Technology

It can come as an important tool within the company, improving the operations and functions or it can be the very reason why a company exists. Such is the scale of impact of technology on business. Heads of companies are on constant lookout for updates and developments in the technological environment. This helps them not just to improve the efficiency of the way the organization works but to be aware of the transformational phase and come up with groundbreaking strategies to drive growth. Management students during their academic course are thought how technological environment can influence business environment. This write-up tries to provide few instances and helps readers realize how technology constantly transforms businesses.

New Technology – New Products – New Business

During the 1990s, the world of photography started to see a shift from film photography to digital photography. Three big names in the field of film photography then were Fujifilm, Konica and Kodak. The change in technology affected these businesses greatly. Experts state that Fujifilm was more successful in adapting to the new digital technology and today it manufactures digital cameras and lenses. Though Kodak manufactured digital cameras during the 90s and 2000s it did not see great success and now it has joined hands with Flexitronics to stay in the domain. Konica on the other-hand got merged to Minolta in 2003. Today, the company is into manufacturing printers and copiers. This is a wonderful example of how technology can impact the very existence of the business.

Technology Transforming Operations

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.

Technology Helps Develop Business Strategies

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.

Experts and researchers who have worked extensively trying to know the nature and extent of impact technology can have over business state that technology has disrupted business models and changed the fundamental principles. Gone are those days where companies could stick to decades old model and they have their share of customers in the market. Today, companies are working towards aligning themselves with the new-age technology. While some organizations have been successful in leveraging on technological development to grow in the market, to some businesses it has been challenging to adapt to the changes. Technology and globalization has made its impact on business of all scales. Management professionals have come out of the traditional path of using logical methods for planning and are on continuous look out for new ways to help align themselves with the market changes and get the best for their business.