Information Technology Management
Technology refers to the immaterial and material tools that are created through physical and mental effort in order to solve real-world problems (Baden-Fuller, & Haefliger, 2013). The purpose of technology is to make work easier, store and process data and support efficient communication flow. Technology links many individuals as well as industries and promotes growth across all sectors. Technology is rapidly changing the landscape around the business sector. No matter how big or small a company is, technology offers both tangible and intangible benefits that enable it to meet the growing needs and demands of the customers who are the blood of an entity.
Technology in business enhances communication. Clients desire first access to a firm’s information on their website. Inadequacy or lack of internet presence thus shuts out such clients. Companies can also make purchases of raw material and inputs across the globe and reach out to the suppliers to have the orders delivered in time. Technology thus affects a firm’s ability to communicate and transact to a large extent.
Technology helps a business understand its cash flows and preserve resources such as time, space and supplies. Warehouse inventory technologies such as the warehouse management system allow an entity to identify its supply needs, minimize storage costs and maximize of its warehouse space. The efficiency of operations in the entity is also streamlined through technologies such as tracking and tracing, using zoom meetings instead of having to schedule physical meetings and routine check through quality control systems.
Businesses are highly concerned about security and their research capacities. Technology has come up to settle these concerns by use of security protocols, software and recovery methods to protect a company’s data and secrets according to the requirements by law. Entities are also able to conduct research through the internet without necessarily having people on the ground. Google docs and social media platforms offer such online platforms where an entity can create survey questions for its target audience and recover reply and concerns that can be used to improve or introduce new products and aspects in the business that give it leverage over its competitors.
Mobile apps have become a trend that most business use to contact their target audience. With most operations becoming service-oriented, businesses are able to transact on a one on one basis with their clients and make amendments according to the client’s recommendations and reviews on the application. Companies such as Aliexpress, Starbucks, Nivea and Volkswagen have made huge sales and growth through their mobile applications. Some of the reasons why a business should consider putting up a mobile app include: boosting sales, building an audience, marketing and communication, business processes optimization, customer loyalty growth, acquiring analytical data on the growth of the business, and most importantly increase the entity’s competitive advantage (Cristofaro, 2020).
There are numerous concerns when it comes to the application of technology in business. Among these concerns include information security, fraud monitoring, regulatory compliance technology integration and upgrading, and infrastructure management. All these concerns can be addressed and the risks mitigated accordingly once the right procedures are followed and precaution taken. Misconceptions such as businesses can thrive without automation, no matter what technology you use the company will still grow, and technology is killing jobs need to be shunned since they mislead new entities and deprive them the opportunity to grow their transactions (Birkinshaw, Bouquet, & Barsoux, 2011).
Future trends such as intelligent business interface, edge computing using 5G network, and DevSecOps will lift businesses to a new competitive arena that is fast, safe and consumer-friendly (Al-Aqrabi et al., 2015)
References
Al-Aqrabi, H., Liu, L., Hill, R., & Antonopoulos, N. (2015). Cloud BI: Future of business intelligence in the Cloud. Journal of Computer and System Sciences, 81(1), 85-96.
Baden-Fuller, C., & Haefliger, S. (2013). Business models and technological innovation. Long-range planning, 46(6), 419-426.
Birkinshaw, J., Bouquet, C., & Barsoux, J. L. (2011). The five myths of innovation. MIT Sloan management review, 4, 1-8.
Cristofaro, M. (2020). E-business evolution: an analysis of mobile applications’ business models. Technology Analysis & Strategic Management, 32(1), 88-103.