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how firms can cope up with changing technological environment

How can the firms cope up with changing technological environment?

Introduction:-
Technological environment refers to the state of science and technology in the country and related aspects such as rate of technological progress, technological arrangements and application of new technology etc.
A firm may have to dramatically change their operating strategy as a result of changing technological environment.

Concept:-
So for the purpose of coping up with the drastically changing technological environment the firms can follow the following 8 steps:-

1. Identify current loopholes: no technology should be implemented before identifying the needs. First find out what is not working in the organization and if it is obsolete technology then change is required to be implemented.

2. Select the right technologies: select the technology which is relevant to your business, has worked for your competitors and is easy for your employees to catch on.

3. Involve your employees: involving employees in selection and implementation of technologies has manifold benefits as they are open to the idea, they will provide insights and many more.

4. Early acceptance: you need to give a good idea of implementing a new technology in the initial stage only, even before actual bringing it in the organization, so that you get enough time to handle resistance from employees and analyze reaction.

5. Personal incentive: if you convince your employees that new technology is going to make their work easy or help them in a specific measurable way then they will automatically start welcoming change.

6. Focus on training: train your employees well and give them to work on it and put up questions. Addressing initial concerns and following best and standard practices is the best way to ensure proper implementation.
7. Pilot operation: it is basically selecting a small segment of a company and implement a new technology for that section and it gives the idea of the consequence.

8. Expectation vs. Reality: have planned targets and realistic expectations and be ready to face some deviations from expectations.

Conclusion-

Based on my research over the topic, the best way to cope up with the technological environment is the way to choose and opt for the appropriate change in the organization. Hassle free implementation in the best way turns out to be profitable. Small relevant change can bring more wonders than large irrelevant change.

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