Adapting to New Technology in Business and Management

Academic Writing for
Business and
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Adapting to new technology including Ecommerce and Social Media platforms......................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
There are many challenges that businesses face while expanding their business in the current dif-
ficult environment. These problems limit the smooth functioning of business operations. To ef-
fectively deal with these issues, business need to identify the key issues and prepare appropriate
strategies. This report builds on the challenges associated with the evolution of new high-tech
technologies, such as e-commerce and social media platforms, that are creating barriers for local
businesses. However, while technology facilitates business and helps to run day-to-day opera-
tions smoothly, it has some challenges in terms of increasing costs, changing customer percep-
tions, and diminishing opportunities for local organizations. The application of new technology
has reduced the need for talent as companies use technology rather than efficient and talented tal-
ent. In addition, customers are more likely to purchase products and services through e-com-
merce platforms, and local stores and department stores face many challenges in terms of declin-
ing market demand. On the other hand, technological evolution has also had a positive impact on
the business with many of the following challenges, including increasing current levels of sales
and profit margins and increasing brand awareness (Kvasničková Stanislavská, 2020).
MAIN BODY
Adapting to new technology including Ecommerce and Social Media platforms
The use of technology is increasing rapidly to facilitate the conduct of business activities. Cur-
rently, companies are using advanced technologies such as artificial intelligence and robotics to
enable them to perform their daily tasks profoundly. Technology not only increases efficiency, it
also increases productivity. With the help of machines and tools, mass production is facilitated,
which is impossible for human resources. Separately, technology helps to complete tasks in a
timely manner (López-López, 2020). Today, e-commerce platforms are widely used to effi-
ciently carry out sales and purchases using online media. It offers viewers the possibility to
choose the right product or service from a variety of products. business can also track orders and
make online payments through other payment gateways. However, e-commerce platforms, which
have been so important and have changed the business world, have a negative impact on small
and local business units that cannot control the online presence of their products. Due to their
technology-friendly attitude, people are more likely to buy products and services through online
platforms, and local shopkeepers can no longer attract buyers. This is because when purchasing