No Business Without IT: IT Is the Central and Indispensable Driver of Entrepreneurial Value Creation

Abstract

Information technology is already an important production factor in the majority of companies. In certain industries, IT has also become a strategic resource without which business activity is unthinkable. Banks and insurance companies are examples of this. So, what is new? In order to understand how important IT is for the future, it is necessary to understand how today’s information technology can radically transform value creation and support processes in companies. We presume that, as a result of the digital transformation, IT know-how will be necessary throughout the company. The use of IT will no longer only apply to business processes, but increasingly also to the products and services on offer. IT is therefore becoming a resource that is essential for survival. IT will become significantly more comprehensive, interconnected, autonomous and, above all, creative. Successful future companies often use existing business models only as a starting point for further business development. Accordingly, the demand for faster IT solutions will be even higher in future. The faster they are specified, implemented, and put into operation, the better the companies will succeed in conquering markets and securing competitive positions.