2.1 Technology Flashcards
How has ICT been beneficial for businesses
ICT - Information and Communication technology
This allows businesses to communicate with it’s stakeholders and other branches of the business better and faster.
Businesses can also start a website which can be a cheep way of advertising and a way of sending notices.
How has technology effected the location of employees?
Employees can be more spread out as they can work online.
How has technology effected low skill jobs?
Advancements in ICT has lead many UK businesses have relocated there call centres to country’s with lower minimum wages. This leads to more profit.
However more advancements has lead to some businesses to use software robots instead of paying humans to do the work. This would lead to more profit for the business.
How has advancements in technology effected how businesses analyse data?
Businesses can now collect more data and analyse it faster using software. This leads to more targeted and advertisement and could lead to more sales for the business.
What is a E commerce
What is a M commerce
The act of buying a product through an electronic system
The act of buying a product from a wireless handheld device such as a Mobile phone
How do E and M commerce benefit businesses?
They can sell to a wider market
They can lead to easy growth of the business
It allows small businesses to target an international or national audience and is cheep to advise online
What is digital communication?
The use of the internet to communicate with other people.
Texts
Emails
Discord
…
Why is digital communication good for a business?
It will lead to faster decisions from the head office
It is easy to ask questions if instructions arn’t understood
It can allow a business to decentralise more as the “head office” can always meet online on a website like zoom or Skype.
How is social media beneficial of a businesses
It is an easy way to advertise
You can connect with customers
It is easy to respond to feedback
It is easy to announce new products / notices
What are the disadvantages of technology and social media?
It can be hacked and things could be leaked
Someone could make a mistake which could lead to bad publicity for the business
How does advancements in technology effected the relationship between businesses and it’s suppliers?
Communication is easier.
Many business have software that automatically re orders stock when it gets low. This means that businesses can hold less stock and reduce land costs from storage.
How many managers use more data to make profit?
Managers may look at data recorded to see which shops are visited more and which products are bought more often. If this is happening online the manager may also be able to see if they are repeat customers.
This can allow managers to shut down shops which are loosing money or buy more shops in areas that are likely to enjoy a product more.
Eg look at the age of people in areas to find out where would be a good place to open a new gym
How can technology increase relations with a business and its shareholders or stakeholders?
They can hold online meetings which will be easier for stakeholders to go to. This might lead to more attendance and a more effective meeting.
