the same challenge and is being investigated in the following dissertation. The aim is to survey the key marketing issues that challenge the bank, in the UK and globally so that the researcher could further its study in developing solutions for the same. Some of the objectives that the researcher aims to achieve in this dissertation proposal are as follows: Objectives 1. To explore key external and internal environments to address major issues that plague HSBC to function successfully as a global bank. 2. To identify the marketing mix that should be adopted to be integrated in the banks marketing and competitive strategies. 3. To investigate organisational functions like MIS (Management Information System) and CRM (Customer Relationship Management) to align them with the market structure. 4. To evaluate the brand value at HSBC, and perhaps identify new strategies for improving its global positioning. Background Today, change catalysts are being integrated by major consolidated organisations to adapt and become flexible to the changing needs of consumers. The banking industry, likewise, has been following the same trend of consolidation through mergers and acquisitions (MA), despite the fact that these MAs are creating even more complex organisations. This can be gauged from HSBCs organisational spread. HSBC has over 100 million customer base, spread across the globe through its Customer and Global businesses. With 9,500 offices and 335,000 staff in 85 countries and territories, it is considered to be one of the worlds top financial brands by The Banker Magazine (HSBC Official Web site 2008). While it is regulated by the Financial Services Authority in the UK, the global nature of its operation subjects it to be regulated by 510 central banks and authorities around the world as well (HSBC Official Web site 2008). To ensure that HSBC meets global challenges, the bank has been constantly evolv ing its strategy. For the past decade, it has focussed on being the worlds local bank with a wide network spread to mostly international emerging markets to develop unique cosmopolitan customer base to strengthen its financial standing. The four key business areas private banking, commercial banking, personal financial services and global banking markets help HSBC to align its presence with global trends such as fast growing emerging markets, world trade, and longevity in business (See Appendix 1). In line with this focus, is the strategy to leverage brand and network to increase revenues and maximise efficiency (HSBC Official Web site 2008). This conservative positioning strategy had been adopted for the past decade and has paid off in terms of higher earnings, and improved performance (BBC 2001). However, recently there has been a fall in profit earning (UK Annual Report 2007)(See Appendix 2), which has been translated to low performance. Some of the factors that have afflicted the bank include inflation in developed markets; slow down in emerging economies; and the ongoing credit crunch, especially in the UK and neighbouring Europe (HSBC Annual Results 2007; Toxic Shock 2008). The growing importance of globalisation only emphasises on the need for integrating marketing strategies within competitive strategies to leverage future performance. According to a Deloitte report (2007), banks like HSBC, with a global focus, need to understand external and internal factors that affect them, in order to devise comprehensive competitive strategy. While experts (Dietz, Reibestein, and Walter 2008) predict growth in global banking revenues estimated at 7 to 8 percent from 2006 to 2016, how to harness this forecast is dependent on the individual firms strategy. For this purpose, HSBC need to revise its strategic orientation. The purpose of research is to gain new knowledge through logical and systematic methods. According to Smith (1981 qt. Gliner and Morgan 2000), research is a broad discipline which must be carefully examined before adopting methods for evaluation. Whether the researcher chooses the naturalistic, experimental, survey or historical methods, the choice should be consistent with the inquiry defined. Accordingly, research approaches in the social science discipline can be divided into the positivist or quantitative, and constructivist or qualitative approach (Mangan, Lalwani and Gardner 2004). Depending on the quantitative or qualitative paradigm, a researcher must choose the approach of research. A quantitative paradigm is associated with scientific methods in acquiring research results and identifies causal relationships (Phillips 1992; Lincoln and Guba 1985 qt. Gliner and Morgan 2000). On the other hand, the qualitative approach is a constructivist approach that studies humans and physi cal objects with the meanings inherent in their social roles and symbolism. Considering the qualitative nature of the topic, the researcher proposes to adopt a constructivist approach which would be more appropriate in exploring the issues that affect HSBC. This is a logical proposition as it would allow the researcher to predict the causes and market behaviour based on theoretical frameworks studied through comprehensive literature review, a gist of which shall be explored in the next section. Furthermore, the researcher proposes this choice of research approach based on the premise that social science researches often seek to predict and control (Bryman 1995). Research questions raised are often open-ended and encompass extensive avenues before decisions can be made. Therefore, a qualitative method shall be suitable for the study of key issues challenging HSBC in the future. To take a brief overview of banking, the researcher has carried out a brief literature review to study the issues that surround the organisation. In the following section, the researcher shall explore the current market environment, as well as attempt to understand it through theoretical frameworks. Banking Industry As the worlds banking industry globalises and consolidates, cross border investment barriers have fallen to give way to new and volatile markets. To serve evolving markets, banks have been observed to develop new competitive strategies that capitalise on operations, resources and functionality, and serve new types of customers. The challenge for banks today is the geopolitical risks and structural market challenges which they need to adapt to, for addressing international compliance of standards, demographic shifts, and developing relationships with customers. The diversified nature of the banking environment makes it difficult for global organisations, like HSBC, to focus. A global bank can be defined as having the widest reach in providing services to affiliates, while a local bank has narrower reach in provision of services to institutions in the country. Some of the challenges that affect these organizations are explored below: 1) External Environment The basic premise for gaining competitive advantage in a global environment according to experts like Porter (1990) and Weihrich (1982), is through formulation of strategies that reflect the conceptual framework of the TOWS Matrix (See Appendix 3). The TOWS (Threats, Opportunities, Weaknesses and Strengths) Matrix is a systematic analysis model which identifies factors that surround the industry, and, thereafter, help identify solutions by maximising opportunities and strengths. By identifying the competitive advantage against competitors, the industry or firm can maximise the attributes it posses at the international level. These competitive advantages can be factor conditions such as skilled labour or infrastructure; demand conditions such as demand of the product or service; related and supporting industries; and firm strategy, structure and rivalry (Porter 1990). However, critics are of the view that Porters formula does not provide the key to success (O’Shaughnessy 1996) as it does not address operational and environmental issues like culture, competitive advantage in emerging markets; political and national history; or role of government. In todays global banking environment, these issues play critical roles (Jones 2005). These are evident from the Deloitte report (2007) on key issues challenging the banking industry, which include off-shoring; local insights for global branching; cost-reduction; emergence of hedge funds; and complex anti-money laundering regulations (Deloitte 2007). Not only is the global business environment of today strived with uncertainty due to emerging markets participation (Fahy 1993; Bansal and Penza 2000), but also the technological, political and regulatory environments have heightened competition. In the past decade, HSBC has focussed its competitive strategy on Europe after the slow down in Asia-Pacific region. Europe is an ideal setting for international integration based on a single market program (Berger, Smith, and Judge 2003; HSBC 2008). There are, however, issues that hinder development and competition including loyalty to local banks, regulatory restrictions, demand for global banking services, and technological advancement of banks. As a result, HSBC needs to rethink its current strategy. 2) Internal Environment As a result of the above factors, the internal environment of global banks has to be revolutionised. At the forefront is the adage the customer is king. Global banks are changing their strategies to alter banking environment congruent to customers needs, rights and choices. Services and products are tailored to the living conditions and customer patterns of banking use. These conditions set off alternative marketing strategies that emphasise on individuality and relationship building. Investment in technology, skills and branch networks, for example, has helped traditional banks to grow and profit from new sources of income (Jayawardhena and Foley 2000). In the UK, especially, the scale of investment in knowledge management and technology has helped transform the banking industry to succinctly harness potential businesses and create advantage for organisations. Learning organisations, however, is still a relatively new concept for many to understand and appreciate its implications (H arris 2002). Besides the above, global banks are also undergoing structural changes. As more and more banks become global, the traditional role of retail banking has to be revisited. (Bansal and Penza 2000).Issues that affect HSBC like credit and market risks, competence and expertise have come to the forefront, as banks diversify their businesses. For these reasons HSBC needs to be prepared for change management in its internal environment. 3) The Marketing Mix Given the diversified nature of the global banking industry, Jagersmas report (2006) suggests that banks need to rethink marketing strategies to meet the challenges in the future by improving customer focus, innovating products, pricing products competitively and organising product information for its strategic positioning. The challenge that awaits organisations is to rethink strategic objectives that would align with the new environment. One approach is to develop a visual identity and develop a communication network to establish relationships with customers. The communication strategy would be the life line for the organisations strategy in adapting or changing its market context or other environmental alterations, according to Melewar, Bassett, and Simoes (2006). Similarly, Gummesson (2002) is of the view that relationship marketing is the new approach to marketing that focuses on customer, suppliers and organisations in a complex network environment or society. It is only throug h these new communication frameworks that the banking sector can address the core and brand values it has to develop for successful marketing mix. (See Appendix 4) HSBC needs to re-evaluate its marketing mix in order to generate newer ones. 4) Market Segmentation and Targeting Indeed, the nature of the marketing mix is no longer simply the 4 Ps of Price, Product, Position and Promotion but involves complex analysis of the target market and its segments. In fact, Papasolomou and Vrontis (2006) are of the view that todays banking organisations have different sets of customers and expectations. Customers are no longer limited to the walk-in type, but extend to internal customers such as employees, stakeholders and shareholders; service delivery is not limited to providing service, but extends to standards and expectations; development involves training and development in motivation, and inspiration; and employee incentives. To be successful, organisations must adopt alternative strategies. Market segmentation in the banking industry has changed from niche segments to accumulated customer base of corporate, private or commercial customers, although the principles for targeting them remain the same customer relationship building; ease of access; delivery of se rvice through diverse workforce; and collaborative banking strategies. As a result, banks like HSBC would need to improve upon customer focus, introduce new ideas to customers and drive aggressive campaigns (Wells Fargo and First Direct 2007) using a strong communication network (Berner and Kiley 2005) to build brand image. 5) MIS and CRM What differentiates and establishes brands depends on the power of the brand to communicate its value to the market. According to Sinek (2008), successful communication is dependent on the banks ability to offer different products and services reflective of the customers needs. Hence, branding alone would not differentiate banks, but the humanness of the banks philosophy would. Thus, Umpqua Bank and FirstDirects popularity with customers is due to their understanding of the need for convenient banking, need for alternative products and services, and their understanding of the ever-changing world of banking. By harnessing the online banking technology, direct banking has become possible to their customers. The attractiveness of these banks to their customers is inherent in the shift away from traditional transaction-based to customer based banking (Branching out 2007). Furthermore, banks have also capitalised on technological networks to expand globally to bring customers closer to their banks by defying geographical dispersion (Lefton 1997; Branching out 2007). However, in the process, issues like outsourcing labour to foreign regions, which are alien to the customers, and low quality service delivery compromise the overall expectations. Banks, especially, rely on outsourcing companies for their customer service which constitutes a major part of their service/product delivery (Gottfredson and Phillips 2005). This reliance on external organisations for the banks success is volatile and, at times, detrimental to its relationship with customers. Whether HSBC should rely on these systems or not shall determine its performance in the future. 6) Brand Positioning The objective of competitive advantage is dependent on positioning of the product. A firms communication strategy and its effectiveness depend on the positioning strategies. In marketing strategies for service-oriented brands, positioning is even more critical as it modifies the intangible perceptions of the service in relation to the competition (Blankson and Kalafatis 2007). For these reasons, strategic implications of brand positioning are critical for the organisations competitive strategy. Service positioning differs from tangible product positioning as its characteristics are different from physical goods. Customers differentiate the service from goods through communication, standard of service delivery, and the quality of the benefits reaped. Thus, marketing communication plays a vital role in establishing the marketing positioning of brands. Consequently, Papasolomou and Vrantis (2006) emphasise on the importance of internal marketing throughout branch network to strengthen r elationship marketing and the brand. In banking, this could be achieved by launching internal marketing campaigns to sustain the brand through employees and their experiences such as brand proposition, overcoming internal barriers, continual improvement and expansion. These HSBC needs to explore in to incorporate into its future strategies. From the above brief literature review, the researcher is of the view that HSBC, as a global bank, faces tremendous challenges in the near future to improve upon its marketing strategy. The above literature also suggests that, while the current marketing strategy has been successful in launching the HSBC in the international market, the bank needs to revise and develop its marketing strategies which would sustain HSBC in global environment. Issues that plague the worlds global banking industry need to be evaluated in the future study to understand the extent and breadth to which HSBC has complied with, before competitive strategies can be evaluated. The brief literature review also indicates that todays marketing strategies are different from traditional methods adopted, especially for a service-oriented organisation. Consequently, marketing strategies for HSBC needs to be re-valuated to gauge its future performance, and perhaps devise new ones to address current and future issues. Issues like MIS, CRM, brand positioning and marketing mix shall be revisited in this extended dissertation in order to tackle the issues that plague its internal and external environment. From the above evidence, the researcher proposes an extended study in the form of a dissertation to review HSBC’s performance and how it can improve upon its current marketing strategy in order to develop an integrative competitive strategy for the future. Considering the fast-paced and highly volatile banking environment of the UK and globally, HSBC needs to improve its performance in order to sustain competition. With the extended study, the researcher hopes to achieve the following objectives: a. A detailed investigation of the external and internal environment of HSBC in order to identify its strengths, weaknesses, opportunities and threats. b. Identify the marketing mix that it should adopt and integrate within its organizational strategies to enter into 2011. c. To study the current organisational function such as MIS and CRM to the advantage of HSBC and integrate into its future marketing strategies. d. Improve on its current brand value and global positioning. Author not available (2008) Toxic shock: how the banking industry created a global crisis, Guardian [Online] Available at: http://www.guardian.co.uk/business/2008/apr/08/creditcrunch.banking Author not available, (2007) Wells Fargo and First Direct lead the way in the banking sector. Strategic Direction, Vol. 23, No. 6, pp. 29-31. Author not available, (June 2007) Branching out. Economist, Vol. 383, Issue 8533. Bansal, V. and Penza, P. (2000) Measuring Market Risk with Value at Risk, John Wiley and Sons. BBC (August 2001) HSBC confounds doomsayers, BBC [Online] Available at: http://news.bbc.co.uk/1/hi/business/1475589.stm Berger, A.N.; Smith, D. C.; and Judge, J. (November 2003) Global integration in the banking industry. Federal Reserve Bulletin. Berner, R. and Kiley, D. (August 2005) Special Report: The Best Global Brands. Business Week [Online] Available at: http://www.businessweek.com/magazine/content/05_31/b3945098.htm Blankson, C. and Kalafatis, S. P. (2007) Positioning strategies of international and multicultural-oriented service brands. Journal of Services Marketing, 21/6 pp. 435–450 Bryman, A. (1995) Research Methods and Organization Studies. Routledge: London. Deloitte Touche Tohmatsu (2006) Global Banking Industry Outlook: Growth Solutions in a Changing World 2006. Deloitte Touche Tohmatsu [Online] Available at: http://www.deloitte.com/dtt/research/0,1015,cid%3D116421,00.html Deloitte Touche Tohmatsu (2007) Global Banking Industry Outlook: Issues on the horizon 2007. Deloitte Touche Tohmatsu, [Online] Available at: http://www.deloitte.com/dtt/research/0,1015,cid%3D116421,00.htm Dietz, M., Reibestein, R. and Walter, C. (January 2008) What’s in store for global banking, The McKinsey Quarterly. Fahy, J. (1993) An Analysis of Competition in the New Europe, European Journal of Marketing, Vol. 27, No. 5, pp. 27, Gliner, J. A. and Morgan, G. A. (2000) Research Methods in Applied Settings: An Integrated Approach to Design and Analysis. Lawrence Erlbaum Associates: Mahwah, NJ. Gottfredson, M. and Phillips, S. (2005) A sourcing strategy for enhancing core capabilities. Strategy Leadership, VOL. 33 NO. 6, pp. 48-49. Gummesson, Evert. (2002) Total relationship marketing 2nd ed. Oxford: Butterworth-Heinemann. Harris, L. (2002) The learning organization myth or reality? The Learning Organization, Vol. 9, No. 2, pp. 78-88 HSBC Official Website [Online] Available at: http://www.hsbc.com/1/2/investor-relations/strategy Jagersma, P. K. (2006) Strategic marketing and the global banking industry: elements of excellence, Journal of Business Strategy. Vol. 27 Issue: 4 pp. 50 59 Jayawardhena, C. and Foley, P. (2000) Changes in the banking sector the case of Internet banking in the UK. Internet Research: Electronic Networking Applications and Policy, Volume 10 . Number 1 pp. 19Â ±30 Jones, G. (2005) Multinationals and Global Capitalism: From the Nineteenth to the Twenty-First Century. Oxford University Press: Oxford pp. 137. Lefton, T. March 1997) Spending global, acting local. Brandweek, Vol. 38, Issue 13. Lincoln Y. S., Guba E. G. (1985) Naturalistic inquiry. Newbury Park, CA: Sage. Mangan, J.; Lalwani, C. and Gardner, B. (2004) Combining quantitative and qualitative methodologies in logistics research. International Journal of Physical Distribution Logistics Management, Vol. 34 No. 7, pp. 565-578 Melewar, T.C.; Bassett, K. and Simoes, C. (2006) The role of communication and visual identity in modern organisations. Corporate Communications: An International Journal, Vol. 11 No. 2, pp. 138-147. O’Shaughnessy, N. J. (1996) Michael Porter’s Competitive Advantage revisited. Management Decision, 34/6 pp. 12–20 Papasolomou, I. and Vrontis, D. (2006) Building corporate branding through internal marketing: the case of the UK retail bank industry. Journal of Product Brand Management, 15/1 pp. 37–47 Phillips D. C. (1992) The social scientists bestiary. Oxford, UK: Pergamon Press. Sinek, S. (January 2008) Chase Campaign Good for Banks For the Brand? Not So Much. Brandweek, Vol. 49, Issue 3. Smith M. L. ( 1981) Naturalistic research. Personnel and Guidance Journal, 59, 585-589. Weihrich, H. (1999) Analyzing the competitive advantages and disadvantages of Germany with the TOWS Matrix – an alternative to Porter’s Model. European Business Review, Volume 99 Number 1 pp. 9–22 Weihrich, H. (2008) The TOWS Matrix A Tool for Situational Analysis. Long Range Planning, [Online] Available at: http://www.usfca.edu/fac_staff/weihrichh/docs/tows.pdf Appendix 1 Appendix 2 Appendix 3 Appendix 4

Mental Illness and POWs Essay -- Military

Any member of the Armed Forces who is held in captivity as a POW or as a hostage is more likely to be at a higher risk of mental illness like PTSD. This assumption goes against everything that was thought to be known during WWI, it was noted time and time again that both English and German POWs were somehow immune to war neuroses and only susceptible to the newly identified barbed wire disease which is the prisoner’s reaction to his environment during prison life. Interestingly though, up until this point in history no real data or studies had been complied on the post release effects after captivity. The repatriation of POWs and the new rehabilitation programs were designed to aid Armed Forces Service members to re-adapt back into to service life or if their enlisted was up to re-adapt back in to their former civilian lives. Disorders found in POWs were often explained in terms of a prewar predisposition to mental illness. Recent studies and those even conducted on the origin al WWI and later studies of POWs have discovered a higher rate of PTSD among veterans. The former POW who escaped or was released by their captors is also a veteran of war, but also a veteran of experiences totally different from their typical veteran counterparts. The POWs battle was not only one of daily survival, but also never ending battle against psychological intimidation, physical suffering, boredom, degradation, feelings of vulnerability, and sometimes depression. Also another noteworthy effect from being a POW was the â€Å"hero† recognition by the public and or Military community upon their honorable return from their capture followed by the attention they would received in the years following the return. The reintegration process back in to â€Å"normal... ...and their families, not all of the wounds are physical and they are not left behind in the cells upon return stateside. The Men who returned home from WWII were welcomed and more importantly celebrated by the entire nation as a whole, yet the efforts of those who returned home from Vietnam War did not reverberate as strongly within the country. The Vietnam POW was lightheartedly honored by our government, but the greater American populist struggled to separate their own personnel beliefs on their discontent with the war and unfairly placed the blame on those who had returned home after doing only what had been asked of them. The then President Nixon briefly spoke during his State of the Union speech saying along the lines that, they returned with honor and we can be proud of our courageous POWs for that they came home with their heads high, and not on their knees.

Continuation Speech

HI, my name is Chapin Bengal and I would like to thank you all for coming to our 8th grade Continuation Ceremony. I am honored to be presenting to you tonight as one of the valedictorians of the 8th grade class at Homestead Peak. When I transferred to Minter Middle School in 6th grade, I was very apprehensive about starting a new school where I didn't know anyone. However, there was no need for me to be worried. All of the students and staff welcomed me and made me feel as if I had always been a part of the community. Throughout the past three years we have all formed close reindeer's and created many memories.Whether It was normal classes or various fieldwork expeditions, we all formed a bond through these experiences that Is irreplaceable. As a class we have worked hard to prepare ourselves for high school. We all have accomplishments to be proud of, such as 2,000 hours of community service. We have worked hard to exemplify our community traits and keep our grades up. Even though s ome of us may be going to different high schools or even moving out of state, we will always be connected. I would like to thank my peers for giving me great middle school experience.We wouldn't be where we are today without the help from our teachers and families. As an expeditionary learning school we do a lot of hands on activities. I would like to thank our teachers for helping us learn a lot and making it fun at the same time. They are the ones who organized activities like the Tenth Mountain Division hut trips and The Civil War Reenactment. Both of these experiences have taught me about important lessons in greater depth than I would have learned In a classroom. I am extremely grateful to have had these opportunities.I know that the teachers work above and beyond the normal work day to make these opportunities possible for us. We are grateful and appreciate their time and dedication. Our parents also deserve our thanks and recognition. Many of us take the life our parents have given to us for granted. Few of us realize the sacrifices they have made to get us to this point. Therefore, I would like to thank our parents who have supported all of our endeavors. The following quote from Abraham Lincoln reminds me that each day brings a new opportunity and it is our responsibility to make the most of every single day.Abraham Lincoln said â€Å"In the end, It Is not the years In your life that count. It Is the life In your years. † Every single one of us has the potential to do great things. If we do not strive for excellence we will never reach our full potential. With determination and hard work we can all accomplish great things. Every day is a gift, not something to be wasted. I know that as a class we will continue to support each other through our high school years. I have greatly enjoyed these three years and It is due to the amazing students and staff here at Homestead Peak. Thank you! Continuation SpeechBy chaplaincies friendships and created ma ny memories. Whether it was normal classes or various fieldwork expeditions, we all formed a bond through these experiences that is a great middle school experience. We wouldn't be where we are today without the have learned in a classroom. I am extremely grateful to have had these opportunities. Make the most of every single day. Abraham Lincoln said â€Å"In the end, it is not the years in your life that count. It is the life in your years. † Every single one of us has the three years and it is due to the amazing students and staff here at Homestead Peak.

Impact Of Technology On Supply Chain - Free Essay Example

Sample details Pages: 1 Words: 323 Downloads: 10 Date added: 2018/12/27 Category Technology Essay Type Research paper Level High school Did you like this example? I would make my dreams come true as a result changing the supply chain management system to a better one and enhance the renovation of the business world at large. The management of the flow of goods and services from the collection storage of raw materials, work in progress inventory and finished products from a point of origin to the consumption. It also entails movement of finances, time and even information. The organization should have better strategies for maximizing the profits and minimizing losses; as a result, obtain a competitive advantage in the business world. In the recent years, there has been the economic crisis, and it was able to challenge the supply chain. I would change the methodology of a supply chain in a modern way. Research and Development ease the entire exercise of supply chain management in that there be will be the development of new products and the new component to be used in the whole process of the supply chain. The institution of smartphones and analytics which are advanced in the market will help promote consumer base and make it possible to access goods and facts on time. Don’t waste time! Our writers will create an original "Impact Of Technology On Supply Chain" essay for you Create order Innovation is vital to any person doing business since its a better way of standing out in the crowd, development of new designs of products and production process as a whole (Ross, 2016). Technology has led to models which are digital which enhance business capabilities .companies should employ this and focus on the projects which are of reduced expenses. Technology helps in the planning of production and meet customer demands in the market. Organizations should think of improving and re-evaluate the current situation in the economy. Information technology is a driver of change which has evolved over the last decades. Therefore all organization should consider using it to outsmart their competitors in the market. References Ross, D. F. (2016).Introduction to e-supply chain management: engaging technology to build market-winning business partnerships. CRC Press.