business essay example

business essay example

The Impact of Technological Advancements on Modern Business Practices

1. Introduction to Technological Advancements in Business

The rapid technological advancements that have taken place have made product innovation and new version launch so commonplace that companies have to be ready for a product’s obsolescence beforehand. Companies hence chalk out a product-launch road map in such a way that product automation and upgrades are minimal. Despite having the most advanced test and release management in place, product sunset issues with changes made to base systems will still occur, and companies can face significant market-exit turbulence. Information and telecommunication infrastructure have actually led to the integration of an enterprise’s management with that of its suppliers, distributors, and service firms. Large and powerful companies, on their part, seek close and sustained relationships with selected suppliers to gain additional and sustained competitive advantage through supplier management activities such as just-in-time inventory management, quality and inventory improvement, and product modification assistance.

Technological advancements have been infiltrating every aspect of human life in recent times, and business is no exception. Modern-day technological products do not simply offer improved and faster functionalities; they also offer additional features that take advantage of the very concept of networking and processing speed. The commercialization of technology can improve business work processes and internal communications as well as relationships with customers, trading partners, and suppliers. The modern business environment is so dependent on technological advancements that a paradigm shift is observed in the way business activities are performed. The success and growth of a company will depend significantly on its ability to gain the cooperation of and compete against its competitors, thereby maintaining current and attracting new customers.

2. Key Technological Innovations Transforming Business Operations

4. Internet of Things (IoT): IoT (scenarios in which objects, animals, or people have unique identifiers and the ability to transfer data autonomously over a network without any human interaction) is about to explode in the form of connected home devices. Think of smart thermostats such as Barcode Nest, which records human habits and works on auto mode for the rest of the span without the owner bothering to reset them. The Lean Six Sigma and ‘Cradle-to-Grave’ project in an Industry 4.0 environment is set to provide the biggest business benefits of the IoT. In healthcare, health sensors like AtlasWearables use wearables that track stress, fatigue, helping health professionals to constantly monitor health proactively.

3. Advanced robotics: Speed, accuracy, cost savings, and once-in-a-lifetime flexibility – advanced robotics offer them all. They are quickly transforming manufacturing, packaging, and assembly line services, making them dependable, fast, and consistent, regardless of the situation or data load.

2. Automation of knowledge work: This is not just any regular or industrial automation. Automation of knowledge work refers to a reduction in human intervention resulting from the increase in technological competency. Today, companies use advanced algorithms, data analytics, and mobile robotics as a means to fiercely compete with their peers. This is a new form of efficiency and is unique because it incorporates human abilities into machines designed to represent them.

1. Mobile internet: Supporting 4G technology and the next advanced stage, 5G, with a whopping 80 billion connections by 2025, mobile internet is becoming the new breed of freedom for dynamic business functionalities. Since several business transactions and client engagements now demand mobility, mobile internet is now in the top rung categories in terms of revenue generation. Almost all industries, and not just telecommunication, are now displaying a revenue in business values considered dependent on the mobile internet. Some of them include public services, e-commerce, and e-retailing, wherein revenues from these high-tech segments greatly outweigh the financials from mobile internet trade.

The 21st century is marked by a continuous cycle of technological advancements. These advancements are not only robust but are venturing into sectors that were hitherto least expected. Several recent technological breakthroughs have withstood market dynamics and are slowly becoming indispensable tools for business development. Mobile internet, automation of knowledge work, advanced robotics, the Internet of Things, and cloud technologies have positively impacted several modern-day business practices, thanks to their convergence of unique features – quick obsolescence, low cost, wide flexibility, easy penetration, and broad availability.

3. Challenges and Opportunities of Implementing New Technologies in Business

First and foremost, the successful implementation of new technologies can impact a small-business owner’s operations in various ways. By successfully implementing these technologies, a small-business owner can become more efficient and competitive in terms of profitability and consumer satisfaction. New technologies can also make it easier to obtain the information that is necessary for making important business decisions, which means a small-business owner will have a clearer understanding of future trends that will impact operations, potential future demand for products created, or competitors that will most likely act in similar fashion so that they may be more successfully competed with. In addition, the successful implementation of new technologies can make it easier to provide a new product or service and communicate with the consumer so that they are more satisfied and will hopefully become future repeat customers in the process.

In recent years, many business owners have questioned whether it is worth the effort to keep up with the rapid pace of technological advancements because the cost of doing so can be very high, and new technologies take time to learn how to use. However, there are a number of opportunities that stem from the successful implementation of new technologies, including becoming more competitive or creating new ways to reach the consumer in the process. But there are also a number of challenges, including the cost and time involved in upgrading technology or the risk that seasonal businesses may use new technologies infrequently and struggle to learn how to use them properly. This chapter will examine the opportunities and challenges of implementing new technologies in business and how these advances in technology can be used to increase the success of a small-business owner.

4. Case Studies: Successful Integration of Technology in Various Industries

Pragmatically, there are just too many examples of successful technology strategies implemented by dozens of companies from all industries.

Tackling the complex data associated with computer chips, semiconductor manufacturers build sophisticated imaging towers to ensure chips work and then sell them to customers with the technology to build products like high-speed computer networks. Other advances control the costs and enhance the capabilities of business with technology infrastructures that support software applications that analyze product sales data and provide bills for the services. Telecommunications technology allows companies like FedEx and United Parcel Service to check the location, status, departure, and arrival points of packages en route to customers on a case-by-case basis and to adjust delivery schedules as required.

In other sectors of the economy, technology investments have improved worker productivity and enhanced employee benefits. In financial services, the insurance, and healthcare sectors, for example, companies offer sales representatives a suite of information services so that they can close deals and deliver results to customers faster. Doctors who previously had to visit a facility to see X-rays can now view them at home and with better accuracy. Insurance agents using tablet computers can access a variety of services that process claims and issue policies, right from the client’s residence.

Consider Walmart, not known for having the most highly paid workers in the nation. The company has, for more than a decade, developed programs with its suppliers to use advanced information technologies in a variety of tasks, including tracking consumer purchases, ordering merchandise from suppliers, and stocking products in its stores and warehouses. These technology programs have had the effect of cutting costs by billions, with suppliers and the company sharing the benefits.

Technological advancements in various business sectors have made it easier to produce new products and services, improve existing ones, and build strong business relations that can move a business forward. As the internet and related applications continue to improve, technological questions have become paramount for managers in most industries. Companies that have been successful are those that invested heavily in high-tech equipment and found ways to leverage technology to improve customer service, operate more efficiently, and cut costs.

5. The Future of Business in the Digital Age

The digital business exists virtually. There is no brick and mortar. All work is housed on the World Wide Web and in servers housed everywhere along user pathways in physical structures. The digital business prides itself on being of the highest quality. Its work is impeccable. It stands behind its product 100% for quality assurance. However, there are no lumps of materials stacked to the ceiling or long shelves with bins and boxes loaded with product. The goods that the digital business produces are intangible, yet are often more valuable to its recipients than tangible offerings. Its reputation of being cutting-edge remains consistent due to 24-hour-a-day, 7-day-a-week service and accessibility.

It is nearly impossible to separate digital competencies from operating a successful business in the twenty-first century. It’s been an evolutionary process for sure. Technology availability and acceptance has grown and continues to grow, if not at a faster rate, certainly in its complexity. It’s not business as usual anymore, nor is it moving slowly into sophisticated formulas. While marketing, communication, information retrieval and distribution, and delivery models have revolutionized the global marketplace, the productivity and efficiency available to the digital business are endless.