Question

Which external condition has experienced the most rapid change over the past​ decade?

Answer 1

The external condition that has experienced the most rapid change over the past decade is Technology.

Past decade has seen a lot of transformation in the way companies conduct their operations, individual perform their daily activities and the governments conducting their governance etc.

Below is how disruption in technology helped the organizations to grow –

Data capture and storage – Technology is used to capture huge amounts of data and store it for easy access and retrieval in future. The data can be processed as per the requirement by structuring in highly unstructured and random data which can be used for further analysis.

Data processing and analysis - Intelligent analytical systems use this data for analysis, recording and reporting purposes. Once the data is analyzed, the findings are reported to the management and key stakeholders of the business. Technology, thus helps in arriving at accurate findings based on in-depth analysis of huge amounts of data which is otherwise impossible to handle by the humans.

Provides strategic advantage to the firm – Technology provides strategic and competitive advantage to the firm by driving its operations. Integrated systems like Enterprise Resource Planning (ERP) help the firm in integrating the various supply chain processes and transactions by capturing and pushing information at various stages. It acts as a data entry, transactional, audit, recording and reporting tool that integrates processes and eases firm’s decision making capability.

Risk management and mitigation in decision making – Technology helps in risk identification, assessment and mitigation by providing a direction to the management with respect to the potential risks involved in the processes, resources, systems etc. and the way they can be mitigated.

Communication systems – Technology in communication systems help the employees sitting indifferent locations to interact and discuss on a regular basis. Real time sharing of information can be done which speeds up the decision making process. The various modes of communication include work phone, online calling, conferencing and chatting business applications, mobile phone etc.