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Lecture

Technological Factors lecture notes.docx

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Department
Business
Course
BU111
Professor
Roopa Reddy
Semester
Fall

Description
Technological Factors “Technology has the shelf life of a banana” – Scott McNealy Technology – PEST - Buying online (spread of the internet) - How we access information - Cycle time – how long it takes for things to get done - Agricultural industries – farming technologies that have changed (not limited to computers and information) - If you don’t keep up with the changes it can result in your business failing Products – innovation, uniqueness, value comes through technology Management Processes - Instant access to information - Better service through coordination – improves customer service - Leaner organization – online banking and banking machines has reduced the need of bank tellers - Improved operations efficiency i.e. CAD (computer aided design), ERP (enterprise resource planning) – improves planning for what you need in production - Greater independence of company and workplace – having a lot of employees to work from home and have flexibility – work anywhere and any time Opportunities of Technology - Competitiveness o Technology adds barriers to entry and increases competitiveness - Communication and collaboration o Communicate easier with customers o Easy information access for customers – tracking mail - Customization o You can customize things to the way you want e.g. view on car websites exactly what you want – machines can produce this for you as machines can be easily changed o Increases customers and gives customers more variety Threats of Technology - Imitation o Information costly to develop but cheap to share o E.g. music its expensive to create a new track, but it is cheap to share - New Technologies in Unfami
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