Technological Advancements Impact On Business Growth And Development

elucidating the need for the new technology, the boundaries within which the employees will have to

Innovation and innovation strategies are critical to keeping companies competitive in their chosen fields of endeavor. Consumers benefit significantly from the availability of and access to the latest in technology. This paper

Still, technology has its own undesirable consequences. It has created forms of dependence in the world, in that its failure, can affect productivity in all areas, in so doing creating decreased morale. Employees are get lazier in doing their everyday tasks, especially when there is no help with technological support. Although the advances have some positive impacts, its usage must be continually monitored to ensure it does not affect the employee’s job performance.

The current business world is continually integrating technology into daily processes at a rapidly growing rate. The integration is having a major impact on the way that people within corporations accomplish their jobs and as such it is of significant interest as an area of study. The focus that was chosen was to attempt to gain an understanding of the issues and affects that new technology is having on a larger business via an interview with someone in either middle of upper management.

Disruptive technology is a new way of doing something that initially does not meet the needs of existing customers. This type of technology tends to open new markets and destroy old ones. While, a sustaining technology produces an improved product that customers are eager to buy. This technology provides better, faster and cheaper products on established markets.

Also the implementation of new technological system can create conflicts and demonization among employees, if it is not managed properly and if full support and training is not offered, in order to accommodate the change taking place.

Our world is constantly in flux and change is a permanent feature of the environment for workers as well as organizations. Rapidly changing technological capabilities as well as advances have radically changed the nature of work and communication over the last 150 years. The average office or retail clerk would find many of the changes in how business is conducted from the early 20th century to today almost incomprehensible. Furthermore, rapid cultural changes and expectations have also changed how we interact and what our expectations are. In order for organizations to remain relevant in today’s business environment they must be able to adapt quickly to the changing needs of their customers as well as identify and implement appropriate technological advances to the their business strategy and model. Accomplishing these changes effectively requires that organizations implement these changes in a manner that achieves employee or associate, buy in and support. Walmart is currently in the midst of a major roll out of new technology, as well as significant process changes. These changes are in response to technological advances, and customer expectations. Successful implementation of these programs will improve the company’s position relative to competitors as well as in the eyes of consumers.

Over the years, technology has become a major part for a business and for an individual as well. Technology has become so advance that it has made a major effect for the staff as well as for the customers. New technology has helped in many areas such as data and information storage, advertising, transportation and communication.

Furthermore, the true significance of disruptive technology even in Christensen's conception of it is not its displacing of established products. Rather, it is a great means for enlarging and broadening markets and providing new functionality. And according to Utterbacks’ explanation: “The degree to which the market was expanded by the innovation seemed to be the strongest factor favouring new entrants”, a possible conclusion might be that this leads to a never-ending circle.

Incremental innovations are small modifications process and products that already exists Incremental innovations often go unnoticed but they can accumulate over a period of time. Radical innovations are sporadic events that have the ability to drastically change a process or a product. To have a pervasive effect in the economic system a collection of innovations is needed. Changes of technology system are widespread and they impact different parts of the economy in addition to the creation of new sectors. Changes in the techno-economic paradigm: are massive changes that are represented in new systems of

Frequently, organizational leaders introduce technology as a method to improve overall performance (Kapoor & Lee, 2013; Yukl, 2013). Technological changes are often seen in areas such as information systems, inventory and order processing, sales, and workstations. Although technology may be necessary for an organization to remain competitive, without modifications to the roles, attitudes, and values held by members of the organization the introduction of technology can be challenging and offer limited success (Kapoor & Lee, 2013; Yukl, 2013).

The impact of computer technology in the workplace has been enormous within the past decade, both positive and negative. Distant communication through the use of computers and mobile devices have overhauled the office setting completely. Email, social networking sites and the world of the Internet have opened a whole new avenue of communication. Technology has changed the entire workplace environment, the relationships, and how things get done.

My company has recently transits to electronic Technology is being used almost in every department . It has changed the way we work and has brought fun at work, it also reduces human errors, which can be caused by too much work or stress

Change is rarely, if ever, an easy process, especially within an organization. The term “technology” has been used by economists, managers, consultants, and business analysts to describe machinery and equipment

Technology has many impacts on employees and their skills because it could depend on whether they retain their jobs by learning new skills or be substituted with machines and robots. As technology changes over time, employees need to gain new skills to make better and more efficient use of the updated technology and equipment.