Final answer:
IT has created additional value by reducing costs, improving quality, and balancing the cost and timeliness of manufacturing.
Therefore, the correct answer is: option 4) all of the above
Step-by-step explanation:
Information technology (IT) has been able to create additional value by reducing costs, improving quality, and balancing the cost and timeliness of manufacturing.
Value creation is an essential objective for any organization. An effective value created for the customers is unique. And, their requirements are driven by the value that they seek from the service provider.
A company creates and captures value through one or more of at least four approaches: cost reduction, innovation, creating a new market and increasing customers' willingness to pay.
For example, the rapid increase in computer use in daily life has led to the transition to an information economy, where fewer people are needed to work in factories due to computerized robots handling tasks.
Additionally, the growth of the Internet has created industries that exist almost entirely online, reducing the physical manufacturing cost of goods like music and films.