Exploring the impact of emerging technology innovations on corporate strategy

Abstract

Information technology has been, and remains, a critical element to business success across various sectors. As the world has become more connected, with a sharp increase in globalisation experienced over the last few decades, advances in technology have provided increasingly sophisticated tools for businesses to achieve greater levels of operational efficiency. Much of the early research on the role technology within corporate strategy focused functional efficiency. Since the turn of the century however, there has been significant technology advances, leading to technology being at the forefront of how corporate strategy. Emerging technology has the potential to impact the direction and structure of an entire industry; determine strategic choices and define the business opportunities that companies are able to explore. Against this backdrop, the study explored how emerging technology is impacting adoption of innovative business applications and corporate strategy, particularly beyond the functional level strategic focus. The study explored how corporate strategy is evolving in the context of a sharp rise in disruptive technology across various industries in South African and global business environment. Furthermore, the study explored the degree to which the faster pace of change in emerging technology and innovation has fundamentally shifted the role that IT has on business strategy as a whole, including corporate level strategy. The study found strong evidence of an increasing strategic emphasis on operational efficiency, as well as a cost-reduction focus with respect to the adoption of technology innovation. There was limited evidence for a revenue expansion strategic focus. Furthermore, the study confirms the significance of leadership and organisational culture, as well as the impact of technology innovations in driving a more client centric business philosophy across various industries. The study also confirms the increasing strategic drive for organisations to build capabilities that enhance organisational agility and adaptability, a critical element in how corporate strategy is evolving in the dynamic context of the emerging technology environment.