Question

How does technology effect businesses? With technology constantly changing, how should business leaders respond to the acquisition of technology.

Answer 1

Technology effects the business in different ways.

• Technology helps in storing huge amounts of data which is almost impossible to store physically.
• It helps in providing more customer satisfaction to the consumers.
• It helps in increasing the productivity of the business by reducing the mundane operational costs.
• With the help of technology it is now possible to operate round the clock and address the customer’s needs and queries.
• Technology made it possible to target different markets.

As the technology is dynamic, business leaders should assess the following aspects when acquiring a new one:

• The leader should analyse all the available technologies and select the appropriate one that is essential for the business.
• The chosen technology must meet the company standards in terms of speed, accuracy etc.
• The confidentiality of the technology must be taken into consideration.
• The leader should allocate the budget and negotiate if possible.
• Then he has to take the decision of whether to buy the technology or lease it.