sses must therefore, come up with strategies that entail pinpointing one’s strengths and the competitor’s weaknesses and make them the opportunities for success (Biodesign, n.d).
However, it is crucial to understand why competitive advantage is of significant value. The paramount reason is that it allows a business to hold a superior status in the market. Having a dominant position implies that a business can have cost leadership, where it dictates the prices of products by partnering with suppliers in a monopoly-like manner. This is not sustainable over the long run; subsequently, business must create unique value around their products to draw out the largest market share. Hence there arises two ways of gaining competitive advantage, through cost or through differentiation. Either way, a business should seek this as it allows creation of profits that exceed their competitors. These excess profits in turn, can be used to further market the business by promoting its products and services, and boosting its image. In addition, the business can set aside money for continual assessment of its strategies, which involves research that ensures it is always up-to-date with trends within the industry (Worth, 2009).
One of the core competencies that all businesses have or can easily acquire is information. Businesses need to create an environment that allows for dynamic use of information, to maintain high levels of performance, continuous growth and facilitate approaching of beneficial risks. To achieve these results from information effectively, there needs to be a shift in thinking from the traditional perspective to a dynamic one. Organizations need to think about information in three different ways, in order to leverage information systems to gain competitive advantage. These are recognizing the various sources of information within a business, acknowledging the purposefulness of a well-informed business solution and going over the overall IT situation to ensure it
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