Case Study
QUESTION 1
From the article we can see that IT has the ability to provide competitive advantage for Lennox as an insurance company. The CIO had a plan to build a sophisticated computer aided system that will help the company to connect with many agents nationwide to organize business with their customers and bring success to the company. Lifexpress with the help of technology are going to use a simple laptop to develop financial profile of a customer, to identify and explore Lenox’s most appropriate policies, to conduct initial analysis, to compare the company’s details to know the requirement for a better strategy can be done easily using technology and also in less time. As the author said “A process that had taken anywhere from four to six weeks could now be completed in a few days or, in some instances, a matter of hours.” So using technology an insurance company can minimize their workload at the same time do it more efficiently. For example using technology a company can transform from being manual to automatic. The works, which were done manually could be done through technology and would have been more efficient and less time consuming. And by using technology we a company can remove the middle man from the whole process, for example in this company the CIO has to report to CFO and then the report eventually goes to CEO, so if technology is used here and a database is created, the report can directly go to CEO without the help of CFO. Through technology it becomes easier to have control on the workflow and keep track of progress. It is easier to communicate through technology, above that it becomes cheaper to run a company using technology as “it helps the firms in reducing the costs by eliminating the mail rooms, paper files as well as the data entry clerks.” Above all the most important thing for a company is its information and data, which is managed proficiently by using technology, it helps the company to store data, rate them and the company,
From the article we can see that IT has the ability to provide competitive advantage for Lennox as an insurance company. The CIO had a plan to build a sophisticated computer aided system that will help the company to connect with many agents nationwide to organize business with their customers and bring success to the company. Lifexpress with the help of technology are going to use a simple laptop to develop financial profile of a customer, to identify and explore Lenox’s most appropriate policies, to conduct initial analysis, to compare the company’s details to know the requirement for a better strategy can be done easily using technology and also in less time. As the author said “A process that had taken anywhere from four to six weeks could now be completed in a few days or, in some instances, a matter of hours.” So using technology an insurance company can minimize their workload at the same time do it more efficiently. For example using technology a company can transform from being manual to automatic. The works, which were done manually could be done through technology and would have been more efficient and less time consuming. And by using technology we a company can remove the middle man from the whole process, for example in this company the CIO has to report to CFO and then the report eventually goes to CEO, so if technology is used here and a database is created, the report can directly go to CEO without the help of CFO. Through technology it becomes easier to have control on the workflow and keep track of progress. It is easier to communicate through technology, above that it becomes cheaper to run a company using technology as “it helps the firms in reducing the costs by eliminating the mail rooms, paper files as well as the data entry clerks.” Above all the most important thing for a company is its information and data, which is managed proficiently by using technology, it helps the company to store data, rate them and the company,