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Question 1
Technology is the art for instrumental that aims at reducing the uncertainty in cause affecting the relationship that is involved at in achieving in the best-desired outcome in an enterprise. It the main bridge between new products produced and science .it has the following roles in the business enterprises. The first role of technology is to reduce the cost of operation in and enterprise. Technology reduces the amount of man power in an enterprise this because most of the tasks performed by a man in the enterprise are performed by technology. This reduces manufacturing and also administrative cost.
Technology also has a role in improving security in an enterprise. The information in an enterprise is stored with ease and also with integrity. Which result to confidentiality and also prevent sensitive information less prone vulnerability (Davydov, 2001). It makes it very easy to retrieve, monitor trends and make a crucial decision. Technology also boosts security of the enterprise in protecting its property. Technology also has a big role in marketing and also boosting business growth. Most enterprises marketing is usually done digitally by technology team implementing and also troubleshooting different types of software to help in marketing. Some digital marketing concepts are website development, blogging, search engine optimization and social media. Which help to sell goods and services produced and hence resulting in entire business growth.
Technology also has a very big role in an enterprise in streamlining the decision-making process. This by coming up with many processes of tracking market conditions, financial resources and customer satisfaction. It makes it very easy for business see and come up with steps to implement in order to improve and meet the business goals (Koskinen, 2002). Digital data collecting help in combating typical human error resulting to decision making to be quick and confidential.
Question 2
Globalization in the international integration which comes into place when there is an interchange of the world products, views, ideas and also other aspects of culture. It arises due to close ties in bilateral trade. The process of globalization has created the following new business environments. It has increased the level of competition in business producing related product and services. Competition has affected the cost, price, target market, technological adaptation and production ( Michael A, 2001). Competition has made consumers to have multiple choices in the market which affect these behaviors. This makes them want to acquire goods in the most efficient way and quickly. Consumers also demand high quality and also lower prices. All that has created a new business environment full of competition where all producers are forced to produce high-quality goods and services and at affordable prices. Failure to that those companies know they will be eliminated from being in business because they will lose the market to those companies meeting customers’ needs.
Globalization has also created a new business environment by facilitating improvement in technology and also exchange in technology. It has enabled manifestation of technologies by internationally oriented companies to facilitate exploitation of new business opportunities (Bennett, 2014). Internet and e-commerce have facilitated the broadening of the international market. Technology has facilitated mass production of goods and services by international companies so that they can enjoy the economies of scale and also lower the cost production. It has resulted to the production of high-quality goods due to very high customer’s expectation.
It has also created a new business environment by opening up international access. The world being a global village small business and companies are no longer restricted from being able to reach customers from all over the world. Through digital communication, like social media and mobile marketing small business can be able to sell goods and services all over the world due to globalization.
Question 3
`Technology management involves a combination of engineering, science and management knowhow and practices with technology as the mean of value creation and wealth. The following are some of the major shifts that have influenced technology management. Virtual and augmented reality is one of a technological trend which is countiuesly maturing and finding its way into the workplace environment. An example is the hololens headset by Microsoft which is a primed for disrupting productivity and talent management. Virtual reality can be included in enterprise training and learning where workers can make use of it in the off-site assignment and also in corporate training (Clyde M, 2002)..
The other shift to technological management is advanced machine learning which involves automated data analysis trough algorithms which result to automatically creating an analytical model. It allows machines to collect information from the corporate environment and lean from it. This help to improve the efficiency of the initial analysis which human can do. The end product is people looking at higher level results and also making them focus on a more complex analysis as a result
The other shift that has influenced technology management is big data power organization which is digitalizing the information in management. It helps the management in understanding their customers, communicating with prospect customers and understanding market target. It also helps them making decision-powered by vital information and identify emerging trends as well as help in making risk management decisions (Daneshy, 2005).. The other shift in management is cloud-based applications like Saas app which helps management in collecting and storing data. Other information’s such as documents and other pertinent data are easily accessed online. Information of every employee are organized and archived in a secure location. The other shift is social media like Facebook and LinkedIn which help management in recruiting staffs and also for employee engagement. Social media is used by management to reach for the targeted audience by posting other company information and jobs. It also helps management in keeping up with technology, news and trends.
Question 4
Due to the different specialties, interests and the level in an organization hence different kinds of systems and no system can provide all the information. Management systems are systems serving management level functions. Management subsystems provide the mangers with access to the organization current performance, historical records and reports, (Clyde M, 2002). The technology helps in controlling, planning and also in decision making in the management level. It also helps the managers in drilling to see daily or even hourly data if required. One of the subsystems is the decision –support system which helps management making decision that is unique, not easily specified and rapidly changing. It condenses huge amount of data into a form that can be analyzed by decision makers. The technology is designed in such a way the users can work with them directly, ask a new question, change assumptions and even include new data.
The other system is executive support systems which are used by senior managers which help the coming up with the decision to serve a strategic level of organization. The system handles decisions that require evaluation, judgment and as well as insight. As a result, no procedure for arriving at a specific decision. It incorporates information about external events such as competitors and even new tax (Daneshy, 2005). The technology is unique because it compresses, filter, display data and even track critical data of great value to senior managers. It also put in use graphic software’s and also presents graphics from the sources. It is different from others because it provides communication capacity and generalized computing that can be used to change any problem. It is different from the decision support system because it is a less analytical model.
References
Davydov, Mark. Corporate portals and ebusiness integration. McGraw-Hill, Inc., 2001.
Koskinen, Kaj U., and Hannu Vanharanta. “The role of tacit knowledge in innovation processes of small technology companies.” International journal of production economics80.1 (2002): 57-64.
Hitt, Michael A., et al. “Strategic entrepreneurship: Entrepreneurial strategies for wealth creation.” Strategic management journal 22.6‐7 (2001): 479-491.
Bennett, Nathan, and G. James Lemoine. “What a difference a word makes: Understanding threats to performance in a VUCA world.” Business Horizons 57.3 (2014): 311-317.
Daneshy, A. A., & Bahorich, M. S. (2005, January). Accelerating Technology Acceptance: Overview. In SPE Annual Technical Conference and Exhibition. Society of Petroleum Engineers.
Creveling, Clyde M., Jeff Slutsky, and Dave Antis. Design for Six Sigma in technology and product development. Prentice Hall Professional, 2002.
