Impact of Technology in Business Management - Paper Example

Abstract

The aim of the study was to find out the impact of technology in business management. Use of technology in business management covers a wide range of aspects involved to make the business operation successful in achieving its goal. In all kind of businesses, management is the most important aspect as it determines how successful a business will become. Among the activities for business management involve customer relation, supply chain management, innovation, human resource management, business promotion, forecasting, and business retention among others. The research problem addressed by this research is that lack of technology use in business management may lead to poor performance of the business. The purpose of this study in hence to come up with a model that shows different technologies that should be incorporated into business management to ensure the success of a business. The guiding Framework of this study includes the use of technology to gain competitive advantage, improve customer relationships and maintaining the existence of a business in the economy. Lack of embracing technology can be risky as it can cause the collapse of an organization due to aspects such as lack of forecasting future customer need and also lack of competitiveness in the market. The research methodology adopted for this study is surveying methods done through a questionnaire. The participants are required to answer questions aimed at gathering the necessary information required to draw a conclusion with reference to the research questions. 25 participants are used in the survey all who are working in a service industry have been used as the criteria to select the participants. A descriptive design had been adopted as a way to recognize its usefulness in fact-finding as well as in the formulation of important principles and solutions of knowledge to the issues. Statistical data analysis from secondary sources has also been analyzed to back up the results from the primary data. The first research question aimed at finding out the effect that technology innovation has on business management. The study concluded that technology use in business management can help in business innovation which will result in incompetence and existence of the business. The second research question intended to find out how the use of technology helps in service management characteristics in a business. In this issue, the study concluded that technology use can enable the management to enhance their customer services leading to a high rate of satisfaction. The third research question aimed at finding out the factors that lead to the adoption of technology in business management. Among the aspects that were found to influence technology adoption include innovation, customer relation, innovation forecasting, and cost reduction. The last research question aimed at finding out how the accessibility of different technologies affects the performance of the business. In this aspect, the study concluded that more business management is able to access various technologies, the higher its performance. The secondary statistical data that was collected in reference to the aim of the study helped to support the result from the primary findings. This study concluded that the use of technology in business management can positively impact on the performance of a business. The recommendation is hence that all the organization should adopt technology in their business management to enhance competitiveness, productivity and survival of their businesses. Acknowledgements

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To start with, I would like to acknowledge the effort that my dissertation to supervisor has put in supporting and guiding me throughout the whole process of the dissertation. Without his guidance, meetings, deadlines and understanding due to my family issues, I would not have been in a position to reflect and organize this project in a good manner. On the other hand, I would also like to thank my wife and daughters for the patience, support, and encouragement they have given me throughout the process of undertaking this project.

I also thank my Cousin for to her constructive criticism advice and support trough out of the whole process of undertaking this project.

Finally, I would like to thank all the participants who agreed to take part in this study. Were it not for them, I could not have attained the primary data used in this study.

Chapter 1: Introduction

The modern world is rapidly changing due to technology advancements. In the global business market, the technology development and innovations have led to businesses reorganizing as they welcome and adopt the new technology changes. Consumers are the reasons businesses exist. Consumer tastes and preferences also change with time and therefore results in businesses adjustment so as to provide services and goods that are relevant. As such, technology impacts heavily on the business sector. Technology can be argued to impact the manner in which goods and services are produced, how they are marketed, distributed and consumed (Ross, 2016). There is growing competition in the global market as globalization is on the increase and the world is more interconnected than before (Noe, Hollenbeck, Gerhart & Wright, 2017). People (consumers) are close to each other and the boundaries are almost broken. This implies that there is more information for consumers to base their decision. As such businesses are struggling in remaining relevant not only in their local markets but also international markets (Wagner, Vollmar & Wagner, 2014). As a result, business managers are increasingly using technology in their management to ensure they gain competitive advantage (Storey, 2017). According to Rust and Espinoza (2006), there are profound impacts of technology on business management and especially marketing since technology alters existing marketing practices, leads to significant changes in contemporary topics of study and also provides alternative ways of doing business. The most evident technological advancement result is the expanding impact of information technology, which necessitates the importance of relationships and services in the economy (Rust & Espinoza, 2006). Further business management advances are expected to build from technology advances and the continued improvements in communication, storage, and information processing pertaining to customers (Rust & Espinoza, 2006). Technology refers to the integration of the human know-how, tools, equipment, machinery, building, information, expertise (technological skills) and knowledge about marketing, equipment, service management and organizational knowledge in achieving practical results. Innovation is also the main factor in economic growth as well as in the enhancement of competitiveness in the business environment (Hill, Jones, & Schilling, 2015).

Although technology advancement and its globalization has been on the increase in the recent years, not all nations have benefited from technology and such has been the case for most developing countries (Patton, 2014). The adoption of technological innovations is an important factor in accomplishing sustainable development, as new technologies and innovation lie at the center of economic, technological and social processes (Yee-Loong Chong et al, 2014). Innovation is increasingly being implemented as a determinant for improving economies based on local and international competitiveness (Laudon & Traver, 2016). Lin (2010) stated that well-structured technology and innovation promote effective service management as well as organizational culture and an organizational environment...