Technology Adoption In Business: Research Objectives, Benefits, And Challenges Essay.

Question:

Discuss about the Review of Empirical Research Method.

Business research method is helpful for processing the collection of determining a product that can satisfy particular needs of the consumers. In the present study, a research study has been conducted on the technology and innovation adopted by a business. In this regards, potential business research problems related to the adoption is discussed along with appraisal of the issue. In addition, a critical literature review on the research topic is carried out in the study. Apart from these, a research proposal is developed with proposal of quantitative as well as qualitative data and other suitable methods of research methodology.

The sheer pace of technological development in the business is overwhelming that seems to have many products to select. There are several products and pressures of new technology adoption that can easily cause organizations to make mistakes and overlook issues. The business has come to rely on specific technology keeping them up-to-date as well as compete in the market for getting inspired by innovation (Bryman and Bell 2015). On the other hand, technology becomes integrated and used in order to manage inventory and communication way.  

Adoption of technology would be helpful to provide competitive advantages. However, there are some limitations of using technology in business. It cost expenses for adopting technology. Additionally, security issues are involved with the use of new technology. Hence, some people are part of final creation.  In addition, distractions may be generated for adopting technology in business.

In order to remain competitive in global economy, businesses require adopting an ever changing environment in order to encounter requirements of the customers. Staying competitive in business evolve as a business organization as well as making changes in the procedure as well as technology in order to obtain competitive edge over their competition. Additionally, the organizations need to adopt new technology as well as managing challenges, which goes along with implementation of the changes (Joe Jr et al. 2014). However, changes in nature can be helpful to provide important advantages to the organizations. Present challenges that require to be managed and give positive results.  The issues arise when the enterprises make an attempt bringing in new technology without appropriate management and training for the staffs.

Following are the research objectives that need to be fulfilled in the research.

• To identify the factors that are responsible for gaining competitive advantages in business
• To critically analyze the benefits obtained for adopting technology in business
• To critically evaluate the risks related to the adoption of technology in business
• To recommend solution for overcoming the risks

Technology is a modern concept which involves accepting the various innovations in science to address in the business solutions. This helps in the creation of a better and an automated solution. Although, the most important benefit in the use of the features of technology in business is efficiency in productions, there are several other benefits of its applications as well.

Benefits of Technology in Business

The first benefit in the application of technology in business is the increase in speed of the process. This reduces the time required for addressing the business processes and saves time. This is the most important uses of technology which is also adopted by the small businesses for competing against the large ones (Brinkmann 2014). For example, emails are a new way of doing businesses which has totally changes the way of communications. The past era included communicating via telephone or mail which was a time consuming process. The use of email or video calls has greatly enhanced the operations in businesses.

The next benefit is the storage enhancement which has also made great innovations in the business processes. For example, in the past times, the businesses stored their data in large physical files which made it a great problem for storing vast data. Now-a-days, the use of a database or the cloud solutions has totally made the storage applications easier. In addition, the use of secondary storage devices are also another innovations that have been applied in business processes to make it easier for storing information in the offline mode.

The third benefit is the improved reach of businesses. This has made potential businesses reach out to the vast number of audiences in each and every part of the world. The past workings of businesses included applying for marketing aspects to gather insights from an area and then get revenue accordingly. The process was a very long one which involved sending a considerable amount of time to get insights from the audiences and then applying the gathered insights accordingly to get sales. Now-a-days the use of technology can be adopted from the internet where a company or business can get insights and advertise to millions of potential buyers across the globe (Avineri 2017). Social networking sites or search engine sites offers people to target audiences based on their preferences and get the required amount of sales. This has also simplified the way of doing business and has led to reduction in the cost of business.

The last benefit is the automation of business processes. The adoption of technology in all kinds of businesses has made the successful automation of the processes which has removed the need for human interactions. For example, any kinds of production factories in the recent times uses the various methods and tools for automating their business processes with minimal human interactions. In addition, the sales function of a business can be done by using software for the process which can be used to get the required processes. This also helps them to reduce the labor costs and address accordingly.

Challenges of Technology Adoption in Business

There are various effects of adopting technologies in businesses. Although this helps in referencing to various needs, the effects that it poses can be dire and sometime may lead to grave threats in the operations.

The first disadvantage is the increased in expenses. The adoption of technologies has made several optimizations which have led to the increase in expenses. These expenses are mainly due to the purchase of the initial equipment for using in their businesses. In addition, the maintenance of these equipment also increases the total costs which affects the revenue made extremely. Moreover, as a technology needs to stay updated to the modern times, the need for updates are necessary. This also increases the time and the resource for the technologies which causes a negative impact in the business operations.

Security is the next disadvantage which exists during the adoption of technologies in businesses. Cybercrimes are a much discussed concept and the need to address them is also necessary (Fellows and Liu 2015). According to recent reports, the use of hacking tools can be implemented to get unethical access to a system (Rubin and Babbie 2016.). This increase the problem faced and thus causes grave threats to the business operations. This can also be used to steal the information from these systems. In cases like this, a company or business organization faced with a security threat faces extreme loss of business, fines or even lawsuits. In addition, according to recent reports, young people belonging to the age group of 21 are found to be associated with cybercrimes which have led to various problems for industries affected.

The next disadvantage is the need for staying connected all the time. This involves the need for staying connected to the internet of the network all the time. In case of any problems in the central network, all the other places will be affected too. This will cause problems and the regular business operations will be affected (Gioia et al. 2013). This also increases the stress in the system to be able to stay connected all the time. In addition, the overall cost for the system also increases which leads to grave problems in the business processes.

Customer effects are the next disadvantage in the use of technology. As the use of the technology can be used to gather more insights from an area, the use of it can also lead to problems in the minds of the customers. For example, a customer may not adhere to the new ways of doing their task and may see this in a negative aspect. This reduces the brand awareness in the area concerned and ultimately leads to reduction of business. For example, in case of online bill payments, the traditional methods involved going to the branch centers and depositing the bills (Greenfield and Greener 2016). The new ways involves paying the bills by using the debit or the credit cards or even using net banking processes. This can also be a bit problematic as not every people can adhere to these processes.

Conclusion

The main aim work of technology is innovation of the business and promotes the growth rate. But the building owners and the business owners have to keep in mind and consider their position of business in area of rewards and also maintain the risk factor when the building owners and the business owners adopts the technologies that are emerging at a fast rate (Joe et al. 2014). The new technologies that are emerging are to be implemented by facility management in an organization which emerges to take risk by the organization with the emerging solutions. To minimize risk in an organization is a smart approach and the organizations of facility management which manages the risk with innovation can have significant rewards that are leaping ahead in the competition market.

The profitability and the growth of an organization are enhanced by adopting all the new technologies and can even have a transform in the business for making the business better. With the adoption of new technologies in businesses, the rate of risk also increases. With the advancement of analytics in big data and also in system of business management, the cost of all the processes and increase in gain can be done by organization of all the industries (Lazar et al. 2017). This decision is very critical and crucial for the business leaders and the project partners who are involved in the project so that they can work methodically and strategically. The businesses price can be reduced by these innovative technologies. These innovative technologies also help to lower the barrier for entry, changes in the strategy of market and help to transform the culture and the processes. All these activities can be done by technologies that include cloud, simulation, platforms of business intelligence, applications and tools, security and mobile applications (Lyon et al. 2015). The processes and new technologies that are vital that are adopted in an organization can increase the business growth and also provide in the improvement outcome of the business in a specific way. The facility management of the organization should be careful of choosing the technologies that are emerging by keeping the position of their business in mind and also consider the potential risks and the rewards that the organization will get. The reward that the organization achieves can be most significant. The organizations can get an idea of the rewards that are possible by looking at the adopters that were previously used and also used their experience in terms of barometer.

Of all the rewards that can be faced by an organization, four main key rewards are described below:

1. Adoption that are made early puts an organization ahead among all the competitors: The innovative technology that are adopted in an organization indicates that the organization has time to know about the way to leverage those innovative technologies so that it gives the best outcome and can also start to claim the market share when other competitors of the organization still does not know how to handle those technologies.
2. The increase value of the stakeholders is implemented successfully: The implementation of the proper technology which can increase the performance of the business from bottom line are to be successfully installed.
3. The improvement in performance helps to operate in a more effective way: The organization of facility management can operate all the process more effectively when new technologies are adopted in an organization.
4. Improve efficiency is done by increase productivity: The new technologies that are used in an organization will help to increase the productivity of the organization which leads to improve the efficiency.

Some tips for adoption of new technologies with minimal risk: The IT projects that are new to the organization do have certain amount of risk. The risk that comes in the organization due to improved technologies can be reduced and mitigated by following eight ways:

1. Creating a business case: The organizations have to understand the level of tolerance that they can bear for failure, the importance of implementing the technology and total amount of time and resources that the project will require.
2. Understanding and agreeing with business upfront: The technologies are to be implemented for the sake of organization. Not for the sake of personal use.
3. Engaging key stakeholders: When the transformational technologies are implemented, the change that comes in an organization must be linked with the market and the business requirements. If this is not done, there remains a risk that the change that has happened is rejected by the organization.
4. Securing executive sponsorship: If there is a full executive support in the organization, it gives an indication that the company has invested much of its money by making the implementation of the technology work.
5. Choosing right technology: The total number of parameters which includes features of industry specific, functionality depth, development path in future, ease support, integration with future or the existing systems, scalability and also flexibility to adapt the business model that is changing.
6. Proofing the decision in future: The technology that is selected by the organization should all the processes involved in the project. The technology must be implemented in such a way that it is profitable both in present and the future to increase the profitability of the organization.
7. Demanding before implementation support: The place where the technology is implemented should have an effective as well as well-resourced support (Scherer et al. 2014). The implementation does not end when the technology is going live.
8. Implementing effective governance: For the organizations that have ongoing success should have essential corporate governance. This helps to extend the implementation of the technology. If the level of scrutiny and governance is higher, the risk on the project becomes lower in an organization.

It can be concluded that to make the organization innovative and new, the organization should implement technologies that are out of their comfort zone and they have to face some risks if they want to go ahead among the competitors. The future of anything is not always clear. So, it is recommended to take risks so that the project team and the business leadership all work together to make an innovative idea and achieve benefits by adopting new technologies as well as innovative technologies (Yeboah-Boateng and Essandoh 2014). The main aim is to minimize risks by implementing a careful approach and also by working with those technology partners who understands the business well. There are many contributions of new technologies in the organization. The new technologies that that are implemented in an organization leads to economic growth of the organization. The economic growth can be realized when the new technology is diffused widely and are also used widely. From series of decisions that are individually taken are mainly the results of diffusion. When there are new inventions, there are certain benefits for the uncertain cost for adopting the new technology. There is an understanding for the factors that is essential for both the economists who are studying the determinants for the growth of the organization and also for the producers and the creators who invented such new technologies.

On the other hand, as we are living in digital age, it becomes immensely important to interface technological advancement in business. Ability to adopt new technology is considered as paramount that affects everything from the process of generating capital products to per capita income (Rogers 2016). On the other hand, rapid economic development of business needs adoption of the technology in business as present business market needs to adopt effective technique in business. It is important to adopt new technique so that business organization can retain in business with respective position (Drnevich and Croson 2013). However, several security issues are involved with the adoption. In addition, privacy issues like leakage of data can be occurred for adopting technology in business.

There are numerous hypotheses utilized as a part of IS inquire about. It is essential just in hypotheses about innovation appropriation. There are interchangeable use in terms of diffusion and adoption. Adoption refers to the stage where a particular technology is selected that is used by an organization or an individual. While on the other hand diffusion is the stage where the new technologies is spread among for the general use and are applied generally. The adoption of technology is used by individual level and diffusion can be taken into account if the system is adopted by mass. Both the terms, adoption and diffusion is important to the business for adopting technologies in an organization.

The adoption of technologies generally leads to diffusion. From the evolution of research in technologies adoption, the diffusion studies with the study of adoption studies. In the adoption of technologies, there are two major streams of research that have evolved. One of the two streams pertains to adopt at individual and other adoption pertains at the organizational level. The usage or the intention by an individual is the main subject of study, the adoption is considered to be an individual adoption level (Xu et al. 2016). On a contrast, if the implementation is successfully done by an organization that is under study, the adoption is considered to be as the adoption is at organizational level. There leads a mass adoption of new innovated technologies at the organizational and the individual level. This adoption is termed as diffusion of technologies.

It is important to develop research methodology that can be helpful to develop most suitable approach required for getting desired outcomes from the research. There are specific theories as well as concepts adopted for gaining better as well as deeper analysis in order to analyze several factors that affect subjective opinion regarding adoption of technology in business (Myers 2013). In addition, it is important to find the limitations involved with the process of adopting technology in the business.

In the research, use of exploration logic assists in obtaining appropriate way in order to get subtle components if the research point. It also helps in making clarification of the research point by the researcher while evaluating a particular point that fluctuate the process of determining exploration theory of the research. Expensive as well as regular types of epistemology are considered as a piece of theory such as positivism, interpretivism as well as authenticity.

Positivism is known as a subject of philosophies that helps in developing rationale of the research and covers the actualities along with data in an investigative way (Rubin and Babbie 2016). On the other hand, positivism tries to minimize the power of subtle perception as well as learning of the accumulated data in the research. In addition, a researcher under interpretative way is helpful to making characterization of the things and ideas of common law, which is helpful to determine specific degrees of the logical methodology. 

In the research, positivism is usually connected with the current setting that assists in doing better analysis of making certainties as well as detected with distinctive elements related to the process of adopting technology in business (Roberts 2013). However, positivism philosophy restricts the part of the researcher in order to control evaluation of information promoting minimization of errors involved in information.

In terms of research approach, it helps to configure needed in order to direct the particular study of the research. There are two types research approach generally used in research such as inductive approach and deductive approach (Goldberg et al. 2017). The underlying period of inductive approach is the perception, which helps to increase important data as well as constructs the methodology of the way of the research carried out. However, deductive methodology is used as a process, which is helpful to depict reasonable and effective utilization of hypothesis focused on evaluating substance of the research.

Data is generally considered as a valuable component of the research in order to comprehend reality as well as fact needed for analyzing specific type. Collection of data is useful in order to determine precise results of the research process. It also allows determining precise outcomes to research process as well as allows standard development of the research in a specific area (Gale et al. 2013). Sources of information help to get the research point as well as helpful in extracting data according to the requirements. Primary and secondary data are considered as information sources, which are helpful to provide materials that accommodate to select the research topic. The direct or primary data accumulation requires elucidation of the unwavering quality as well as legitimacy. On the other hand, in order to gather secondary data, secondary sources such as books, journals and websites are selected for the research.

Population for the research is usually characterized on quantity of the individuals specifically in terms of implication or influenced through substances of the research work.  In the present research, employees from different organization adopted new technology in business have been considered as sample for the research (Vamsi Krishna Jasti and Kodali 2014). There will be 65 numbers of employees from different organizations will be selected for the research.

Sample considered in order to the study several components related to the process of adopting new technology in business. The sample for the employees will be straightforward random probability where no criteria to determine will be selected.  The survey will be conducted taking the likert’s scale from 1 to 5. The sample for the research is usually divided into specific groups as quantitative as well as other qualitative analysis. Subsequently, overall population size for the research is 65.

In the present research, subject related to the adoption of technology in business would be helpful to consider the ideas detected with the topic. There are several elements connected with the subject taken in the research. Inductive methodology assists in making proper understanding of the research.

Research design is helpful in making clarification of the structure of the subject of the research. In addition, research subject would be helpful in determining the process of accumulation as well as design of investigation. The process of accumulating information of the subject is known as particular type of methodology applied in academic research. There are three types of research designs such as exploratory, descriptive as well as descriptive research design. Exploratory research design is helpful to the researcher in order to recognize various types of thoughts as well as considerations needed in order to complete the research paper. However, informative research plan can be helpful to portray specific event as well as correspondingly the impact of the event (Tarhini et al. 2015). Thus, unimportant clarification of circumstances makes an impact on the incident. On contrary, illustrative research helps to pick up the research point. Enlightening research design can be helpful to characterize the interest point of the research with particular topic. The degree of impact related to the adoption of technology in business.

Qualitative data is considered as useful in order to record the type of information including better depiction of the research point.  It is important to specify quantitative data that assists in order to include hypothetical ideas in practical way. It prompts better analysis of the point like quantitative method (Sa? et al. 2016). The research helps in generating quantitative information that applied in substantial specimen sizes. Hence, in the research, quantitative technique is selected over qualitative analysis because of providing more flexibility to the researcher in terms of sample size as well as population.

The process of research strategy and research requires taking after a particular set of principles, which assists in order to distinguish wrong as well as right arrangement of practices needed for doing appropriate process (Baptista and Oliveira 2015). The researcher needs to analyse the part of elements connected with the technology adoption in business. Data accumulated for the research is useful to understand the part of elements related to the research topic. In any of the cases, any type of business use of data is kept away from discoveries that are completely constrained related to the cause. On the other hand, the researcher attempted to embed any outside impact on the weight over participants in order to join in input process of research subject. The participants with a sense on making effective investment is urged or taking an interest in order to join the process. The respondents with a sense on the investment and examination point.

• What are the factors that are responsible for gaining competitive advantages in business?
• What are the benefits obtained for adopting technology in business?
• What are the risks related to the adoption of technology in business
• How to overcome the risks?

Conclusion

From the above study, it can be concluded that it is important for a business to adopt new technology in business. As new technology adoption provides several advantages in business, it would be helpful for the business organization to adopt competitive advantages in the market. However, there are some difficulties and issues faced for adopting technology in business. Thus, it is important to research on the particular topic and analyze the limitations and risks involved in it that is achieved in the present study. In addition, accumulation of primary data would be helpful to get recommendations and overcome the issues faced while adopting technology in business.

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