Case 2 590
Follow up on the original 1st document-
Case 2
ARCHITECTING THE IT GOVERNANCE PLAN
Case Assignment
For this module, you will continue your description and assessment of your chosen organization. Please address the following important descriptive and analytic questions, providing enough information to assure clarity:
· Describe and discuss your organization from the perspective of relevant general systems (GST) principles and concerns. Elaborate on unique principles and how the organization is using them to foster success through their IT Governance Plan.
· Address a plan for how the organization might use general systems and applications to foster organizational improvement and positively leverage its future in the IT Governance Plan. Be specific with your ideas and examples.
Your focus must be principally on IT/ITM-related elements of your topic organization as you review/integrate GST principles and concerns into your IT Governance Plan.
Assignment Expectations
In all of this, you will need to reflect on your description and analysis (and perhaps adjust it accordingly) to ensure that you are able to integrate insight and learning from previous classes (and other sources as fits the circumstances). This means you must use at least five contiguous academically sound citations and later full references. Use enough concurrent discussion so that the purpose of each citation is apparent to the reader. This paper is incomplete without five academically sound references. Relevant magazine articles from such sources as CIO are acceptable. Note that a general review of GST for your IT Governance plan without illustration and examples from your topic organization is unacceptable.
You will be assessed on the appropriateness and completeness of the detail you provide regarding your selected organization, your use of citations and references as noted above, and your intellectual insight into topically important issues. You will also be assessed on how well you adhere to the specific Capstone Case Guidelines provided to you.
This is a draft, so if you need to make educated guesses at this stage, that is fine for now. Your paper should be at least four, if not more, double-spaced pages when finished. The issue in these case papers is not brevity; rather it is insight and completeness in dealing with the topic(s).
Note that you are expected to use correct grammar, spelling, and English vocabulary. Check your paper for missing or inappropriately used words. If in doubt, check the dictionary and not 'spell check.' Consider that this paper, and all others, will be reviewed by the CIO and/or your commanding officer. In this light, it is strongly suggested that you ask a trusted colleague to review and edit each of your papers. Papers which do not meet these guidelines will be returned to you.
Post your paper once it is completed.
=========================================================================================================================================
1st document
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
BitGold intends to provide global access to gold through safe investments and dealings. It makes the use of gold convenient and empowering. Its success is drawn by blockchain technology's success, which plays a significant role in ensuring the transactions are made. Blockchain created digital payment innovations that lower the transaction costs as well as increased access to sales. Blockchain also enhances transparency through the transaction via platforms such as BitGold.
Where BitGold should focus on acquiring its users
Various aspects will determine where BitGold should focus on acquiring its users. BitGold highly depends on blockchain technology to run its transactions. For BitGold to attain its mission of providing global access to gold for payments, it will depend on digital payment methods (blockchain) to help its clients around the world to acquire, store and spend it with unprecedented simplicity (Burke, 2020). BitGold should focus on acquiring customers across the world as long as the states have legalized access to blockchain technology and cryptocurrencies so that their intended customers can make their transactions.
Based on an analysis of Goldmoney, Serica, Bullion Bitcoin, and Coinbase, going global is the most appropriate strategy to increase their customers and their revenues. GoldMoney acquired over 20,000 customers in 105 countries. There is no single state with more customers that the company can dwell on completely. However, with a global strategy, the company can reach more customers and increase their sales globally. The US should be one of the states to focus on its strategic market plan. It should also check out the competitors and their string hold while evaluating the open market to expand to. However, it has to improve its strategies and ease its user ability to be on top of its rivals.
BitGold and the Law
Different states could have different opinions on the legality of BitGold. Before expanding into a state, it should first consider the land laws to remain on the right side of the law. BitGold could play out the same as Bitcoin, where it is illegal in some states and illegal in others. There could be conflicting regulations that could be different from one state to another. However, to remain on the right side of the law, BitGold needs to maintain transparency and accountability. These elements will not only attract and maintain their customers but also draw satisfaction on the lawmakers
BitGold has a high chance of raising new legal questions as a result of its innovative technological concepts. The concepts may arise as BitGold does not operate under the traditional currency systems. The systems contribute to peer-to-peer networks' processing power that keeps track of the user’s balances. It keeps a basic track of the users' transactions through the blockchain. There are technological features of cryptocurrencies that the governments need to keep track of when developing regulation on BitGold.
Marketing strategies
The digital currencies market is getting crowded quickly. BitGold needs to engage in an effective marketing plan to survive in the industry. Besides, BitGold is unique, which makes it effective and in need of a unique marketing strategy. To reach the large market of the target customers, BitGold can use a social media marketing strategy to effectively help develop and engage the audience for the crypto-currency or coins. The company can use various social media strategies to ensure that the marketing plan is global and reaches the international markets (Ozuem, 2016).
The first step of using social media marketing is creating dedicated pages for BitGold on social media platforms such as Facebook, Google Plus, LinkedIn, Twitter, and Instagram. They should motivate people to like or join their page where they can get updated info on BitGold. However, to be effective in their marketing strategy, BitGold Company needs to hire a professional and a qualified social media marketing company for the BitGold. Through social media, they can be able to reach users and Merchants in Canada and abroad.
BitGold can also create communities that they can use to promote BitGold offerings. They need to come up with an official BitGold community through which the clients can engage in. However, the company needs to research the relevant community sites and join them. They can then participate in on-going discussions before they can start marketing or promoting their products. It will help build trust with the community, which is a vital element in attaining customers.
Strategy to venture into the United States
BitGold has created an ecosystem around the use of gold, which is different from bitcoin. However, their idea of platform aims to digitize gold, integrating blockchain technology and gold to enable the users to buy gold online and store it in physical locations effectively. BitGold should venture into US markets, starting with the states with laws that allow the use of crypto-currencies. That way, it can spread out into other states when they amend the laws to allow them in the states.
Conclusion
BitGold is an example of recent advancements in payment technology, being the first company that can conveniently use gold in place of money. It is affected significantly by challenges such as competition by its rivals and market acceptance. Payment technology breakthroughs have generated a convenient way, which has created a historic opportunity to solve the significant challenges of using gold in their daily transactions.
References
Burke, B. (2020). BitGold: Turning Digital Currency into Gold? ^ W15608. Retrieved 25 September 2020, from https://store.hbr.org/product/bitgold-turning-digital-currency-into-gold/W15608
Ozuem, W. (Ed.). (2016). Competitive social media marketing strategies. IGI Global. https://books.google.com/books?hl=en&lr=&id=U3aBCwAAQBAJ&oi=fnd&pg=PR1&dq=social+media+marketing+strategies+&ots=3IaQNjHjgj&sig=ZWRbkNaOf9PBKTiVunFJKy1l508