Technological Change Flashcards
What is technological change
The application of science to develop tools with the purpose of solving problems or achieving goals.
Types of technologies
Eletronic payment systems
Accounting systems & computer software
Websites (marketing)
Social media (marketing)
Stock managment systems (operations)
Improved machinery (operations)
Online training systems (HR)
Networking/ communications technology (HR)
What impact can Eletronic payment systems
have
Reduce costs of carrying cash
Easier accounting - settling invoices
Instant payment - Not waiting for checks to clear, or worrying if someone is going to pay what they need to pay.
What impact can Accounting systems & computer software have
Reduces chance of human error
Easier analysis and reporting
Better record keeping
What impact can websites have
Increased data on individual customers
Lower costs advertising
Easier to judge impact on advertising spending - ‘click through rate analysis’
Conducting market research
What impact can social media have
Real time promotion
Crisis management
Need for constant monitoring and management
What impact can stock managment systsms have
Reduced cost of holding raw materials
Introduction of just in time production methods
Change to engage in mass customisation
Closer relationships with suppliers
What impact can improved machienery have
Automation - move to capital intensive production
Increase output and labour productivity
Impact on creativity and non - standard orders.
What impact can online training systems have
Reduced need for off the job training
Improved workforce skills
What impact can networking/ communications technology have
Opportunities for flexible working practices/ working from home
New working practices
What are the opportunities of technological change
Lower costs through fewer mistakes and better labour productivity
Increase customer satisfaction thourgh consistency and quality of production
Better communication with workforce
Improve knowledge of customers through storage and collection of data
Increased access to data from all areas of the business, allowing for better decision making
What are some threats that may occur with technological change
Costs of installing machienery, training workers and potential impact on motivation
Impact on ability to customise/ hand make products
Risk of workforce buringing out
Risk of hacking and impact on consumer confidence
High cost of investment in new technology
