How are information systems used at the industry level to achieve strategic advantage? By enforcing standards that reduce the differences between competitors By raising the bargaining power of suppliers By enabling companies to develop customer intimacy By building industry-wide, IT-supported consortia and symposia By encouraging the entry of new competitors?

Question

Computers and Technology

Elyse Small

23 May, 14:11

How are information systems used at the industry level to achieve strategic advantage? By enforcing standards that reduce the differences between competitors By raising the bargaining power of suppliers By enabling companies to develop customer intimacy By building industry-wide, IT-supported consortia and symposia By encouraging the entry of new competitors?

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Lee Baldwin · Answer 1

By building industry-wide, IT-supported consortia and symposia

Explanation:

Industry members can build industry-wide, IT-supported consortia, symposia, and communications networks to coordinate activities concerning government agencies, foreign competition, and competing industries. By working with other firms, industry participants can use information technology to develop industry-wide standards for exchanging information or business transactions electronically, which force all market participants to subscribe to similar standards. Such efforts increase efficiency at the industry level as well as at the business level, making product substitution less likely and perhaps raising entry costs, thus discouraging new entrants