Thousands of small businesses start up every year and very few out of those make it to being successful and being counted as big business houses. This happens when there are changes in the organization; the changes must be well embedded into the structure, by informing and teaching the employees how to work with them.
Technological advancement plays a very important role in determining the success of any company. Improvement is due not only to technology, but also to how it is integrated in the organization. A strategy needs to be prepared so as to how the work should go on. Successful businesses understand the need to continuously improve their business processes: to become more efficient and productive, and to respond to market changes faster while providing better service to customers. Technology acquisition and innovation plays a pivotal role in an organizationâs successful, competitive behaviour.
Technology helps provide the organization the competence and the tools to achieve the proper execution and implementation of its strategies, its operations, and its tactics. In todayâs economy, proper utilization of appropriate technology is crucial for an organization to achieve results in any sphere of its chosen activities.
The more accurately a manager understands and implements the better it is for the success of an organization. Technology can range from things involving protection of data, the new machines that are operating in your workshop. Without technological advancements the idea of globalization ceases to exist. All businesses are dependent on technology on all levels from research and development, production and all the way to delivery. Small to large scale enterprises depend on computers to help them with their business needs ranging from Point of Sales systems, information management systems capable of handling all kinds of information such as accounting and tracking, client profile, employee profile etc.
In the modern times, technology plays a vital role in each and every organization. It permits a firm to expand in every corner of the world in each and every aspect. In addition, there has been a tilt in favour of the importance of technology for several reasons.
To begin with, technology is very helpful for the success of an organization. From collecting the information about customers needs to satisfying those needs, technology makes everything much more easier. It improves the communication between the organization and their customers for whom these organizations operate.
Technology helps obtain the customerâs preferences so that the organization can work accordingly. New portals such as Survey Monkey allow businesses to understand consumer preferences better. The ability to encounter target customers and build better relationships with current customers by providing improves services is one of the many reasons a business can succeed by using technology.
Human capital is one of the many things that technology has improved over time. The process of recruiting, hiring and firing candidates and employees has been simplified. Digital advertising has highly simplified this process. A company can simply put up an advertisement on social media, which can target thousands of potential candidates, allowing the company to reach a much wider audience.
Efficiency is a key. The amount of time for work to be completed is drastically reduced, along with cost. Sharing files and messages is done quickly with the use of the Internet with just the click of a button and not using paper, which also saves storage cost. Critical messages can be shared immediately.
Overall, the importance of IT for the success of a company has many reasons besides the ones highlighted above. IT is an integrated part of success for a company.
Discussing the technology usage in a workplace, or a business house we also need to consider factors like its advantages, disadvantages, the pros and cons of its use.
Technology helps in improving the communication among employees. Organizations are utilizing different business correspondence advances to change the way their representatives connect and convey while at work. Representatives can utilize different specialized devices to interface or trade data at work. Technology saves time, helps the work to be done in an automated manner. It also eliminates boundaries; data can be sent across time and space. Technological tools like virtual meeting applications save us time, we donât have to be in meetings physically yet information and data will be shared in real-time. Innovation can likewise be utilized to track execution and profitability of every representative at work. When representatives know that they are being observed, their profitability will increase. Innovation constrains the requirement for individuals to be in the same physical area, for instance when organizations hold a video chat with a few representatives situated in diverse branches or when they permit workers to work from home from home. At times, this can spare organizations cash on the grounds that they don’t need to pay travel costs.
There are several drawbacks of technological use like resistance to change: a new production technology may not be welcomed with open arms. Any type of change can be met with resistance, especially by workers who are comfortable and set in their ways. It also leads to loss of jobs of the people as implementing new technology could mean the loss of jobs, especially when automated processes can perform the same work more cheaply and efficiently than humans. There are also maintenance issues: even after everything is running efficiently, malfunctions may occur on occasion which can only be corrected by specialized men.
In the end the conclusion can be brought out by this famous quote by Jonathon Sacks âTechnology gives us power, but it does not and cannot tell us how to use that power. Thanks to technology, we can instantly communicate across the world, but it still doesn’t help us know what to say.â
Innovation and technology impacted some specific parts of business as well as the practices and state of mind of people and gatherings inside of the association for organisational success. The outcome is that innovation and technology are an association with wide concern. An association can’t separate one unit and say its worry is innovation while whatever is left of the association overlooks such issues. To outline, the versatile wireless mobile phone has turned out to be a great piece of innovation in our lives in the past decade. This mechanical advancement implies that representatives who are “out of the workplace” are not out of contact. Accordingly, people don’t have to go to the workplace as frequently on the grounds that they can check in by phone. While this can spare expenses, specialists in the association may not know one another also and may be less joined with the way of life of the association. Subsequently, procedures must be set up to guarantee that the individual in the field carries on as craved by the firm. This implies chiefs must figure out how to coordinate and deal with these people uniquely in contrast to representatives who are physically not present at the workplace. Thus, administrators must oversee changes in innovation as well as the basic frameworks of the association that utilizes that technology. This expanding intricacy gives chances to creating inventive approaches to achieve work; it likewise makes the requirement for changes in how the firm now operates. As we inspect the administration of innovation and advancement, we have to guarantee that we not just see how innovation is created and development happens additionally the procedures that encompass these exercises in the association. A firm needs to comprehend what innovation it has and how to deal with that innovation in the association and its connection.
Referencing: The Management of Technology and Innovation: A Strategic Approach Margaret A. White and Garry D. Bruton .
Innovation has a crucial part to play in any present day working environment and can have a gigantic effect to the way your business works, and how well your staff does their undertakings. Nowadays, technological vicinity is likewise expected by clients and subsequently is a vital part for organizations. These technologies speed up the process and allow many new ways flexible the work.
Amazon.com which is one of worldâs largest online market place uses great smart innovation strategy. Amazon was one of the first companies to say yes to ecommerce and with that it developed kindle which changed the book publishing style. The firm notes that buyers are currently progressively utilizing PDAs and other cell phones to value shop, lighting up Amazon’s preference on the spot – proposing that point of interest will just develop later on in view of propelling innovation and Amazon’s focused estimating no matter how you look at it. Fast advancing technologies fuel the success and profitability of amazon day by day and no other business competitor like eBay and many more can touch the prices of amazon.com in thousands of products and this is how amazon.com gets the advantages of implanting new innovative technologies in the business. The another example is of flipkart the online Indian marketplace which developed âpingâ the great new feature in their mobile app, which allows the customers to allow the better shopping experience and it allows you to share the product with your friend and family. The other feature they came up with is âimage searchâ which allows the buyers to click the image and search the products related to that. Flipkart is the first company globally to bring out these features which helped the consumer to shop in an easier and better way. There was gigantic increase in the sales after presenting these new technological features and because of these changes there are new promising costumers as well in the market. This is how technology helped the businesses like flipkart and amazon.com in such a way.
Technology has been the biggest advantage of every industry ever since time. Firms which were wise to upgrade the technologies in their operations or product survived with times and continue to lead. But, the firms who thought that they would continue to lead in the market by not changing the technology in their operations and of their products were not able to survive in the market of cut-throat competition. These firms suffered great losses in financial and goodwill terms. Two of the companies who failed to adapt to the new technologies are IBM and MOTOROLA.
IBM in the 20th century was the biggest firm which had a major role in developing and shaping the modern day computers and other electronic devices, such as DNA sequencing computers which are in great use of medicinal purpose. But, IBM failed to adapt to technologies which changed by time and its customers moved towards another manufacturers and service providers. IBM had the opportunity to be a market leader but due to the inactivity of change with time led the company to fall. IBM is still a provider of computer services to large scale firms.
MOTOROLA was the first manufacturer of mobile phones and it had the biggest advantage because of the same. Motorola was the only company at its time to have the most developed technologies in mobile phone industry. Other IT firms were more focused on computer development . Motorola focused on mobile phones. It was the only company that had a product so fresh. Motorola didn’t focus on new mobile phones, while other companies like NOKIA and APPLE took the charge with their new smart phones. It was too late for Motorola to catch up on what it had missed. Today, Motorola mobility is now owned by Chinese tech giant LENOVO.
REFERENCES â” http://m.theregister.co.uk/2012/11/29/rockman_on_motorola/.
In conclusion, it can be said that technology plays a major role in the development of businesses these days. In todayâs modern age, a developing company needs to be abreast of all the latest technologies, and a well-established company needs to modernize itself repeatedly in order to keep up with the competition. Cut-throat competition exists and is one of the biggest dangers to a business enterprise. Technology helps a company expand its horizons â” truly, globalization cannot be achieved without it.
Technology is absolutely imperative in helping managers and employees reach their full potential and it takes away the burden off them a little. This is the main reason why the companies discussed in the first slide have been able to reach their success goals in a short period of time.
...(download the rest of the essay above)