Describe the advantages of having a strategic importance of

Describe the advantages of having a strategic importance of a project and how it can helps companies these days?

Solution

Strategic importance is a very broad aspect, it covers anything that could give you an edge over your competitors or intended to give you an edge. Most of the projects nowadays are undertaken either to give a competitive edge or strengthen the acquired uphold in over competitors. Let us consider a project of building a medium capacity warehouse between junction town of two huge markets, 1 manufacturing plant, and 1 huge warehouse. Now, this new warehouse will provide extra storage capacity for the company, reduce the logistic costs and also reduce the time for the finished product to reach the market.

Apart from all these, this new warehouse is in the town which is one of the good markets of our main competitors. So, the warehouse will help in creating the buzz in competitors market and provide the opportunity to snatch a market from the prime competitors.

Companies can reap huge benefits if they rightly strategies the project with respect to inputs and the expected outcome. these advantages could be the boost to sales, support to the supply chain, helps in forecasting and many more.