Current IS portfolio of Abbott Laboratories

Leading global healthcare provider Abbott Laboratories has a variety of information Systems

(IS) that help the business achieve its strategic goals. Abbott Laboratories can manage4 its

operation, gather data, and make educated decisions with the support of the IS portfolio,

which is made up of software applications, hardware, networking, and infrastructure. Abbott

Laboratories can employ a variety of strategies to determine the value obtained from its

present portfolio and review methodologies that might be utilized in evaluating future IS

investments.

Assessing the current portfolio against the strategic objectives

Before making any changes, Abbott Laboratories should evaluate its current portfolio

in light of its border strategic goals. The organization will be able to pinpoint any area where

the portfolio is lacking or where they are maybe room for improvement or expansion with

the help of this review. Understanding Abbott Laboratories’ strategic objectives, which may

include rising revenue, enhancing customer satisfaction, cutting expenses, rising product

quality, or interning new markets, is the first step in conducting this study. The business

should assess each IS application in its portfolio to see if it is in line with the strategic

objectives once the objectives have been determined. If an application does not align with

the strategic goals, the organization may consider retiring it or substituting a better one.
Cost-benefit analysis of new IS investments

A cost-benefit analysis should also be used by Abbott Laboratories to assess the

return on investment from any future IS efforts. With the help of this research, the business

will be able to assess the benefits and potential dangers of a given investment and decide

whether it is even worthwhile to proceed with it. Both tangible and intangible expenses and

benefits should be considered in the cost/benefit analysis. Hardware, software licenses,

implementation fees, and continuing maintenance and support charges are examples of

tangible costs. Increased productivity, improved efficiency, fewer mistakes, and higher

revenue are all concrete benefits. Although measuring the intangible benefits and costs is

challenging. Employee reluctance to change, workflow disruption, and potential security

issues are examples of intangible costs. Improved brand reputation, higher employee

morale, and increased customer satisfaction are coming under the benefits of intangible.

Technology roadmap for improving and replacing existing technologies

A technological roadmap can be used by Abbott Laboratory to pinpoint areas of

current technology that need to be enhanced or replaced as well as places where new

technologies would be advantageous. A technology roadmap is a planning tool that enables

businesses to see how their technologies will change over time. By describing the present

state of technology, the intended future state, and the processes necessary to get there, it

offers a strategic framework for decision making. The company’s strategic world should be

reflected in the technology roadmap, which should also consider the rate of technological

change, the potential effects of emerging technologies, and the resources needed to put it

into practice.
Predictive Analytics for Forecasting the Impact of Future Technologies

Finally, Abbott Laboratory can foresee the possible effects of future technology on

their business using predictive analytics. Data statistical algorithms and machine learning are

all used in the technique known as predictive analytics to determine the likelihood of future

outcomes best on historical data. Abbott laboratories can access the potential advantages of

various technologies and determine which ones are most likely to help them meet their

strategic goals by using predictive analytics. Future events can be predicted using predictive

analytics which can also be used to spot patterns and identify trends. For instance, Abbott

Laboratories can project future demand for its products by using predictive analytics to

analyse historical sales data. The company can use the research to influence decisions

concerning supply chain optimization, inventory control, and production capacity.

Constructing an IS Strategy

The worldwide healthcare corporation Abbott is active in a several number of

industries, including pharmaceuticals, medical equipment, and nutritional goods. The

business is dedicated to enhancing quality of life by offering cutting-edge and efficient goods

and services. For Abbot to succeed in this, business plan must be supported by a well-

coordinated information systems (IS) strategy. The fact that Abbot lacks a clear IS strategy,

however, is apparent in many areas of the business. This research examines how Abbott

might develop an IS strategy that is beneficial to business plan and the advantages that

would follow.

There are numerous processes involved in developing an IS strategy that supports

business strategy. Understanding the company's goals and business plan is the first step.
Offering new, useful goods and services that enhance quality of life is central to Abbott's

business approach. By focused on operational excellence, portfolio management, and

research and development, the organisation hopes to accomplish this. In the second step,

the organization's IS environment is evaluated for existing condition, the gaps between it

and the desired state are found, and a plan is created to close those gaps.

To establish an IS strategy, Abbott can employ a variety of methods. The balanced

scorecard is one such strategy. A strategic management tool known as the balanced

scorecard measures both financial and non-financial variables to give an overall picture of

how well the organisation is performing. By developing key performance indicators (KPIs)

that gauge how well IS initiatives are working, Abbott may utilise the balanced scorecard to

align IS strategy with business plan. To gauge the success of IS projects, Abbot, for instance,

can use KPIs like research and development productivity, product development cycle time,

and customer satisfaction.

The value chain analysis is just another tool that Abbott can utilise to create IS

strategy. The value chain analysis is a tool used to pinpoint the core and auxiliary tasks that

add value to the organisation. The activities that need IS support and possible opportunities

for development can be found by Abbott using the value chain analysis. For instance, Abbott

can utilise IS to optimise production procedures, streamline supply chain operations, and

improve customer service.

Abbott can create IS strategy using the SWOT analysis. To achieve a competitive edge,

Abbott can use the SWOT analysis to pinpoint IS strengths and play to them. A tool for

evaluating an organization's opportunities, threats, weaknesses, and strengths is the SWOT

analysis. The SWOT analysis is a tool that the business may use to determine the areas of IS

environment that need improvement and create mitigation plans for those areas. As an

illustration, Abbot can utilise the SWOT analysis to pinpoint the chances to integrate cutting-

edge technology like artificial intelligence (AI) and the Internet of Things (IoT) to improve

goods and services.

The advantages of a Coherent IS Strategy

Organisations can get a several number of advantages from creating an integrated

information system plan that supports overall business strategy. In the beginning, it gives

organisations the ability to match IS initiatives with the corporate objectives, ensuring that

the initiatives are significant and useful. By prioritising IS initiatives based on business

impact, organisations may ensure that they are concentrating efforts on those that will have

the greatest impact. Second, by ensuring that the investments are in line with the company's

business strategy, a cohesive IS strategy enables businesses to maximise IS expenditures. By

maximising the returns on IS investments, this optimisation aids businesses in lowering IS

costs.

Third, an organisation can use evolving technologies to benefit with the help of a

well-thought-out IS plan. New potential to increase customer experience, process

optimisation, and product and service improvement are provided by emerging technologies

like AI, IoT, and blockchain. These technologies can be used by businesses to obtain a

competitive edge in the marketplace if they have an IS strategy that makes sense. Fourth, an

effective IS strategy allows organisations to improve data management capabilities, enabling

them to make data more useful.

Analysing The Strategic Potential

The world continues to embrace technology, and despite Abbott's long history of

invention, the company needs to increase investment in information systems and technology

to stay competitive. From a divisional and corporate viewpoint, this research examines the

strategic possibilities for further investment in information systems and technology at Abbot.

Furthermore, it investigates whether business process re-engineering might be a helpful tool

for maximising the potential of IS and IT within the organisation.

Strategic Potential for Greater Investment in IT and IS at Abbot

It has made significant investments in these fields because Abbott understands the

value of information systems and technology to business. For the company to increase IS

and IT spending and continue to compete in the frantic pharmaceutical sector, there is still a

lot of room for growth. From a divisional standpoint, Abbot might spend money on IT and IS

for production and research and development (R&D) departments. The business might

spend money on R&D systems and tools like artificial intelligence and machine learning that

improve the process of finding new drugs. These methods might speed up the process of

bringing new pharmaceuticals to market and aid in the prediction of new drugs'

effectiveness. To speed up the process of sharing knowledge and making decisions, the

corporation might also invest in technology that allow real-time cooperation and

communication among researchers.

To boost productivity and efficiency in the manufacturing section, Abbot could spend

money on automation technologies. This would result in higher-quality products and cut

down on errors, as well as shorten the time it takes to develop pharmaceuticals.

Additionally, the business might spend money on tools that allow for real-time monitoring of

the manufacturing process, enabling prompt detection and correction of any potential

problems.

Abbot may make investments across the board in technologies and processes that

improve customer engagement and experience. The business may, for instance, create

mobile applications that let users engage with it and buy things from anywhere in the world.

Customer satisfaction would rise as a result, and sales would rise. The business might also

spend money on tools that improve supply chain management, such blockchain technology,

which would make transactions more transparent and lower the chance of fraud.

Benefits of Greater Investment in IT and IS at Abbot

Increasing Abbot's investment in IS and IT has a several number of advantages. First

off, speeding up the process of bringing new medicines to market would need investment in

systems and technology that improve the drug development process. Profitability would rise

and revenue growth would accelerate as a result. Second, investing in automation

technology would lower the possibility of mistakes and raise the calibre of output, boosting

client pleasure and loyalty. Thirdly, spending money on systems that improve consumer

engagement and experience would boost revenue growth and sales. Lastly, spending money

on solutions that improve supply chain management will boost openness and lower the

possibility of fraud, leading to increased operational effectiveness and lower costs.

Business Process Re-engineering

Abbot could employ business process re-engineering (BPR) to harness the power of

IS and IT within the organisation. To achieve significant increases in performance, quality,

and productivity, BPR entails the radical rethinking of business processes. With the help of

BPR, Abbott could reengineer business processes and maximise the benefits of IS and IT

investments.

BPR could be used to speed up the drug development process and shorten the time

it takes to introduce new medications to the market. By re-engineering, the R&D process to

incorporate the use of machine learning and artificial intelligence to forecast the efficacy of

new medications, this might be accomplished. BPR could also be used to restructure the

production process, utilising automation technology to enhance.