W6 Disc IT Strategy in Difficult Economic Situations Essay

W6 Disc IT Strategy in Difficult Economic Situations - Essay Example Likewise, the number of participants or organizations applying IT-related applications are greater during economic prosperity. As such, its governance within an economically prosperous status would be more challenging. On the contrary, in times of economic decline, IT governance still faces difficulties in areas such as the need to be cognizant of costs associated with support and sustenance of IT systems, updates, and adherence to policies and regulations that abide by privacy and confidentialty; as well as security of information. In economic decline, the number of participants or organizations are perceived to decline due to tendencies for bankruptcies or financial losses. Thus IT governance issues are lesser, as compared to periods of economic prosperity. The strategies that could be suggested to cope with economic decline include: (1) establishing a core competence or competitive advantage through â€Å"operating at a lower cost, by commanding a premium price, or by doing both† (Galliers & Leidner, 2013, p. 388); (2) enhancing operational effectiveness through the online medium; (3) establishing an effective strategic positioning stance; (4) designing strategies that complement and balance traditional marketing strategies with that of digital or online medium. It was emphasized by Galliers & Leidner (2013) that â€Å"only by integrating the Internet into overall strategy will this powerful new technology become an equally powerful force for competitive advantage† (p. 402). Atkinson, R., & McKay, A. (2007, March). Digital Prosperity: Understanding the Economic Benefits of the Information Technology Revolution. Retrieved from The Information Technology & Innovation Foundation: