Tech Advancements: Enhancing Business Value Assignment

BM 565 Digital Business & New Technologies Assignment

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Introduction - BM 565 Digital Business & New Technologies

Digital up gradations have been able to modify the ultimate way of organisations making business by allowing them to transform their actions and to invent value prepositions. Therefore, the implementation of the latest technologies in the performance of the business has been proved to be extremely accommodating through increasing business revenue and on the matter of advertising in an extended manner. It is indeed true to the fact that technological advancements are frequently escalating which has generated a particular necessity in the case of the contemporary business to successfully meet the terms along within a number of technologies in order to develop working efficiencies and superiority (Bharadwaj et al., 2013). It has been observed in an extensive manner that the fulfillment of customers has been considered as the major precedence for business which must be preserved through utilising social media platforms. Social media has been proved to be accommodating in providing enhanced customer experiences.

The current report will emphasize the function of present and future technologies in the business culture. By evaluating this topic, the report will be able to illustrate how business has been immensely influenced by technological advancements. Therefore, it will also demonstrate the implication of digital and new technologies in an ever-changing international business environment and its harmful impact on the business.

2. Critical evaluation of the function of present and future technologies in the business culture

The implementation of effective technological advancements has been responsible for improvising the way of conducting business and increasing working efficiency in an effective manner. The following context will discuss the function of present and future technologies in the business culture along with their significant impact.

2.1 The function of technologies in the present business environment

These are the following functions of technology in modern business:

Improving Communication

Technology has been able to simplify the way of communication in multiple ways. In terms of rapid communication, it can facilitate the fact of enhancing efficiency, allocate for improved business decision-making along within focusing on the alleviating a continuous expansion of a particular company into new regions or countries (Akram and Kumar, 2017). Internal company billboards, email servers, routers, and chat services might be accommodating in supplying as the ultimate backbone of a communication program of a company (Haseeb et al., 2019). The utilisation of IT equipment has been proved to be exceedingly beneficial in the business environment in order to deliver business position reports to executives, to inform employees on decisive business projects along within associating with business customers and partners (Jain and Yadav, 2017).

Cost Reduction and Economic Efficiencies

Through exploiting relevant technologies for business might be advantageous in the process of cost reduction and to sustain financial efficiency (Cascio and Montealegre, 2016). It has been observed in an extensive manner that several internationally recognised companies implement IT infrastructure in order to do superfluous tasks which will be centralised in a particular place. Therefore, Economic productivity can also be comprehended by means of transferring elevated-cost functions during the time of an online environment. Consequently, Cost savings might also be possible in the meantime of outsourcing prospects, lower-cost communication options, and inaccessible work alternatives (Haseeb et al., 2019).

Streamlines Decision Making

The procedure of decision-making of any business has been considered as the foremost part as it is the responsible factor for deciding whether the business will improve or not. Technological improvement might benefit in maintaining track of consumer and market records (Jain and Yadav, 2017). In fact, Technology in the appearance of business applications software makes possibilities of error-free exposure. Therefore, technology has been proved to be advantageous in detaining critical data and facilitates a business in order to perceive its feeble areas, along with within verifying significant ways to organise consequently.

Protecting responsive Information

In order to safeguard sensitive information, business owners are now utilising technology for creating a secure environment. Regarding the fact of security risk and misuse of information multiple companies started implementing security consultants in order to avoid cyber attacks (Haseeb et al., 2019). A lot of business technology or software programs have been considered as accessible and allocated business proprietors with only negligible surroundings in data technology in order to formulate the most of their utensils and characteristics (Cascio and Montealegre, 2016).

2.2 The function of technologies in the future business environment

The process of Technological change has fallen in the category of advancing in the progression of generating products or improvising services. It is indeed true that Businesses already take on lots of changes that completely customized the way a number of tasks are being processed through implementing effective technology. It is indeed true that the inclinations which take place in business during the time will have an unswerving influence on the prosperity of companies. However, the utilisations of technology have several negative impacts on obtaining the organisational success of the company (Kapoor et al., 2018). 

Latest back-office and HR technology features

In terms of future expansion, Executives can now be dependent on specific software programs which have been proved to be exceedingly accommodating in putting in order the data they required to maintain the business operating. These are the following characteristics that business proprietors must make use of seeing as the technological detonation ensued:

• Handling client invoicing better: The procedure of client invoicing repeatedly engages within permissible concerns, subsequently it’s most exceptional in order to tackle them through technological advancements rather than manually (Wæraas and Dahle, 2020). It is indeed true that streamlining expenses and improving costs has on no account been subsequently simple, the implementation of technology will facilitate in mitigating the problems regarding the topic.
• Having all expenses in one single place: Identifying mileage might be a disturbing fact in case of the operating cost has not been accumulated appropriately (Teru, Idoko and Bello, 2019). As a matter of fact, consisting of the business proceeds in a particular area merely and repeatedly in order to connive the mileage or the taxes depended on the relevant proceeds might be helpful in diminishing inaccuracy and decreasing spending of time on carrying out these specific tasks.
• Storing documents in the clouds: In terms of keeping the pace of businesses necessitates hard copies of their credentials (Jain and Ranjan, 2020). Contemporary businesses consist of the ability to accumulate all their imperative credentials in the cloud. In view of the fact that cyber security enhanced the fact noticeably in the previous years, no need to worry about these facts.
• All-time Access: Regarding the fact of future expansion in business, every business requires having the capability of consisting the 24/7 access in order to increase the efficiency in business (Wæraas and Dahle, 2020). The foremost factor regarding the information that they will be able to admittance compound databases on the distance of the comfort by staying at their residence, devoid of being obligatory to go to the workplace in order to formulate a most important modification or launching a particular report is possibly the leading advantage of among them all (Kapoor et al., 2018).

The negative impact of technological advancements in the upcoming future

It has been observed that emerging technologies are foremost to the transformation of work along within responsible for decreasing the rate of human resources from work. Regarding the fact of digital transformation of work, employees have to be most skillful in adopting these technologies and require the ability to perform well. For example, during the time of installing ATMs, the number of bank tellers declined from 20 to 13 per branch (Haseeb et al., 2019). Therefore, it has been observed that the significant influence of technology demonstrates the slow reduction of professional work leaving a modest function for humans.

3. Illustration and consideration of the implication of digital and new technologies in an ever-changing international business environment and the confronts these present to managers

For the past few decades, the excessive utilisation of modern technologies such as artificial intelligence, cloud computing, and automation has been considered as the leading factor for the significant modifications of the business.

3.1 The implication of digital and new technologies in an ever-changing international business environment

Here are the discussions of some latest technologies in an ever-changing international business environment:

The emergence of drone technology

The increasing rate of drone technologies from extremely exclusive tech tools to reasonably priced entertaining quests in case of filming, live coverage, photography, and more have occurred fast. Just a few years ago, Amazon Prime exposed what lots of predictable to turn out to be the future of manufactured goods delivery (Jain and Ranjan, 2020). It is indeed true that miniature drones are competent in moving up to two kilograms worth of cargo, flaunted to have foodstuffs to customers in a very rapid manner or less if they live close to an allocation center.

Digitalization of business strategies to stay competitive

It is indeed true that the formulation of digital production approaches consists of the particular intend of services and products along with within their inoperability along within other corresponding proposals, and their consumption as goods and services by means of intriguing improvements of digital possessions (Nadkarni and Prügl, 2021). Numerous business firms are starting to perceive the authority of digital income in order to generate new-fangled IT potentials and expertise in new approaches on the basis of innovative products and services (Jain and Ranjan, 2020). For an instant, the recent web service present on the cloud which has been proved to be accommodating considerably is increasing the strategy of a distinctive online seller through the procedure of encircling cloud computing services as a major component digital resource (Manida and Ganeshan, 2021).

Furthermore, the corporate scope of Amazon regarding the fact of e-retailing and web services have been measured a disparate assortment under the established approach conceptualisation due to the matter of the detachment between these two specific business lines within Amazon. making out and recording the fundamental relations among e-transaction along within the ultimate purpose of hardware (Kindle) and web services (AWS) necessitate an additional nuanced consideration of the outcome of the digital technologies rather than basically calculating distances dependent on the fact of on SIC-codes along within business categorisation (Nadkarni and Prügl, 2021). Consequently, the company portfolio of Amazon possibly will be erroneously distinguished as unconnected at the same time as we can without difficulty observe the associated association between the component parts.

The implications of robotics system and concerns of managers

 It has been observed that the purpose of exploiting the robotics system not only facilitates organisational social system but also a social actor in the particular system. Regarding the fact of modern technology, the implication of robots has taken the cover of the human place (Khan, Siddique and Lee, 2020). In terms cobots, (coworker robots) basically, enter the workplace as effective employees and possess the ability to work efficiently (Lamberton, Brigo and Hoy, 2017). It is indeed true that the implications of robots might be a problematic situation for the employees. Therefore, the extra apprehension that managers are obliged to encounter, explicitly, that workers are considering robots as their ultimate opponents regarding jobs and will definitely fight their installation (Ivanov, 2017). In the case of employees who stay, robots might be able to undoubtedly expand their potentials, but the panic of losing jobs is true.

As an example, four people include the whole staff of Fanuc Corporation’s 86,000-ft2 factory in Oshino, Japan, the place of manufacturing industrial robots (Ivanov, 2017). It has been observed extensively, the norm amount of permanent employees in the finance sectors of large industries was found to be reduced by approximately 40%, from 119 to just about 71 people for every $1 billion of proceeds, between 2004 and 2015. Robotics might be an intimidating factor for employees in every working sector. However, some robots are found to be against relocating humans from workplaces (Share and Pender, 2018). For an instant, the implications of the Kiva robot by Amazon have been proved to be exceedingly accommodating in devising to dash transversely outsized warehouses, enticing racks of prearranged merchandise along within conveying the goods to humans that enclose the orders.

Conclusion

This chapter aims to investigate the various aspects of Digital Business & New Technologies. The present report demonstrates that technological advancements are exceedingly important in assisting and simplifying the way companies operate their work. Adaptation of modern technology has been proved to be accommodating for a company to continue ahead in the global marketplace as it has been measured as the leading confront in the case of any company as the opposition is ferocious and market atmosphere also has been transformed in a rapid manner. As a matter of fact, Technology facilitates businesses in order to remain with the altering market. 

Information and interacting technologies have the ability to influence our lives considerably and the living culture of the present generation and consequently the conclusion that this technology consists of an immense collision on the managerial background along within companies. However, the implications of technology will have a negative impact as it leads to the loss of jobs. Still, the optimal utilisation of technological advancements might be accommodating in gaining organisational success.

References

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