StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

How Would Emerging Technologies Affect Businesses - Essay Example

Cite this document
Summary
The paper "How Would Emerging Technologies Affect Businesses" highlights that emerging technology has a severe impact on businesses. Businesses have come to a time when they do not need to travel across the globe, and they can communicate their official matters with other companies…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER97.7% of users find it useful
How Would Emerging Technologies Affect Businesses
Read Text Preview

Extract of sample "How Would Emerging Technologies Affect Businesses"

Computer Science and Information Technology How would ‘emerging technologies’ affect businessesand how can businesses strategically manage the issues that may arise from such technologies? Introduction Information technology has shaped the business and social environment. Technology deals with methods and various types of tools to collect, store, manipulate and communicate information. Many businesses in the world have adopted and implemented technologies designed for their personal use. The adaptation of technologies helps them to minimize the cost of business and improve the efficiency and effectiveness of company’s production method. Companies are now using technologies to open numerous business locations on domestic and international level. Emerging technologies embraced by businesses include new or advanced software and hardware. Emerging technology is a segment of information technology. It is responsible for the development of new products or devices that are expected to be used widely in the upcoming 5 to 10 years. Businesses regularly look to emerging technologies for the devices or new services they provide will help them to build their competitive advantage of the business. Emerging technologies also include the advancement in technologies that business is already using. The advancement in technologies often helps business to accelerate their production process and allow the business to enhance the operations of the business at a cheaper cost. Talking more about emerging technologies in businesses, there are two important fields in emerging technology for businesses, Artificial Intelligence, and Robotics. Robotics can be described as a technological field and part of an engineering science that uses technology of mechanics or electronic to give substitute of human labor. Many production and manufacturing industries have adopted the technology of robotics in their systems. The industry of robotics technology seeks to expand to further businesses industries. While Artificial intelligence is used to make machines intelligent to use in businesses. Businesses use the technology of Artificial Intelligence by entering business information into the business machines that help in developing the information and forecast accurate predictions and identify trends for the company (Wood-Harper, Jayaratna, & Wood, 2013). Emerging technologies’ effects on businesses Emerging technologies have vast effects on business in both the ways; it is benefiting many businesses as well as it is affecting businesses adversely. To talk about the positive effects of emerging technologies on businesses include the effects on research and development of any company. It helps companies in developing more effective and less expensive research and development processes. Companies usually adopt some of the technologies; Photonic computing, quantum computing, nanotechnology and biometrics technology. The technologies that the company uses in the research process and break down the information and other processes of business (Evans, 2003). These are the technologies commonly used by the industries dealing in chemicals, medical, petroleum or any other industry. The increased technology of research and development helps a company in developing its products more efficiently and in the low duration of time. Companies can bring their products faster in the market than passed years. Another effect of emerging technology that benefits the business is the technological advancement in communication. Technology has improved the business communication to a great level, and it can help more to improve (Day, Schoemaker, & Gunther, 2004). There are many new methods of communication that are coming in the line of emerging technology. One of the emerging technologies includes virtual offices. In virtual offices, employees meet and discuss different situations and complete their functions of businesses. Another tool of voice over internet protocol is used for communicating in businesses by audio or video technology equipment. These are the technologies that give freedom to the companies to work with its employees or with other companies across the world (Tsai, 2003). On the other hand, companies face few adverse effects due to emerging technologies. Companies think conventionally that they might not be able to use the technology in business operations to replace. Or enhance every aspect of operations. In some of the business functions, it is necessary to use the human labor and intelligence of human mind which includes the analysis and assessment of business situations or the information related to finance (Singh, 2008). From consumer’s point of view, it is become impersonal for the companies that have abundant of technologies implemented into the operation of businesses. Consumers might not appreciate the idea of technological advancement when they identify the unwillingness of companies to handle the situations of customer service in a personal manner. There are some more issues in emerging technologies that affect the business. Security, privacy and trust issues: In the race for emerging technology, cloud computing is one the example that is emerging with time, although the technology of cloud computing is beneficial in terms of utilizing low cost by sharing computing and resources of storage, joint together with an on-demand provisioning mechanism that relies on a business model of pay per use. These are the new features that have a direct impact on the process of budgeting of an IT company, but it also affect the mechanism of trust and privacy and traditional security. The mechanisms are not adequate anymore, and they need to be considered for fixation to fit in the new pattern (Bruneo, Distefano, Longo, Puliafito, & Scarpa, 2013). Resources and skills It is also argued that adaptation of emerging technologies in various businesses affects human skills and resources of the company. Emerging technologies in hospitals and other healthcare institutes affect the health care staff and another workforce. The adaptation of machines used for the treatment of cancer and other chronological diseases contains a high volume of radiations which is really harmful. Even though, hospital management implements many measures to protect the human resource, but the rays are injurious. Discussing more the impact of emerging technologies on businesses can be described by the less adaptive behavior of using skills of human capital (Khosrowpour, 2006). The especially business of manufacturing and production have now designed and installed special software and programs into automatic machines, which help machines to operate instead of number of working force labors. Most of the companies have eliminated manual operations that directly impact the unemployment rate in the economy (Nash & Sofer, 1996). Social and ethical issues Emerging technologies has a major role in businesses as well as on society. The advancement in technologies is making our lives easy but not better. Companies deal with many social and ethical issues by adopting the advanced and modern technologies. The barriers over distances have shortened as the technology is getting faster and faster; the rate of outsourcing the employees from different countries is increasing as well. The security of the job is affecting the employees and business as well. Employees leave their current office as soon as they are offered a new place to work. And not only employees, businesses also outsource their business setup in any other country of the world. Their database and customer services are handled by some other group of company and in the entirely different country (Loftus, 1997). It may be effective for one business to outsource from other country but at the same time, ethically it is creating a difference for the unemployed citizens of the same country. Losing integrity: From the security point of view, an advanced technology of installing Radio frequency identification technology into the inventories to keep record at first, some businesses are now practicing implantation of this technology in humans to make the security tighter. By doing this, companies are now losing integrity from the employees’ side as they do not trust humans and have more trust on computer chips (Yee, 2012). Role of business strategy and operation on tackling the issues Companies design their business strategy and operations in order to adopt emerging technologies and tackling the issues. Businesses adopt the technology when it helps to produce a healthy profit margin and it also helps to bring repeat purchases. Adaptation of technology assists the company to reduce its production cost and increase profit margin. To reduce the risk wasting production time, instead of buying technology from various suppliers and assemble it on personal end, companies prefer to buy all the components of technology from same supplier. To overcome the loss of employee turnout rate in medical institutions, frequent rotation of employees from that department is practiced (Phillips, 1985). Companies also design strategies for the employees to reduce the unemployment rate by give them training to operate the machines and some of the businesses also build other setups to use that workforce. Companies also arrange vocationally and training institutes to train their employees and prepare them to increase productivity and enhance their performance. Including more, companies have also adopted an approach of ‘bring your own device’ at the workplace. Employees are habitual of working at their own devices; this strategy helps to increase the productivity. To minimize the distance between business and consumers, most of the companies have developed their Android apps for the mobiles. This way of associations with the customer brings a soft corner in the customer’s mind, and he try to ignore the company’s bad image or issues related to the company. Conclusion It can be concluded that emerging technology has a severe impact on businesses. Businesses have come to a time when they do not need to travel across the globe, and they can communicate their official matters with other companies’ without leaving their respective offices. They have a possibility to convey their information in nanoseconds; the speed of work has improved. The tool of web conferencing is the most effective and efficient way to attend meetings, seminars and other events, where they can participate and realize their presence in real time. In addition, teleconferencing is another tool for sales business. The speed of delivery of the product to the customers cannot be neglected. Electronic businesses, internet banking also represent emerging technology and playing a major part in the society. The developments in medical equipment and life saver components have an extensive impact on business and society. Effects of emerging technologies will now increase with the passage of time; there is a chance that it will not affect the businesses in negative means. But it will rather affect the society more. Technological changes have expanded to a wide range; it will neither decrease nor stop. Businesses have now started employing a group of people only to decide and predict the impact and effects of the emerging technology that should be adopted by the company. Technological advancement has also brought an ease for the business to have the information about the opponent company and make their strategies according to it. Hence, businesses are using smart technologies smartly. List of References Bruneo, D. et al., 2013. Privacy, Security and Trust Issues Arising from Cloud Computing. Computers, IEEE Transactions, 62(6), pp.1072-85. Evans, N.D., 2003. Business Innovation and Disruptive Technology: Harnessing the Power of Breakthrough Technology for Competitive Advantage. Chicago: FT Press. Day, G.S., Schoemaker, P.J.H. & Gunther, R.E., 2004. Wharton on Managing Emerging Technologies. Boston: John Wiley & Sons. Khosrowpour, M., 2006. Emerging Trends and Challenges in Information Technology Management. Chicago: Idea Group Inc. Loftus, B.S., 1997. The Impact of an Emerging Technology on the Early Buyer-Seller Relationship. Journal of Marketing Theory and Practice, 5(2), pp.20-30. Nash, S.G. & Sofer, A., 1996. The Impact of Emerging Technologies on Computer Science and Operations Research. The Journal of the Operational Research Society, 47(10), p.1314. Phillips, M.J., 1985. Microeconomic Impacts of Emerging Technologies. American Journal of Agricultural Economics, 67(5), pp.1164-69. Singh, S., 2008. Impact of Internet and E-Commerce on the Labour Market. Indian Journal of Industrial Relations, 43(4), pp.633-44. Tsai, H.L., 2003. Information Technology and Business Process Reengineering: New Perspectives and Strategies. New York: Greenwood Publishing Group. Wood-Harper, T., Jayaratna, N. & Wood, B., 2013. Methodologies for Developing and Managing Emerging Technology Based Information Systems: Information Systems Methodologies 1998, Sixth International Conference on Information Systems Methodologies. New York: Springer Science & Business Media. Yee, J.T. & Oh, S.C., 2012. Technology Integration to Business: Focusing on RFID, Interoperability, and Sustainability for Manufacturing, Logistics, and Supply Chain Management. New York: Springer Science & Business Media. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Emerging Technology Essay Example | Topics and Well Written Essays - 1750 words”, n.d.)
Emerging Technology Essay Example | Topics and Well Written Essays - 1750 words. Retrieved from https://studentshare.org/information-technology/1691088-emerging-technology
(Emerging Technology Essay Example | Topics and Well Written Essays - 1750 Words)
Emerging Technology Essay Example | Topics and Well Written Essays - 1750 Words. https://studentshare.org/information-technology/1691088-emerging-technology.
“Emerging Technology Essay Example | Topics and Well Written Essays - 1750 Words”, n.d. https://studentshare.org/information-technology/1691088-emerging-technology.
  • Cited: 1 times

CHECK THESE SAMPLES OF How Would Emerging Technologies Affect Businesses

Technological Convergence in Business

Moreover, with the use of latest emerging technologies the process of business communication has improved.... It can be observed that one of the majority productive benefits that the latest technology has provided in interpersonal and e-communication aspects of the business department now is definitely the pace of communication among businesses.... This paper will discuss how key technological events in the last century have changed the way business communication is done by businesses....
7 Pages (1750 words) Research Paper

Globalization: The Merging Into Independent Global Economic System

In recent years, there has been a noticeable increase in worldwide trading, in terms of goods and services, as well as currencies, technologies, information, and even people (Crafts, 2000, 5).... The cheaper cost of these technologies has also ensured that the technologies are available to as many people as possible....
7 Pages (1750 words) Research Paper

Challenges of International Banks

International commercial banks have been going through a tough time in recent years especially this current financial year, central banks have been hit by a worldwide credit crunch which brings into scrutiny how banks deal with the external environment and the rapid fluctuations in global economy and what are the different factors that seem to affect operations of commercial banks.... Survival and prosperity depend on the solutions to questions such as: which products or services to offer; whether to pursue single or multiple lines of business; which markets or clients to aim for; whether to limit activities to local markets or expand internationally; how to acquire appropriate technologies, knowledge, finance and human resources; and which skills and capabilities to develop that will be relevant to your competitive strengths now and in the...
12 Pages (3000 words) Essay

Oil Prices and the World Economy

hellip; The paper sheds light on the effects of changes in oil price on businesses and economies around the world by way of affecting production, consumption, investment, and major macroeconomic indicators.... These forces tend to affect the price of oil in the short and long term.... The major demand-side factors that affect the price of oil are economic growth and increased consumption etc.... These forces tend to affect the price of oil in the short and long term....
14 Pages (3500 words) Dissertation

The Alignment of Emerging Technologies with Businesses

The paper describes various factors that should be considered in the alignment of emerging technologies with business needs.... any businesses are facing the challenge of managing information in order to get maximum output.... businesses in a competitive market try to ensure that up-and-coming technologies are utilized before other competitors put them in to use.... Many businesses tend to carry out market research in order to establish customers' needs....
8 Pages (2000 words) Research Paper

How Emerging Technologies Can Affect an Industry

This case study "How emerging technologies Can Affect an Industry" seeks to explore the various factors affecting the spread of emerging technology-based firms within the current global economic climate.... hellip; emerging technologies offer the prospect of enhancing the quality of life for all living things with careful harnessing of the innovation and ingenuity from the skilled persons.... The emergence of the cellphones as easily accessible while being loaded with many features from the emerging technologies has completed 'disrupted' the conventional phone industries as the new firms in the industry embrace modern business trends....
10 Pages (2500 words) Case Study

Impact of Disruptive Innovations on Adjacent Markets

The paper describes the fresh technological innovations disruptive or sustaining technologies depending on the resultant impacted market.... This study will examine the impact of disruptive technologies on established markets leaders by contrasting component and system level innovations.... hellip; General purpose technologies (GPTs) are tools that can impinge on an entire market (typically at a nationwide or international level).... Specific Purpose technologies (SPT) are in contrast to GPT innovations specialized localized tools that focus on specific industries hence merely transform the intended sector but have minimal effect at national levels....
14 Pages (3500 words) Research Paper

Emerging Communication Technology: Ipad

nbsp;  Why communication becomes a vital part of all businesses.... The purpose of the paper is to find out the importance of communication in a business organization and the influence of new technologies in the field of communication with reference to I-Pad.... Through the emergence of different innovative technologies, the communication process has now reached the top.... Otherwise, there are chances of making problems such as missing important things and it would then require an additional expense and effort to send the message all over again....
5 Pages (1250 words) Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us