Page 3: The Changing Environment
One of Morgan Stanley Dean Witter's most fundamental responses to the developing global financial market, has been the application of new technology to address the challenges it faces. Rapid developments in information technology mean that systems soon become outdated. International financial markets change rapidly and organisations must develop information technology systems that can support businesses effectively and enable them to maintain a competitive advantage.
Competitive advantage refers to an organisation's unique competencies that are in demand in its market and which its competitors are unable to provide at that moment. Morgan Stanley Dean Witter aims to develop an information infrastructure which will meet its long term strategic plans and enable it to be more proactive. Traditionally, the investment banking sector has been strategically driven by its product lines. Changes in customer expectations mean the industry has had to become customer focused, providing up to the minute information and a more transparent, seamless service.