Unit 9.3 Use Of Technology Flashcards
Digital technology for innovation disadvantages (3)
Expensive, time consuming
Risk of failure
Problems can be hard to sort out with tech e.g bugs etc can harm brand
Digital tech in production pros cons and example
Can improve quality, efficiency etc e.g 3D printing, software developments, easier to track inventory etc, more machines save wages
Cost-is it profitable, training etc
Time
Resistance
4 types
E-commerce, data mining, big data, enterprise resource planning
E-commerce pros cons
Selling goods and services online
No store costs
Reach wider market, even internationally
Sell directly, no intermediary costs
- easier to compare reviews/prices, more competition
- people may want to see goods in person
Big data and eval
Volume of data that can be accessed from tech. Can be analysed by specialised software to spot correlation and trends.
Specialist software is expensive, alternatively may outsource marketing analysis to a specialist company
Use of data mining and how it can benefit each department
Make sense of information on consumers and the market to the functional areas of business. E.g R&D can use info to develop new products, marketing can use to make informed decisions on marketing mix, finance can use for forecasting
Basically how consumers info can benefit all functions
Enterprise resource planning and how it helps each department (3)
Software that monitors activities in every department to integrate them.
E.g help HR track work rates and productivity
Finance department can use previous data on budget
Marketing department can use to track sales before and after promotion
Operations department can track stock levels, distribution networks and productivity etc
Enterprise Resource Planning benefits
Better control of cash flow Supply chain-streamlined purchasing Customer service improves HR-attract retain employees Coordinates functions
