306 Technological Factors Flashcards
what are some examples of technology in businesses?
automation via robotics, contactless card payments, automatic restocking, social media, google software, AI.
what are some strengths of technology to businesses?
less mistakes made.
increased efficiency.
lower labour costs.
may make communication easier.
may make employees job easier.
makes location less important.
what are some drawbacks of technology to a business?
cost of installation.
may lose customers.
staff may feel less secure.
target market.
will efficiency actually increase.
big disruption when it breaks.
how can technology benefit customers?
less mistakes made.
quicker service.
how can technology limit customers?
slower services if it breaks.
increased price.
may not like technology as its less personal.
how can technology benefit managers?
can replaces boring admin tasks.
less staff to manage.
makes communication easier.
how can technology limit managers?
may be hard to train employees on something they aren’t that confident using.
increased stress if tech fails.
how can technology benefit employees?
can make their job easier.
remote working.
how can technology limit employees?
may feel as though they’re going to be replaced by tech.
increased stress when things fail.
how can technology benefit shareholders?
lower long term costs as less wages paid.
business more efficient.
how can technology limit shareholders?
huge short term cost.
if it fails, losses made.
how can technology benefit trade unions?
more active due to communication.
makes jobs easier.
how can technology limit trade unions?
redundancies are made
stress if it fails.
what factors can affect the impact of technology?
size of business
competitiveness of market
cost/lifespan of technology
type of product
