Trends and Impacts of Technologies in Business

Question 1

What are the impact of technological changes in business activity?

Answer 1

1. Impact on Operating Costs
2. Securing Sensitive Information
3. Improved Communication Process
4. Increased Employee Productivity
5. Broaden Customer Bases
6. Collaboration and Outsourcing

Question 2

What is the impact of technological changes in operating costs?

Answer 2

Small business owners can use technology to reduce business costs. Basic enterprise software enables a firm to automate back office functions, such as record keeping, accounting and payroll. Mobile tech allows home offices and field reps to interact in real time

Question 3

What is the impact of technological changes in securing sensitive information?

Answer 3

Business owners can also use technology to create secure environments for maintaining sensitive business or consumer information. Many types of business technology or software programs are user-friendly and allow business owners with only minor backgrounds in information technology to make the most of their tools and features.

Question 4

What is the impact of technological changes in improved communication process?

Answer 4

Business technology helps small businesses improve their communication processes. Using several types of information technology communication methods enable companies to saturate the economic market with their message. Companies may also receive more consumer feedback through these electronic communication methods. Technology also improves inter-office communication as well

Question 5

What is the impact of technological changes in increased employee productivity?

Answer 5

Computer programs and business software usually allow employees to process more information than manual methods. Business owners can also implement business technology to reduce the amount of human labor in business functions. This allows small businesses to avoid paying labor costs along with employee benefits. Business owners may also choose to expand operations using technology rather than employees if the technology will provide better production output.

Question 6

What is the impact of technological changes in broadening customer bases?

Answer 6

Technology allows small businesses to reach new economic markets. Rather than just selling consumer goods or services in the local market, small businesses can reach regional, national and international markets. Retail websites are the most common way small businesses sell products in several different economic markets. Websites represent a low-cost option that consumers can access 24/7 when needing to purchase goods or services. Small business owners can also use internet advertising to reach new markets and customers through carefully placed web banners or ads.

Question 7

What is the impact of technological changes in collaboration and outsourcing?

Answer 7

Business technology allows companies to outsource business functions to other businesses in the national and international business environment. Outsourcing can help companies lower costs and focus on completing the business function they do best. Technical support and customer service are two common function companies outsource. Small business owners may consider outsourcing some operations if they do not have the proper facilities or available manpower. Outsourcing technology also allows businesses to outsource function to the least expensive areas possible, including foreign countries.

Question 8

What are the business benefits of Information Technology?

Answer 8

1. Benefits to Communication
2. Improved Workplace Efficiency
3. Competitive Advantage over Rivals
4. Cost Reduction and Economic Efficiencies

Question 9

What are business benefits of information technology to communication?

Answer 9

Rapid communications can help increase productivity, allow for better business decision-making and ease a company’s expansion into new territories or countries. Email servers, routers, internal company billboards and chat services can serve as the backbone of a company’s communications. These electronically based communication systems are used to disseminate routine and critical business information in a quick and efficient manner. IT equipment can be used to send business status reports to executives, to update employees on critical business projects and to connect with business partners and customers.

Question 10

What are business benefits of Information Technology on Improved Workplace Efficiency?

Answer 10

Streamlined work flow systems, shared storage and collaborative work spaces can increase efficiency in a business and allow employees to process a greater level of work in a shorter period of time. Information technology systems can be used to automate routine tasks, to make data analysis easier and to store data in a manner that can easily be retrieved for future use. Technology can also be used to answer customer questions through email, in a real-time chat session or through a telephone routing system that connects a customer to an available customer service agent.

Question 11

What are business benefits of Information Technology on Competitive Advantage over Rivals

Answer 11

Adoption of information technology resources allows companies to maintain a competitive advantage over their rivals. Companies using a first-movers strategy can use information technology to create new products, distance their products from the existing market or enhance their customer services. Companies that follow a low-cost product strategy can look to information technology solutions to reduce their costs through increased productivity and reduced need for employee overhead. Businesses can also build-in information technology to their products that makes it difficult for customers to switch platforms or products.

Question 12

What are business benefits of Information Technology on Cost Reduction and Economic Efficiencies

Answer 12

Companies can harness information technology resources to lower their costs. Using IT infrastructure, redundant tasks can be centralized at one location. For example, a large company could centralize their payroll function at one location to lower employee costs.
Economic efficiencies can also be realized by migrating high-cost functions into an online environment. Companies can offer email support for customers that may have a lower cost than a live customer support call. Cost savings could also be found through outsourcing opportunities, remote work options and lower-cost communication options.

Question 13

What are the disadvantages of technologies

Answer 13

1. Privacy Concerns
2. Health Implications
3. Social Disconnect
4. Addiction
5. Job Displacement
6. Ethical Dilemmas

Question 14

How does technology make a disadvantage on privacy?

Answer 14

The digital age has raised significant privacy concerns. With the collection and storage of vast amounts of personal data, there is an increased risk of unauthorized access, data breaches, identity theft, and surveillance. Individuals may feel a loss of control over their personal information

Question 15

How does technology make a disadvantage on Health

Answer 15

Extended screen time and sedentary lifestyles associated with technology usage can lead to various health problems. Eye strain, sleep disturbances, musculoskeletal disorders, and obesity are just a few of the adverse health effects attributed to excessive technology use.

Question 16

How does technology make a disadvantage on Socialization?

Answer 16

Paradoxically, while technology promises enhanced connectivity, it can also contribute to a sense of social disconnection. Spending excessive time on digital platforms may replace face-to-face interactions, impacting the development of meaningful relationships and reducing empathy and emotional intelligence.

Question 17

How does technology make a disadvantage on Addiction

Answer 17

People have started to rely more on Internet technology in their daily lives in a 21st-century society. Humans have been addicted to digital devices and devices like cell phones, laptops, video games, computers, etc., which has made us increasingly sluggish.

Question 18

How does technology make a disadvantage on Jobs?

Answer 18

Technological advancements, such as automation and artificial intelligence, have the potential to replace human workers in certain industries. This can lead to job displacement and unemployment, particularly for those in manual or repetitive jobs that can be automated. It’s a reduction in demand due to technological advancements.

Question 19

How does technology make a disadvantage on Ethical Dilemmas?

Answer 19

As technology advances, ethical dilemmas arise. Issues such as data privacy, algorithmic biases, and the development of autonomous weapons raise questions about the responsible and ethical use of technology.