Technological Challenges Within The Business Field

Discuss about the Technological Challenges Within The Business Field.

In order to remain competitive in the global business environment, the organizations are dealing with several issues related to advancement of technology. To maintain their competitive position the companies require adapting to a rapidly changing environment for addressing the consumer needs (D’Ascen & Xie, 2018). Organizations might become adept in developing new technology that can facilitate in managing challenges that is aligned with implementing a positive change. Changes in technology implementation within the businesses can offer considerable advantages to the companies but can also present numerous challenges that requires being managed to attain a positive outcome. Problems might take place at the time the companies all over the world in implementing and developing new technology along with dealing with the challenges that go along with implementing certain changes within the companies.

Bringing in new technology might get intimidating for the organizational staff those are satisfied in carrying out work in their own way (Kandachar & Halme, 2017). Implementing new technology in business firms can mean changes within the job responsibilities, additional work load, additional training along with necessary employees. Technology changes might also affect the culture and nature of the business companies. With implementation of new technology resistance can also come in the form of attachment with old processes along with legacy tools that the employees are comfortable with. For this reason, it can be said that technology change is serving as a new tool or software and it is also transforming behavior of employees so that they are not resistant to change (Kandachar, 2017). Proper management and training of staff is necessary in proper implementation of technology within the company. Considering such research problem, the current research will focus on offering suitable solutions for addressing such issues in technology implementation within business organizations. The research will also consider explaining advantages and challenges of dealing with technological change, training considerations as well as the effect it might have on organizational employees (Krishnan, 2016).

The aim of this research is to analyses the technological challenges that takes place within the business field. Focusing on such aim, the objectives set in the research are explained under:

• To analyses the technological challenges faced by the business firms
• To evaluate the solutions that can address such technological challenges in business fold
• To analyses the  technology change management implementation within organizations
• To investigate the strategies that are implemented by organizations in developing technology within the companies

The research questions that are set in this research to be answered are explained under:

• What are the ways to analyze the technological challenges faced by the business firms?
• What are possible ways to evaluate the solutions that can address such technological challenges in business fold?
• How to analyze the technology  change management implementation within organizations?
• What are the strategies that are implemented by organizations in developing technology within the companies?

The research has a great scope in analyzing the emerging technological challenges within the business field. The current research is observed to provide better implications on the business of the companies in order to develop highly competitive strategies based on technology (Halme, 2017). The research has justified its implications as it ill explains the role of technology in the success of the business. The research will have effective outcomes that is strategically significant in managing technology that is capable to transform its services, products, operations and processes, organizational processes and its competitive edge.

Research Aim, Objectives and Questions

In the current era there has been a significant change in the operational process of business which is highly determined by the technological advancement in the business field. This industrial revolution is known to be fourth in its line and is termed as Industry 4.0, which is dependent on technology as the source of processing and generating revenues. Introduction of internet bought in a revolutionary change in the business world and could be considered as the key driver of business towards technological advancement. Digitalization of various key elements of business has made it easy and smooth for the management to supervise and conduct the operations. Hence it can be easily concluded that technology is necessary for the growth in a business. With time passing by, the business world has absorbed the technology, making it impossible to segregate the two. Therefore, saying that the businesses on a global basis will collapse if technology is taken out, will not be wrong as most of the business supports is running on technology. However, there are contradictions to the same wherein people identifies the various threats which comes in with technological advancements. This section will focus on the significance, challenges and opportunities of technology in business.

Technology has been the primary reason of a tremendous growth and prosperity in trade as well as commerce. Introduction and implementation of technology in the business has resulted in creation of newer business concepts and better business models. This is the outcome of the latest approach provided by the technology to the business (Ledford & Gast, 2018). The transaction within a business has also been more fast, efficient as well as convenient. Technology can be incorporated within various systems of the business including the accounting system, sales system and management information system. It introduced tools to make complicated task simpler.

The productivity of the business reaches a higher level with the introduction of the automated process that is provided by the technology (Lewis, 2015). This also helps the business to consume the minimum of the resources available to them and produce quality product and services with their logistics and delivery faster. Moreover, the confidential information of the organization is also stored with the use of technology makes it less prone with exposure. Furthermore, the said information or data could also be accessed from anywhere and at any time which makes it easier for the managers to make strategies (Machado & Davim, 2016).

Justification and Potential output of Research

In addition to the same, transactions and communication makes the business a complex process but as technology penetrated the operations, it made huge changes to the same. Globalization is another word for the business to spread make links across the world which is highly possible due to advancement in technology (Mackey & Gass, 2015). For instance, most of the companies use internet for marketing their product or create awareness about any of their upcoming project.

The concept of Information Technology (IT) has changed the whole view of the businesses regarding their operations (Mohseni et al., 2017). The information technology has improved the quality of decisions taken by the managers by aligning the strategies with the aims and objectives of the business. It actually assists the company to maintain its quality of product and service to remain competitive in the cut-throat market.

There has been a constant argument about the rise in technology in the business operations as some suggests that technology will human workforce as machines will take over the jobs while others support that technology could improve the productivity, service and eventually profitability through innovation (Panneerselvam, 2014). On an overall view, incorporation of technology in the business can strengthen and provide a competitive advantage to the business over its rivals but at the same time it might increase pressure on the employees and even reduce the professional satisfaction of the people that might harm the performance of the business as a whole.

It has been observed that despite many people feel to have a successful career but a lot more complain that their life has been more difficult due to lack of leadership, opportunity as well as money (Piller, Weller & Kleer, 2015). Though, the new concept of big-data and new analytical tools have brought in a revolutionary change in the organization, in the same time it has also made work more complex by increasing the workload on the individuals. As the use of technology has been increasing in the business now-a-days, the employees are needed to keep themselves updated of the skill required to operate the same as the expectation of the consumers in the same time has been increasing on a rapid pace.

In addition to that, it has also been seen that though technology makes the business to become more proactive, productive, customized as well as predictive in their approach but at the same time it starts incurring more expenses for the business (Rantala, Ukko, Saunila & Havukainen, 2018). For instance, cloud computing is expensive, time consuming as well as tough to maintain. Furthermore, with a rise in cybercrime these days, it becomes risky for the organizations to keep their important and confidential files in system as it might get leaked through hacking. Hence, with increasing technology it becomes necessary to update the system and anti-viruses to protect the important files. This simply concludes that the technological products and services have very short life as they become obsolete with a launch of a new update of the same (Rubin, Aas & Stead, 2015). Therefore, the technology comes with lot of challenges but the same can be resolved if proper care is taken and might turn out to be productive. Moreover, the issue of data silos is again on hands which arise if the various department of business uses different software to maintain their data. In such a case the business might face issue on the grounds of collaboration, ill-information and inefficiency. Hence it makes it very important for the business to choose its tools very carefully among the lots of software in the market.

Conceptual Framework

The incorporation of technology in the business filed might provide an ocean of opportunities wherein the business could enhance its operations that might result in delivery of quality product and services, eventually maximizing the shareholder’s wealth (Silverman, 2016). An effective communication is the core of any business towards success. Hence, organizing an effective tactics and communication strategies through better usage of resources available, it might be an overall faster process to reach the stakeholders of the organization. Moreover, it will be a lot more reliable as such information will not be done manually and so the risk of mistakes is minimal (Spieth, Schneckenberg & Ricart, 2014). Technology also provides a platform wherein all the people working on a single project but from different locations can work simultaneously. Technology can also be associated with improved resource management. It also provides the business an opportunity to save a huge amount of cost. For instance, a company which has been employing a huge number people for a particular task could install machinery which can work instead of those people at a low cost. However, in this case it becomes a challenge for the job market as it might snatch jobs (Schneckenberg & Ricart, 2014). However, from company’s point of view, it lowers their expenses. Moreover, with increased technology, the safety issue decreases. It makes the organizations and its interest safer than before.   

Taylor, Bogdan and DeVault, (2015) stated that the technology is deemed to be vital in business firms because of two major reasons that includes the success of all the business activities, as the organizations are not able to deal with competition without the use of technology. Moreover, it is also the technology driven innovation which can result the companies to attain long term growth. These reasechers also indicated that with focus on business activities, organizations can attain advantages from technologies through differentiating services of products. Van Der Aalst, La Rosa and Santoro, (2016) revealed that implementation of advanced technology has also facilitated in attaining advantages from certain new technology implementation that can further facilitate in decreasing the operating costs, attaining advantages from new technology change opportunities along with supporting process of change. Webster & Tickner, (2017) indicated that for the reason technology support in innovation it seems that the companies that invests within technology increase market shares, financial figures and overall competitiveness. These reasechers also recognized the relevance of technology based on which the managers can take actions on managing technology along with adding value to the companies. Considering the same, the contemporary companies and the large organizations consider investing huge capitals for technology implementation such as “Consumer Relationship Management” and “Enterprise Resource Planning” (Taylor, Bogdan and DeVault, 2015). It has been observed that despite many people feel to have a successful career but a lot more complain that their life has been more difficult due to lack of leadership, opportunity as well as money. Though, the new concept of big-data and new analytical tools have brought in a revolutionary change in the organization, in the same time it has also made work more complex by increasing the workload on the individuals (Taylor, Bogdan and DeVault, 2015). As the use of technology has been increasing in the business now-a-days, the employees are needed to keep themselves updated of the skill required to operate the same as the expectation of the consumers in the same time has been increasing on a rapid pace.

Significance of Technology

Van Der Aalst, La Rosa and Santoro, (2016) evidenced that technology is the vital component in addressing the market needs and consumer expectations. In general, apart from attaining their goals all the organizational need to focus on needs of consumers. Leading organizations require to center on their strategic business initiatives through employing relevant technology that enhance their business operations. Webster & Tickner, (2017) stated that there are several challenges faced by the companies in managing their technology to attain business success. Considering the same, Technology can also be associated with improved resource management. It also provides the business an opportunity to save a huge amount of cost. For instance, a company which has been employing a huge number people for a particular task could install machinery which can work instead of those people at a low cost.

The research will employ the qualitative as well as quantitative research methods as a manner of collecting data. The research will also employ methods such as questionnaires, focus groups as well as interviews in gathering information from shareholders along with stakeholders within the business field (Flick, 2015). The questionnaire will be providing to the employees within several companies in an effort to gather views regarding implementation of technologies within the companies. In addition, the questionnaires will be structured in order to reveal the ways the employees in order to deal with such issue within the within the industry. Interviews will ne employed on the managers and the CEOs. These respondents are the target participates those will have to respond the reasons for which their businesses did not succeed and the use of technology within their companies. The research will also focus on attaining an expertise within the field through developing informed focus groups that will include the advisors and the analysts.

Most useful secondary data sources these days is observed to be journals and magazines. Focusing on the same, the study will use secondary data sources information in efficient data collection (Humphries, 2017). Literature is observed to be a rich secondary information source along with books, journals and magazines explaining advanced technology use for business success in global organizations. Website is another vital data collection source as online library can be one of the efficient data collection sources. Such online data source from libraries encompass electronic books, online journals, websites and magazines. In addition, the information that are collected from such online library on technology use in business firms are up-to-date and elaborated because of several choices available (Jussani, Wright & Ibusuki, 2017).

Challenges Associated with Technological Advancement in Business

After gathering such data from the primary and secondary data collection sources, it will be categorized, analyzed, processed as well as grouped into several categories. The data analysis will also include employing both the qualitative as well as quantitative evaluation techniques for understanding the information gathered totally (Kaivo-oja & Lauraeus, 2018). At the time the primary and secondary data is totally processed they will be represented through employing the publication of findings along with recommendations on the issues faced by the researcher in this study. The data analyzed will be explained through tables, info-graphics ad pie-charts that will serve as the visual aids in facilitating the researcher to gather suitable findings from the research.

The first chapter of this research is to explain the research problem related with technological challenged faced by the business organizations. The second chapter will explain the aim, objectives and the research questions those are developed to attain suitable answer or outcomes from them. The third chapter will justify the subject of research along with explaining the potential study output. The forth chapter will explain the conceptual framework of this study that will analyze the existing literature on technological challenges faced by business along with recognizing and addressing the research gap. The fifth chapter will explain the research methodology along with the secondary data sources that will be employed for gathering suitable research findings. The sixth chapter will explain the structure of this research focused on which the research will be completed. Finally, the seventh chapter will elaborate the budget and timeline that are necessary for completion of this research.

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