The digital revolution✔️

Question 1

What is meant by digital revolution?

Answer 1

The advancement in technology from analog and mechanical devises to the digital technology that is available today

Question 2

The impact and importance of the information age on a business

Answer 2

For businesses it means that consumer profiles and targeted advertising are more effective than ever before.

Question 3

Opportunities that have arisen for a business due to the digital revolution

Answer 3

• reduced costs (advertising etc)
• improved product/service quality
• drives growth
• improves the customer experience
• enhances company culture
• drives sustainability efforts
• improvement in collaboration between functions

Question 4

Why some businesses are more affected than others by the digital revolution

Answer 4

• instant communication
• content overload
• too much information/data
• demands transparency
• creates close connection between consumer & business
• influence from “influencers”
• complicated nature of technology
• forceful encouragement of innovation
• ## made brands a part of life

Question 5

Advantages to a business and its stakeholders of rapid technology change.

Answer 5

• ease of communication
• more efficient manufacturing techniques
• less wastage
• more efficient stock management/ordering systems
• ability to develop/innovate approaches
• much more efficient marketing
• new sales platforms

Question 6

threats that have arisen for a business due to the digital revolution

Answer 6

• cybersecurity risks
• workforce risks
• Harsher enforcement of laws/regulations
• autonomy risks
• technology may become to advanced for the business
• resilience to change risks

Question 7

Disadvantages to a business and its stakeholders of rapid technology change.

Answer 7

• increased dependency on technology
• large sunk costs involved with technology
• goes out of date very quickly (6-18 months)
• increased risks of job cuts
• closure of high street stores in favour of online sales
• security risks in relation to how data is handled/fraud
• requires regular updates
• can go down/have faults (may hault production/sales processes)