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  • Subject area(s): Marketing
  • Price: Free download
  • Published on: 14th September 2019
  • File format: Text
  • Number of pages: 2

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Technology has changed the way in which we live our day to day lives. It has affected every possible business in one way or another, whether for good or bad which I will discuss in this paper. To begin, I think we should understand what technology is; the best definition comes from, “a scientific or industrial process, invention, method, or the like”. This definition fits the points that I will make about technology in our business and how it affects management. Ranging from the positives and negatives of technology in our businesses, how technological advances can affect certain businesses, and talk about how technology is used in our Drone Repair business.

Technology in our Drone Repair business is one of the main components to be successful. We as a company don't rely on other companies to get parts for drones. We use 3D printing technology to manufacture the parts in-house and cut costs by not having to outsource parts. The 3D printer provides a faster, more convenient, and more efficient way of performing business transactions. When the customer brings in a drone and once we assess what part is needed to be repaired, we print a part and it allows for us to be efficient and get the customer out quick.

Another way technology would be used in our business is maintaining an online database. The introduction of computers has given businesses an advantage by being able to use databases to store valuable information. The data being held in the databases could range from finances, customer feedback, to confidential information. This also means that a company's secrets could be accessed by hackers and in turn could cause a PR nightmare. For example, the Sony Pictures hack in 2014 when hackers released confidential information like employee emails and unreleased samples of future films. We would use our internal database to keep records of repairs but also take customer surveys, along with the finances and proprietary data. We would also use technology to communicate with customers and have web-based services for them.

 Research and development would be another big part to our company, because we are so reliant on technology. Since our company is so technologically-reliant we need to hire the best technicians coming out of college. One of the ways that our company will try to make sure that we keep up with the latest technologies, is research and development; but also, we will send our technicians back to school, to learn about newer technologies which overall will help us and our employees. Sending our employees back to take courses on new technology, to our company is a smart investment because they come back with the most recent knowledge.

We use technology for travel, entertainment, communication, business, and to learn. The positives of technology include an increase in production, and automation for the business side. Technology and human life cannot be separated; society has a dependence on technology. Technology has changed how we grow and farm: modern agriculture technology allows small amount of people to be able to grow vast amounts of crops, such as wheat, in a short period of time. This results in high yields of crops with a great return on investment because it allows small farmers to be able to live comfortably by selling what they don't use. Also in agriculture are genetically modified crops which grow faster and are resistant to pesticides. Farmers in places where the soil is not as fertile, still can grow vast amounts of food because of advanced water pumps and artificial fertilizers.

Technology has improved transportation and communication in unimaginable ways, when we think about the actual advances made in the last 70 years.  Transportation is one of the main cogs in our business world and society. Most people drive to work but in bigger cities like Chicago and New York, most people commute to work. Transportation doesn't just provide mobility for people but also products, and companies such as Amazon and FedEx benefit from this. Transportation could be viewed as a system, it is a series of parts that are interrelated. From automobiles, and motorcycles to airplanes and boats; all these are essential to the global market for products.

Another positive of technology is improved communication. Society and organizations both rely heavily on communication because it is what we use to relay and transfer information.  People use technology to communicate with each other. Electronic media like radios, televisions, internet, social media have improved the way we exchange ideas which can develop our views and even businesses. Technology has revolutionized the way companies conduct business by enabling small businesses to level the playing field with larger organizations. Small businesses have an array of tech that they can use, from data servers to phones and devices, to develop competitive advantages in the economic marketplace. The biggest affect it has on small business owners is allowing the cost of production to be reduced, which in turn allows greater profit. Basic enterprise software enables a business to automate back office functions, such as record keeping, accounting and payroll.

The biggest advantage of technology is the increased productivity, being able to broaden customer bases, and collaboration for a business. Programs and software allow employees to do their job faster and more efficiently, and in the business world: Time Is Money. Businesses are beginning to implement robots to complete jobs faster and more efficiently, which in turn allows for greater profit. When companies market in today's internet age, the priority is Social Media Marketing. Social media platforms allow a company greater reach than its immediate location; for example, a clothing company based in Chicago can not only sell to Chicagoans but if it markets itself on social media correctly then it could reach potential customers in New York or another major market like Los Angeles. The last thing is collaboration and outsourcing. Businesses can now easily communicate with another company much quicker than before, by using emails and telephones.

The disadvantages of technology are plenty just like the benefits. One of those is an addiction to technology and a reliance on it. According to one study by the Telegraph UK, on the dangers of technology addiction states that four in five students had experienced severe mental breakdowns. These students began showing symptoms of withdrawal, “Researchers found nearly four in five students had significant mental and physical distress, panic, confusion and extreme isolation when forced to unplug from technology for an entire day.” This shows the state of our society currently, it is worrying that this generation is so reliant on our smartphones that we began to show signs of withdrawal like a drug addict.

This not only affects younger kids in middle or high school, it also affects college students. Those students soon are going to go out into the real world and begin to find jobs, technology is only going to progress from here so as a society we need to work on this issue because it'll only affect us greater from this point on. This issue affects the next generation of workers and laborers just as much as the younger generation, “They found college students at campuses across the globe admitted being ‘addicted' to modern technology such as mobile phones, laptops and television as well as social networking such as Facebook and Twitter.” (Hough). The problem has begun to affect the next generation of workers, that will soon be in the business world.

Another disadvantage is over-reliance on technology in the business world. Over-reliance on technology impacts whether a business can complete tasks if the technology is removed. For example, a business that uses online forms to create orders, like a Macy's for online shopping, can go down and not be able to make money. Also losing money due to security breaches and financial fraud. In 2007, the Computer Security Institute released a survey that reported a loss of around 42 million. “$21.1 million lost due to financial fraud, $8.4 million to viruses, $6.9 million by system penetration by an outsider and $5.7 million due to confidential data theft” (Markovich). A business is susceptible to cyber-attacks always, which can cause a loss of profit and loss of customers as well.

To summarize, the way technology has affected us in society and the business world has been overall positive although it has its downfalls. Although in our business we rely on computers and 3D printers, we will not be completely dependent on technology. We will have back-ups in certain cases where our technology fails us. The positives of technology include increased productivity and efficiency, better communication, and transportation. These help are business become more productive and well-run companies that bring in more profit. Technology also has very real downfalls, with the biggest being the possibility of cyber-attacks. Businesses have been at the forefront of technology for ages and will continue to be because technology offers them the best way to achieve what their goal: to maximize profit for the owners and stakeholders.


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