technological factors Flashcards
(12 cards)
what is digitalisation?
increasing use of technology in business processes such as automation has transformed how companies operate and interact with customers.
what is innovation?
-rapid advancements in technology drive innovation in products and services.
-businesses that embrace innovation can gain a competitive edge over other companies.
what is social media and marketing?
-social media platforms provide businesses with powerful tools for marketing, advertising and engaging with customers.
-businesses can leverage social media to build brand awareness and drive sales.
what are some technology factors?
-communication
-innovation
-sales
-business travel
-supply chain management
describe communication as a technological factor
-E.G, facetime or phone calls
-benefits to business:
+quicker to pass on messages throughout the tall hierarchy———–>allows business to be more productive and not waste time
-benefits to stakeholders:
+suppliers are able to be paid on time without diversion due to it being online—> increases relationships
describe innovation as a technological factor
E.G, car or Alexa
-benefits to business:
+can streamline their processes and create new products and services.—-> increased innovation has allowed businesses to stay ahead of competition
-benefits to stakeholders:
+local community can be upgraded due to technological advancements for innovation—-. people of the community would be happy due to changes.
describe sales as a technological factor
E.G, e-commerce or online websites
-benefits to business:
+allows them to reach a greater market size—> increases sales
-benefits to stakeholder:
+owner makes greater profit and more owners for suppliers
describe supply chain management as a technological factor
E.G, SCM software or logistics software
-benefits to business:
+allows the business to delegate tasks more easily and organise stock
-benefits to stakeholders:
+competitors can adopt similar processes to be more efficient
describe business travel as a technological factor
E.G, online booking tools or mobile apps
-benefits to business:
+more organised and can carry out processes more effectively—-> this leads to increased productivity
-benefit to stakeholders:
+customers benefit from better services—–> increase brand loyalty
what is automation?
-robots carrying out repetitive tasks in manufacturing industry
E.G, amazon invested in 100,000 warehouse robots worldwide which has taken the place of workers
what are the advantages of automation?
-increases productivity–>more work done, saves money for reinvestments
-increased safety–> increases in productivity and motivation for employees
-increased quality and repeatability–>more demand, more sales–> increased profits
what are the disadvantages of automation?
-greater environmental impact–> bad reputation for the business–> discourages customers from buying
-social costs–>people gets replaced by robots leaving them unemployed
-less flexibility–> harder to react to changes in demand
