The technological shifts. Management Essay Research

Essay Questions
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Essay Questions
Question 1
The technological shifts in today’s business environment have brought about significant repercussions to major stakeholders, including businesses, consumers, and society. The consequences of technological advancements are both positive and negative and it is therefore important for the stakeholders to understand the risks and consequently put in place measures to manage them. This essay examines the impact of technological shifts and how stakeholders can manage the risks that come with it.
The technological shifts present in today’s environment promise key benefits for businesses, consumers, and the society at large. According to Chao and Chandra (2012, pp.114), technology helps businesses enhance their operational efficiency that in turn drives growth. A key benefit that technological shifts promise businesses is an improvement in the efficiency of operations. The technological changes promise businesses faster data processing and information retrieval. Generally, technological shifts promise a better way of doing business and can thus increase a company’s competitive advantage. For example, a firm that integrates sophisticated technologies in its supply chain can deliver products to the customer faster compared to competitors. Consumers are perhaps the major beneficiaries of technological shifts — advances in technology drive competition, which consequently leads to more choices and better prices for the consumer. Consumers can easily switch to products of better quality that are offered at competitive prices. Shifts in technology also promise consumers more information about a company and its products. As a result of technological changes, consumers can now search online for information about a company’s practices, ethics, and ways of doing business. Consumers can also search for key product features over the internet. These pieces of information are available over the internet and can affect to a great extent the purchase decision of the consumer. Shifts in technology promise the society significant benefits including better transportation, quicker communication, faster access to information, and better quality of goods and services. Technological shifts create competition in different industries, and the result is improved products and services, which the broader society derives significant benefits from. For example, technological advances have made the world a global village, and now people can communicate with others on the different part of the planet instantaneously. It is evident, therefore, that shifts it technology promises significant benefits for businesses, consumers, and society at large.
While technological advances promise major benefits as described above, they come with their share of dangers. A key danger that comes with technological advancement is an invasion of privacy. This does not only raise legal issues, but it also raises an ethical dilemma. In the business environment, the privacy of consumers and employees can be violated to a great extent, particularly because the legislation does not keep up with technological advances. Technological advances have given rise to e-commerce busin...