Question

State and describe FIVE features of technology and their impact on the business environment.

Answer 1

Ans:-

Technology can be a strong method of transforming learning and making aspects between knowledge and practical reinventing our approaches to learning.

Five features of Technology:-

• Technology is an extension of human capabilities:- Technology should never be seen as something i.e here is here to replace humans or jobs done by humans.
• Technology is a medium to improve outcomes:- whether it is in business,health,education or whatever industry, technology doesn't in itself lead to an outcome. For instance, in finance, analytics software doesn't determine financial outcomes but assist experts in determining better result.
• Technology should be a socially embedded activity:- Most of the technologies are ultimately designed to influence very specific social outcomes for man therefore they shouldn't be seen as foreign concepts but rather an extension of human social life.
• Technology is meant to be work functional and practical way:- All technology is meant to achieve very specific results that have been well thought out therefore before any piece of technology is designed, it has to be conceptualized and refined and once deemed feasible, its then designed, tested and rolled out.
• Technology will always lead to unexpected results:-  Most of the technologies that are developed are meant for the betterment of humanity. For instance, advancement in robotics for large manufacturing industries has resulted into massive jobs losses because human labor has become redundant, among many other unexpected results.

Impact of Technology on Business Environment:-

Diminish security risks:- Every business that has an online presence is always subject to security risks. This is why business hire the best of security specialists to prevent cyber-attacks. In the quest to get the best output of your work, businesses rely on technology and smart machines to get tasks done. Every business action is automated these days, reducing human labor.

Business growth:- Technology and tools can help grow and flourish business and generate higher revenue.

Impact on Operating Costs:- Another area where the technological environment has evened things out is the overhead associated with running a business. Companies sell their items online, which means they don’t need a brick-and-mortar storefront. The cost of starting a new business has dropped dramatically in recent years, since founders can now launch a venture from home as a side gig. There’s no need to travel to land new clients, because researching and reaching out to potential customers can all be done online.

Online disasters:- Every business that has an online presence has felt the requirement of technological assistance in the routine tasks that a business performs. There also have been cases, when a business has felt the ravage of technology. It would be correct to say that technology has both pros and cons. With pros being a reduction in human interference. The cons, however, include breaks in technology that cause a certain mishap. There are cases when there have been mishaps because of a loop in the functioning of technology.