The Impact of Technological Advancement on the Business Environment (Research Paper Sample)
the task was about THE impact of TECHNOLOGICAL advancement in the business environment. How computers are used in business communication and also how the technology HAS changed the WORLD business ENVIRONMENT. technology HAS made the business to be easier hence REDUCING costs like MAINTENANCE paying of SALARY to some employees who have been replaced by technology gadgets.
computers have changed HUMANS like when the work of processing and manufacturing is computerized no employees ARE needed. computers in places like banking have TO EASE the work since thre is speed no delays in bank services hence facilitating good business flow. computers have IMPROVED business products and services by easily and QUICKLY delivered. this sample is ABOUT how TECHNOLOGY HAS helped in the growth of business.
The Impact of Technological Advancement on the Business Environment
Technology is the application of scientific principles and knowledge. In the SR and ED glossary, technology though it occurs in physical form, is not a physical entity. It shows how products and devices carry scientific facts and principles. More to this, technological advancement is the creation of information or the invention and discoveries of knowledge that facilitates understanding technology. With the rise in inventions and findings in the 21st century, technological advancement has become an extension of the underlying science that applies to developing devices and products (Morkunas et al., 2019). With this, the advancement has led to a bunch of impacts on business environments. The consequences are either negative or positive and have got substantial results. This paper will address the positive and negative effects of technological advancement on the economy, employees, customers, suppliers
The Economic Environment
The main economic element that benefits and suffers from technological advancement in banking.
Positive Impacts of Technological Advancement on the Banking Sector
First, technological advancement has given birth to digitalization. That is the conversion of information into useful formats using technology. Notably, banks have managed to transform manual processes, activities, and transactions to fit digital services through digitalization. The advantage is that it cuts human error and establishes customer loyalty (Cocco et al., 2017). Consequently, it makes customer operations convenient and so saves much banking time. That increases the number of customers under service and the revenues as a result. Therefore, the business of concern can the impact of technological advancement on the banking system in which it operates.
Besides, the fast speed facilitated by digitalization makes the banking system more reliable. That makes the keeping and retrieval of records and documents easier and more efficient in the banking system.
Additionally, the computerization associated with the technological advancement in the banking system develops the core banking system. In this, all the branches of a particular bank get connection to one common data center. Besides, the units find interconnections among themselves independent of the centralized data.
In addition, the advancement has enabled banks to develop unstructured supplementary service data to facilitate mobile banking and help people who cannot access banks physically or who don't have a proper internet connection. The USSDs also reduce unnecessary time consumption since people can access their accounts and perform transactions at their most efficient status without physically visiting the bank (Duhaylongsod and Giovanni, 2018). Again, next, computerization has led to transparent transactions in the banking system. That happens through double authentication and strong passwords, which cut fraudulent behaviors in the system.
The most detrimental impact of technological advancement in the banking sector is the replacement of workers with machines which sees the employees losing their jobs. The automation associated with the increased use of devices like the Automatic Teller Machine and even mobile banking has cut several people from their jobs, leading to massive unemployment (Howell et al., 2018). That makes technology more harmful than helpful a times in the banking sector.
Finally, there is a great risk of cyber-attack, which causes loopholes in the banking systems leading to loss or malicious manipulation of data in the plans.
Technological advancement has a great impact on a business' customer behaviors. Like in the banking sector, technological advancement has both positive and negative effects on customers.
First, customers take pleasure in the improved business products and services that come with computerization. Notably, any business firm that invests in technology must develop its products and services more easily and quickly delivered. That attracts the attention of customers, and as a result, the purpose is to buy more of the products and trap more of the services (Hosseini and Behboudi, 2017). That increases the demand for the products and services of the firm, and as a result, there is a measure of a corresponding decrease in the demand for the products. The idea here summarizes that technological advancement leads to increased consumption of a firm's products by customers.
On another note, technological advancement earns an organization's respect. That happens due to the consumer mindset that all technologically advanced companies are financially stable (Ghadimi et al., 2019). Therefore, the customers automatically get the attraction to the company and its products, and subsequently, they consume more.
Nevertheless, technological advancements are positively impactful on the customers and their behavior; they also have many side effects. Notably, some customers may lack the understanding of the new ways of operations that could have accompanied the technological developments. For example, customers' use of new machines in applying for their services could not be easy. Besides, it would be challenging to know the dedicated websites and distinguish them from the fraudulent ones. For example, many bus companies have introduced online booking platforms to book their preferred seats (Buhalis et al., 2019). However, some people create fake sites through which some customers make the booking only to realize that they have been stolen. That tells that technology has times done more harm than good to customers.
Due to increased technological advancement, consumption rates of products have shot in many firms. Due to this, supply fall, and suppliers have to keep going back to the drawing board. With a little relaxing at their work, they risk completely falling back to the swinging board (Hamilton and Webster, 2018). Due to this, they have to keep working hard to bring more raw materials or goods, and at times, they have to challenge themselves to develop their interests to conform to the technological requirements of the firm.
From another viewpoint, technological advancement may completely wipe out suppliers who cannot cope up with the new technical standards of their clients. What happens when the suppliers cannot produce technologically enabled products or products that can fit into the systems of their clients (Haseeb et al., 2019). Due to this, contracts end, and the relationships between the firms and the suppliers find their termination.
Finally, employees have a great position in the internal environment of a business firm, and they face impacts from technological advancements as much as any other element of a business environment. The advantage would be that computerization makes employees' work easier since work can pass through software programs that do work quickly. Due to this, they can do multiple tasks at a time, making the firm more productive. On the negative, the installation of machines and the increa
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