Strategic Information Technology Plan

Prof. Henrietta Okoro

AUDIT 2

AUDIT EXERCISE

Introduction

According to Margaret & Garry (2010), a well-designed audit exercise is prudent as always illustrated in the way legitimate businesses subjecting their processes through an audit to ensure transparency and maximize on value addition. In my exercise, I have selected the print media transiting from regional production to national production of newspapers. Its mission is to deliver accurate and timely news to the readers and remain independent without bias in religious, political or commercial matters. The ‘Medium Term Incentive’ (M.I.T) goals for my business are mainly to gain a favourable competitive edge in the market among the leading print media companies, generate substantial profits through an increased market share and administer quality in its news delivery.

Information Phase

This is the first phase to help the business identify the problems or risks facing it. Here, the business is to analyse its external and internal environment. In my scenario, the problem identified is the increased political influence on print media companies that succumb to political influence and thus distort the news they deliver to the citizens. Also, it has been opined by the readers themselves that the eagerness to read has deteriorated and so have their reading culture. Generally, the problem seems to be inefficient news delivery at the national level. If it intends to buy a smaller firm, it is necessary that we first identify the risks faced in its operations so as to specifically establish mitigation measures in the operations of this new firm.

AUDIT 3

Speculation Phase This is the idea generation phase as to how the mentioned problem can be faced so as to meet the business’s objectives Pigneur, Yves, Osterwalder & Alexander (2010). The process demands a lot of information so as to generate only the viable ideas. Ideas are obtained from the consumers who are readers in this case, studying history in written articles, attending functions such as seminars and workshops. Feasible ideas here would include supplying the newspapers at a subsidised market price, introducing more columns that could be missing in other papers and also presenting the news in a variety of national languages. The small firm being bought can be very resourceful while using their past historical records as part of generating ideas for the new business to be.

Evaluation and analysis phase

This basically screens the ideas generated in the speculation phase. For instance, on the part of subsidised entry price, the business will consider the impact on its overall production cost, future expected profits and the market price so as to arrive at the suitable entry price. The additional columns on the newspaper have to be analysed in depth to ensure they will captivate the readers to gain a larger market share. In the case of buying a smaller firm, the screening can also be based on past performance of that small firm.

Implementation Phase

The last stage looks into integration of the most feasible idea or ideas. My business will seek to establish production branches nationwide and engage another taskforce to market the newspapers in the various regions. In addition to this it will ensure timely production and distribution of the newspapers and in various languages. The conditions for this phase include a laid out strategy to be keenly followed, enough capital to pay for the planned expenses and

AUDIT 4

Qualified personnel. Were it to buy a smaller firm, this business should consider adopting the favourable policies of the smaller firm and dropping the unfavourable.

AUDIT 5

References