impact of technology on business essay

impact of technology on business essay

The Impact of Technology on Business

1. Introduction to the Role of Technology in Business

New information and communication technologies have created a new environment highly responsive to changes in business, covering areas such as electronic commerce, business-to-business, and business-to-consumer. Developed countries are increasingly post-industrial, and the major part of amendments in traditional job patterns has been done through the “informationalization” in which workers, despite actually still working on the assembly line, are now connected to networks or data processing units. Organizations use computers, networks, data warehouses, and call centers to graciously capture and process information, producing valuable strategic technology resources and by that fact definitely are managing a new kind of corporation and its new relations among skills of its communicational process. In view of all the influence that such technologies have on the way we work, sooner or later they should influence the organization itself. So the question we are moving on is, which kind of organizational structures current technology enables or promotes? Furthermore, which kind of corporate needs and structures current technology promotes?

There has been a significant impact of technology on the business of companies. In traditional organizational theory, technologies were seen as separate from the organization itself. This paper employs a critical approach aimed at revealing how technologies enable and promote the specific kind of organizational structure recognized in today’s corporations. After a brief introduction in which we outline some of the concept’s main angles, we go one step behind to illustrate how tools gradually turned into machines and further into systems and procedures, breaking away the technical-functional differentiation of corporations, allowing the rise of the sub-divided organizations that are typical of the Fordist-style. These master narratives are then contrasted to some parallel stories involving technology absorbed and used by corporations as organizations, revealing that such a symbiotic relation is feasible but also raises more delicate questions.

2. Technological Advancements Transforming Business Operations

Customer insights, market goals, and revenue optimization are achievable because businesses can access and use data in ways that were not possible earlier. For instance, Netflix pulls in data from viewer habits and uses that information to craft stories into the episodes users end up watching on binge-worthy weekends. Large and small companies have made data strategy an integral part of their business/marketing strategy to satisfy their customers, without breaking the bank. The race for tech advancement is on, as companies vie with each other in mastering these new technologies while leveraging their current technological advantage. Supply chains are adapting and transforming into lean supply chains, IT experts are weaving more business intelligence and automation into their structure, supporting businesses to exploit their current position to leapfrog to the next. Furthermore, structured analytics are becoming increasingly local to businesses, allowing them to better align technology with their business priorities.

From transportation to communication, technological advancements have facilitated companies to function effectively and efficiently. The four biggest tech advancements changing business operations are cloud computing, big data, machine learning, and artificial intelligence. Cloud computing has facilitated companies in bringing down the cost of managing their IT systems by providing a fast and flexible avenue to computer resources. Big data offers a way for companies to access, analyze, and control the snarl of information generated by customer interactivity. AI and machine learning are altering the capability of super-targeted customer communication by accessing, managing, and displaying product information, purchase patterns, and even buyer preferences. Furthermore, sophisticated models and methods of collection, analysis, and output have advanced data analysis, resulting in the maximization of revenue and ultimate customer satisfaction.

3. Benefits and Challenges of Implementing Technology in Business

There are a number of risks involved in implementing technology, among them being the possible loss of customer data, the privacy of customers, and legal challenges. It is vitally important to make sure that the technology works properly and is properly compatible with the business environment. Companies have to ensure that their data stays secure and that it does not get into the wrong hands in some way. Technology improves the company’s customer service by providing them with telephone, internet, and fax capabilities. Employees work quicker, delivering customers quality goods and solid after-sales service with more effective use of technology in business.

Companies use technology to improve the way they do business in transactions, processes, and other business operations. Technological advancements that help companies save time, effort, and money are essential but should be tailored to their businesses well for proper use and full benefits. Technology also affects how a company works in terms of communications on all levels of its business. Companies benefit in numerous ways from the implementation of technology. It helps them save money on transactions, save time on money and effort, and it can help increase the efficiency of businesses. Of course, there are also challenges involved in the implementation of technology. Companies face cybersecurity concerns, and constant updates to technology effectively can also hinder productivity because of the time it takes to master new technology and upgrade systems.

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

Case Studies from the Mississippi Technology Alliance 2005 Program: – Communication Arts Company: Communication Arts used the Mississippi Technology Alliance’s concept development services to build a business plan that they used to develop the prototype of an idea for a web-based tool that combined students’ existing creative skills, social-networking tools, and a game-like structure to increase engagement, resulting in dramatic and immediately measurable improvements in storytelling capabilities and story arc quality. The project is targeted to students and educators. – Infinite Solutions: A prototype LED tester could save industry millions of dollars by verifying LED quality. In the second phase of their research, the members of this team hope to achieve UL approval of their equipment so that they may sell it to industry beneficiaries.

There are many examples of successful integration of technology in various industries. The following case studies are from the Gary Boone Awards for Innovation, Technology, and Economic Development. These case studies document the impact of innovation in technology and showcase these entrepreneurs as role models for aspiring Mississippi business owners. Innovative technology is the spark that energizes Mississippi’s business leaders of tomorrow, and it provides the fuel that makes successful businesses grow and prosper in the world marketplace.

5. Future Trends and Implications for Businesses

One of the reasons most cited for implementation in the business world is the reduction of costs, and technology has for decades been responsible for the increase of productivity in companies which have implemented it. However, it is the quality of cost reduction, productivity and asset management performance that gives a business the competitive edge it needs to prosper, and quality is key. Only when implemented and used properly will companies have a developed technological framework performing a high percentage of their routine, standardized and non-automatic operations. So, rather than fighting the inevitable consequence of computer use, and under the perspective of business needs, companies should adjust their policies, fielding and environment so that management and decision-making still have some great share of their competitive response, aiming particularly at that stage which is unpredictable, not standardized.

The business world has always experienced an evolving technological environment, with new generations growing up at the same time acquiring and mastering the capabilities that offer the most potential for business success. The increasing dependence of society and business on technology is undeniable, although it is also true that other faculties like decision-making and problem solving cannot be delegated to machines. In the present case, it concerns which decision-making process technology would help. Going further, the question is how advanced will that technology be when it comes to the decision-making process.