Business Issues Faced by Companies in Adapting New Technology

This report illustrates the use of new technology in the business world and the issues arising due to the adaption of new technology within the business environment. It highlights the different issues faced by the companies such as insufficient knowledge and information on new technology, compliance issue, and high cost of the systems and hiring of IT professionals. The report provides recommendations for the issues along with a reflection part.

Academic research and
writing

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Business issues faced by companies in adapting the new technology.........................................3
Reflection.....................................................................................................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Technology plays an important part in the modern world which is strongly integrated with the
business world. With the growth of the market and economy new technology is being
implemented in the various sectors of the business to maintain large data records and manage the
finance structure along with proper and effective use of automated systems to save the time. The
invention of new technology has somehow reduced the workload of the workforce but also made
it difficult for some people in business world to smoothly run the new technology due to lack of
knowledge and skills (Christensen and et.al., 2018). This report will illustrate the use of new
technology in business world and the issues arising due to the adaption of new technology within
the business environment. Further it will highlight the reflection. It will show the different issues
faced by the companies.
MAIN BODY
Business issues faced by companies in adapting the new technology
The expanding of business world and growth in economy is leading to rise in the
demands of the customers need who demands various best quality products and services and it is
important for the companies to fulfil the demands of the customers on time. To cope with the
demands of the customers and improve the work management flow the companies are adapting
to the use of new technology to increase the market beyond the geographical boundaries and earn
higher profits.
Insufficient knowledge and information on new technology
The use of right technology leads to proper work management flow within the companies and it
is the key for maintaining flexibility within the working environment and to compete with the
competitors in the market place. There are many challenges faced by the companies when it
comes to the adaption of new technologies within any organization (Parida, Sjödin and Reim,
2019). Customers and clients demands the use of new technology for quality of the products and
the services they get. The staff in the companies sometimes totally fails to operate the new
automated machinery within the organization and leads to great loss in the revenue of the
companies since a lot of money is being spent in the adoption of new software's and systems
within the organization but due to lack of proper training to the employees results in low
production rate which eventually results in the downfall of the companies (Ebert and Duarte,

2018). To overcome this issue the business companies should focus on conducting the training
sessions for the employees and spend extra time to give complete instructions and knowledge
about the new technology on how it works and what are its advantages. These training sessions
will help in guiding the employees properly, and they will utilize their full potential in working
with the new technology within the environment.
Compliance issue
Many companies sometimes fails to choose the use of right technology which can be
easily integrated within the systems of the organization depending upon the size of company,
business model and how the customers will be served through digital services. Due to lack of
complete knowledge about the new software's which leads to non-profitable investments to
integrate new technology. Though these companies have new technology but use of full potential
of the systems is not carried out in an efficient way which makes it hard to meet with the
demands of the customers and stand out with the competitors. As a result of this issue companies
are unable to follow the new market trends and find it hard to run the management system
efficiently (Glikson and Woolley, 2020). In order to overcome this problem it very important that
the companies should have a prior knowledge about the new technologies in the market and this
will help them to select the best suited technology which could easily adapt and integrate within
the systems of the organization so the employees can make efficient use of the software's which
will limit any disruption in carrying out various process like data entry, maintaining big data
records for the company. By this the company can make the best use of new technology and take
all the advantages that the new tech has to offer.
High cost of the systems and hiring of IT professionals
To run and reap the advantages of the new technology it is highly important for the
companies to make the most of the profits by increasing the sales rate in the market so that the
expensive costs invested for integration of the technology can be easily compensated by high
profits. For this the companies need highly skilled and technically talented bright minds who can
use their full potential to operate the new technology. Many new businesses or small start-ups
emphasizes on adapting new technology for faster growth in the business to easily communicate
with the stakeholders by using cloud based collaboration tools such as Zoom and Slack. With the
use of digital data storage, it has become very easy for modern day companies to track and find
big data anytime anywhere and with all these advantages that new technology offers it imposes a

great responsibility for the companies to keep IT professionals within the management system
who have great experience in cybersecurity and can easily manage large financial data without
any disclosure of the information. The hiring of these IT professionals is a major task for the
small start-up businesses as they are very costly and it is very difficult to find one (Eling and
Lehmann, 2018). Many cloud based services such as software-as -a -service (SaaS) are highly
priced and costly for the new business and not all cloud based services have same costs (Jimenez
and et.al., 2018). To overcome this the companies should have a well-planned strategy to deal
with their systems and avoid the integration of costly cloud based technologies instead they
should focus on hiring a partner who can provide with the facilities of custom cloud based
services and solutions which will be helpful to overcome the high cost of the services.
Adapting the use of new technology has proven to be beneficial by so far as it has made the
better online visibility of many companies with the help of websites which helps in increasing
the marketing with the use of SEO technology tool by ranking the company at top in search
history.
Reflection
This report as helped me to overcome various problems of managing time properly along with
personal development of decision making and taking effective actions needed for different
situations with which I can work more efficiently.
Academic Skill Action
Time management
With the conduction of above report I have developed
the skill of time management by planning out a well
procedure to do my work and submit on time. I learnt
to manage time more effectively by making important
notes on the topic taught in the class and analysed how
much time it takes for me to learn new topics and do
the research work of projects. This made me aware of
the activities which are more time-consuming like in
learning and understanding any topic takes time for
The time managem
run in academic are
with easily proces
projects at school a
so I can easily acces

me, so I made improvements by making short notes on
each topic along with regular discussions with my
mates and tutors (Neroni and et.al., 2019). This
helped me to spent less time on my research work and
pay more attention to the details of topics with which I
gained more knowledge.
Critical thinking
- My critical thinking has been improved as from the
above report I have analysed the importance of
understanding any situation effectively which has
helped me to make quick decisions with critical thinking
and address any situation. With this skill I have
managed to bring use of more mindfulness techniques
to solve problems at school (Sasson, Yehuda and
Malkinson, 2018). I have developed this skill with
attempting more problem solving questions and
understand the concepts more easily
It will further help
as well. I can take eff
Collaborative learning
I have developed the skill of collaborative learning
which helps me in sharing new ideas and knowledge
with my mates at school. Discussions and sharing the
skills with different students has helped me in
development of learning power with deep
understanding of topics and sharing views
This has made m
learning and it will h
my employees in c
knowledge along w
help the business to
on my weakness an
with my mates and

CONCLUSION
The following report has concluded the various issues faced by the companies in adapting new
technology with the invention and use of new software's and technological tools that helps the
companies to expand their boundaries further in business oriented world to increase profit rate.
There are various issues faced when it comes to the integration of new technology within the
systems such as incomplete knowledge in operating the software's and deficiency of skilled
workforce along with high cost input faced by the companies. The report has provided
recommendations for the issues along with a reflection part.

REFERENCES
Books and Journals
Christensen and et.al., 2018. Disruptive innovation: An intellectual history and directions for
future research. Journal of Management Studies. 55(7). pp.1043-1078.
Ebert, C. and Duarte, C.H.C., 2018. Digital transformation. IEEE Softw. 35(4). pp.16-21.
Eling, M. and Lehmann, M., 2018. The impact of digitalization on the insurance value chain and
the insurability of risks. The Geneva papers on risk and insurance-issues and
practice. 43(3). pp.359-396.
Glikson, E. and Woolley, A.W., 2020. Human trust in artificial intelligence: Review of empirical
research. Academy of Management Annals. 14(2). pp.627-660.s
Jimenez and et.al., 2018. MHCP: multimedia hybrid cloud computing protocol and architecture
for mobile devices. IEEE Network. 33(1). pp.106-112.
Neroni and et.al., 2019. Learning strategies and academic performance in distance
education. Learning and Individual Differences. 73. pp.1-7.
Parida, V., Sjödin, D. and Reim, W., 2019. Reviewing literature on digitalization, business model
innovation, and sustainable industry: Past achievements and future
promises. Sustainability. 11(2). p.391.
Sasson, I., Yehuda, I. and Malkinson, N., 2018. Fostering the skills of critical thinking and
question-posing in a project-based learning environment. Thinking Skills and
Creativity. 29. pp.203-212.