Technology is basically the use science based knowledge to meet a need. Actually this definition perfectly describes the concept of technology as a bridge between science and new products. Technology draws heavily on scientific advances and the understanding gained through research and development. It then leverages this information to improve both the performance and overall usefulness of products, systems and services. Technology is one of the most significant forces affecting business competition. Technology has the potential to change the structure of existing industries and to create new industries. It is also a great equalizer, undermining the competitive advantages of market leaders and enabling new companies to take leadership away from existing firms. In the context of a business, technology has a wide range of potential effects on management: o
Reduced costs of operations. For example, Dell computer Corporation used technology to lower manufacturing and administrative costs, enabling the company to sell computers cheaper than most other vendors. o
New product and new market creation. For example, Sony Corporation pioneered the technology of miniaturization to create a whole new class of portable consumer electronics (such as radios, cassette tape recorders and CD players) o
Adaptation to changes in scale and format. In the early part of the twenty first century, companies addressed how small devices such as cell phones, personal digital assistants, and MP3 players could practically become as well as how each product could support various features and functions. For example, cell phones began to support email, web browsing, text messaging, and even picture taking as well as phone calls. o
Improved customer service. The sophisticated package- tracking system developed by Federal Express enables that company to locate a shipment while in transit and report its status to the customer. With the development of the World Wide Web,...
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