Introduction :Technology has changed business in the evolution of making more profit in business with high speed, to get more customers, to be able to serve more people worldwide, to improve the product and services quality, speed up a business process, less use of human power in high-risk intensive works.And the desire is to improve the living standard of humans on the earth we’re using technologies in our business.Technology has changed business the way we plan, start, operate, manage, market, sell, repeat, hire, communicate and make a profit in business. Cloud computing, Driverless cars, product delivery through drones, 3d printing, artificial and business intelligence tools, collaboration tools, CRM, use of robots in manufacturing and receptions works and internet of things are the example of how technology has changed business.
Discussion :Technological change is improvement in the 'art' of making products or developing processes. Technological product is just something that man created using the application of knowledge to improve a person's life, environment or society.A technological process is a means to make and improve products and services. For example, the traditional manner of 'printing' magazines involved a mechanical printing press. Now, a new technological process has been developed to digitize the magazine to be transmitted and stored electronically.Technological change can bring about advantages and opportunities for businesses. Obviously, new technology can create new products and services, thereby creating entire new markets for a business. Moreover, improvements in technological products and processes can increase productivity and reduce costs.
The introduction of new technology has constantly changed the way a company functions. The developments in IT has taken over almost all departments of an organization. Today, information is mostly stored in servers as opposed to decades-old method of storing in hard copies (files and registers). Thanks to the advancement in the internet, companies use digital marketing strategies to market and sell their products today. Even the research and design department of organization are subject to constant developments in technology. For instance, companies like Boeing and Siemens are investing hugely on adapting 3D printing technique for designing their products. The companies believe this can quicken the design process, reduce cost and improve effectiveness of designing.
Conclusion :The transformation in the way how data is collected, recorded, retrieved and utilized has helped companies come up with groundbreaking business strategies. Today, companies monitor customer taste and trends using data that is available. The development in information technology has made it possible for businesses to study customer behavior and develop strategies accordingly. Technology has not only made it possible to collect and store data but organizations are able to analyze the available data to come up with meaningful conclusions and make informed decisions. With more and more customer focus, data analytics will play a key role in growth strategies of companies.
Submitted by: Priya Prakash
MBA 1
Discussion :Technological change is improvement in the 'art' of making products or developing processes. Technological product is just something that man created using the application of knowledge to improve a person's life, environment or society.A technological process is a means to make and improve products and services. For example, the traditional manner of 'printing' magazines involved a mechanical printing press. Now, a new technological process has been developed to digitize the magazine to be transmitted and stored electronically.Technological change can bring about advantages and opportunities for businesses. Obviously, new technology can create new products and services, thereby creating entire new markets for a business. Moreover, improvements in technological products and processes can increase productivity and reduce costs.
The introduction of new technology has constantly changed the way a company functions. The developments in IT has taken over almost all departments of an organization. Today, information is mostly stored in servers as opposed to decades-old method of storing in hard copies (files and registers). Thanks to the advancement in the internet, companies use digital marketing strategies to market and sell their products today. Even the research and design department of organization are subject to constant developments in technology. For instance, companies like Boeing and Siemens are investing hugely on adapting 3D printing technique for designing their products. The companies believe this can quicken the design process, reduce cost and improve effectiveness of designing.
Conclusion :The transformation in the way how data is collected, recorded, retrieved and utilized has helped companies come up with groundbreaking business strategies. Today, companies monitor customer taste and trends using data that is available. The development in information technology has made it possible for businesses to study customer behavior and develop strategies accordingly. Technology has not only made it possible to collect and store data but organizations are able to analyze the available data to come up with meaningful conclusions and make informed decisions. With more and more customer focus, data analytics will play a key role in growth strategies of companies.
Submitted by: Priya Prakash
MBA 1
Format not followed and little late too?
ReplyDelete