How Technology affects business Essay

1.0 admission applied science is an mendment over what was address up to(p) in the past. People and organic laws ofttimes hear engineering science beca wasting disease it eases tasks and facilitates proceeds. With the appropriate engineering science, complex tasks ar simplified. Man has apply engineering science to turn over previously insurmountable tasks walk on the moon make up test underground babies treat life threatening diseases point weather send nurture crossways the human in seconds, etc. discern Behrsin and peak Twibill emphasize the importance of applied science in backing concern when they put out that,Visionaries much(prenominal) as retail giant Wal-Mart and incumbrance pi wholenesser FedEx lose used applied science not only to clear logistic problems, but to seize naked opportunities, uncovered new channels to market and create new business models they generate forced their competitors to adopt. Wal-Mart looked to engineering to i mprove supply range management and steal a competitive break out into. FedEx looked to the opportunities engineering science finish upered to manage the extent of its outgrowth without denudationing a way to automatize business processes. At the time its SuperTracker manufacture salute a multitudeive $ snow million to develop but the investment funds has paid off many clock over (4).The evolution of engineering often accompanies the invention of machinery which is used to accomplish the requisite task. For instance, advances in information engine room and communion have brought about mobile phones, which ar a de break inure from the fixed lines in the past which be connected by wires. Charles F. MacCormack recalls that,In terms of people impact, engineering science has fundamentally changed the way we do business. cardinal years ago, communications with our field organization was a matter of faxes at best, and much often mail couriers. An exchange of informat ion could literally take weeks to complete forthwith we use email, voice and video conferencing to conduct in minutes (1).In juvenile years, thither have been advances in diverse aspects of technology. However, it is important to state that while technology is often applauded for its many benefits, the phenomenon can in like manner adversely affect businesses. This paper explores this effigy sided nature of technology as it affects businesses.1.2 dissertation statement technology is important to pitying beings crosswise the world because of the many benefits which it presents. In many ways, technology has been used to solve problems facing people in sundry(a) societies. This paper examines the effect of technology on businesses. If it is obvious that technology brings a world of good to the heterogeneous businesses which people atomic number 18 involved in, what atomic number 18 the problems created by technology? In other words, this paper alike explores the ways in wh ich technology adversely affects businesses.1.3 Benefits of technology in business pelt alongIn the setoff place technology is beneficial to business because it revives up the production process. Speed is necessary in business because, when there are more products in a condensed bound of time, proceeds is maximised. In the effect of newspapers, high quicken machines are required to interpret that mass production of the newspapers is attained in the short space of time indoors which the newspapers are guideed. This applies to all other businesses where products select to be produced or assembled for sale. Machinery is important. In bakeries as healthy, technology is necessary because human labor is avoided because of its inefficiency and much of the work is automated. In this case, the automation by machines in any case ensures that hygiene. The efficiency of machines cannot be overemphasized at this point. When compared to human labor, machines offer a high level of efficiency. With the appropriate technology in a bakery, machines can produce more loaves of bread than human effort.Efficiency apart from the production process, technology to a fault ensures speed in another dimension. In assistant delivery, vending machines are important because they pay heed members of the public promptly and avoid the spend a penny up of queues. retire the ordinary coffee berry vending machine. It would take a overnight time if people were served by a waitress. However, the coffee vending machine accepts hard currency and provides the service at the touch of a button. Vending machines are found in banks, under ground train stations, shop malls, etc. Also, it is important to note that automate Teller Machines ( air) are an important technology that is very useful in the banking industry. These atmospheric state have eased the stressed primed(p) on banks by its teeming customers. With the use of ATM, bank customers can enjoy botheration free self servi ce. They only need the attention of bank mental faculty when they have a problem with the machine or if errors are generated by the machine. The technology of the ATM has enabled banks cope with the work load and ensure that they are able to achieve more in a short period of time. In this way B. Ives and S. L. Jarvenpaa note that technology serves to expand business because with the appropriate technology they are able to take more orders and cope with more customers.CompetitionAs businesses strive to beat their rivals and competitors, the technology used by these businesses is often a yardstick for determining attracters in the industry. Take the software industry for instance. Around the world, Microsoft is a leader in the industry because it has the technology that has made it stay there. applied science is also important in the health industry. payable to specialization, approximately hospitals and research centers are famed for the diagnosis and treatment of some speci al diseases. They are leaders in the industry because they have the technology to do so. J. Bakos and M. E. Treacy insist that technology is useful to businesses as they stimulate their competitive strategy.Industry leaders and hidingIn business, the technology which enables one ships company stay in the lead and supra other competitors is often a surface kept secret. This company pull up stakes never share that technology with others because it will exempt its position as a leader in the industry. In medicine, the patents for the manufacture of sure drugs are owned by authentic pharmaceutical companies and they are not will to give it out. Sound technology gives businesses an edge over competitors in the industry.Across bordersAdvances in information technology have ensured that businesses are no longer confined to event countries but are given a chance to be heard across the world. In the light of this, businesses can tense their boundaries to other countries of the wor ld. Furthermore, banks too have taken advantage of information technology by establishing a network of their branches around the world. This facilitates transfers within the bank and also with other banks in the world. Information technology also facilitates electronic commerce, where people can shop on the internet and have the goods sent to them in the post. This is a faceless transaction. In a study, Steve MacFeely and Caitriona Obrien find that the productivity of firms that have e-mail and a website is higher than those who do not. The exotic exchange market as well as the stock market also benefits from information technology. Today distributers in several(a) parts of the world can trade it stock and bonds from their computers in whatever part of the world because they are connected to the Internet.1.4 Dysfunctions of technology on businessRedundantTechnology poses a number of threats to businesses. As a dynamic concept, technology is always changing and improving. In var ious aspects of human endeavor, there is always a drive to find new methods. When this new technology is true and put into use, it renders the previous technology spare and this has far reaching implications on business enterprises which use the outdated technology. In the first place, these businesses face the challenge of catching up with the current technology. This involves a lot of cost. Secondly, the businesses exploitation outmoded technology will publish customers because the newer technology will definitely be more efficient. In the long run the profit of the business will dwindle. The picture taking business is an example of this phenomenon. With the adit of digital photography which ensure instant printing of photographs, old methods of photography have bring to pass very unpopular.Extra costTechnology places extra cost on businesses. With the introduction of technology, businesses which want to keep abreast with it need to spend money to train staff on the use of the new technology. Technology often requires special training. The other selection is to employ professionals who are versed in the processes of the new technology. Employing these kinds of professionals also places a business line on the resources of the business. Businesses that want to stay rudderless need to keep up with the trends in the industry and this is one of such- but it has repelling cost implications.UnemploymentTechnology often causes forceful change and cause unemployment. With appropriate machines occasioned by technology, many employees are laid off work. This was a feature of the industrial revolution. However, the alike(p) situation applies here with the introduction of new technology. The entire idea of technology is to improve production using machines that minimize cost but in the end maximize profit. Also, there is the notion of novelty affiliated to technology. Thus the inefficiency associated with human labor is eliminated. helping deliveryIn some c ases technology is not able to deliver the benefits which are expected. Managers in various organizations may have high expectation of technology. However, it is not able to delive in many cases. Mark Behrsin and Bill Twibill write that,It is witnessable that businesses have watch over to distrust technology. There are roughly constant reports detailing the number of technology -related projects that have failed to meet expectations. Recent research from KPMG suggests that 56 percent of publicly-listed firms have had to write off at least one technology project in the operate five years as a failure (4).1.5 ConclusionTechnology is essential in business but it presents some problems to businesses as well. When managers in various organizations understand these dynamics, they will succeed in their various endeavors.