Digital Business & New Technologies: Importance, Development, and Business Applications

This report analyzes the importance and rapid growth of digital technologies, specifically Artificial Intelligence, in current business practices. It discusses the development of AI, its technological platforms and software versions, and its effectiveness as a business tool. The report also explores different old and new theories and e-commerce models used by organizations to improve their performance.

Digital business
& New
technologies

Contents
Digital business & New technologiesContents.........................................................1
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Why your technological topic is important?................................................................................1
How this technological topic developed; past to present development of the topic....................1
c) Brief description of the technology used in this topic and what it is used for.........................2
d) Technological platform, apps, software version.....................................................................2
e) Just write what type of business and organisation uses the technology. Please, do not use
B2B, B2C.....................................................................................................................................2
f) How is it used as a business tool and is this effective..............................................................3
TASK 2............................................................................................................................................3
The relationship between digital technologies both old and new theories on business and
management.................................................................................................................................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
The report aims to analyse the importance and rapid growth of digital technologies in
current world. Digital technologies are rising rapidly in the current business practices to promote
convenience, ease and efficiency in the business. This shows that, the organisation has to better
involve in E-commerce, online selling, Artificial intelligence and robotics which are the future of
market. Using an advanced technology provided enormous benefits to the customers and society
in terms of cost and time saving. It becomes easy to find the desired product and solve queries
relate to product search (Naimi-Sadigh, Asgari, and Rabiei, 2022). Therefore, this report is going
to analyse the role of digital technology which is Artificial Intelligence. There will be
explanation about why this topic is important and how the organisation using it in practice.
TASK 1
Why your technological topic is important?
The topic artificial intelligence is important in the current business market. It is all about
using machine language to work automatically. The AI technology helps in interpret, absorb and
take complex decisions. It helps in taking decisions without implement human error. It allows the
computer application to work as the human beings which will reduce mistakes, interruption and
provide better services. This AI software will be able to ensure similar work in the decision
making criteria. This topic is important to use this digital technology the business for providing
great user expenses who are working on online platforms. The work can be done faster and
effectively by AI technology to promote good growth of business.
How this technological topic developed; past to present development of the topic
Artificial intelligence was developed in 1950, it was investigated by the scientist and physicist to
develop an innovative idea related to the digitalisation. Artificial intelligence was much needed
criteria as the business faces problems in storing data, solving client problems and unable to
expand their business reach (Hua, Huang, and Zheng, 2019). Financing, management and record
keeping was a problem till 1974, till the time the computers becomes need for every business.
therefore, AI is rising rapidly in today environment of digitalisation. It has changed the lookout
of business practices in which forecasting, researching, customer service and promotions are
becoming easiest. In today’s time, everything depends on AI that how people think, what they
like current trends and other strategic decision which a business may wants to take.
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c) Brief description of the technology used in this topic and what it is used for
Artificial intelligence is a way to work with machines and use high power language to
replace humans. The main purpose of the using this technology is to avoid human error and
provide vast services to the customers. It helps in taking actions to communicate with customers,
take decisions within no time and enhance organisation performance. It includes computer based
practices, reasoning and perception to promote complicated task in easy manner. There is various
situation when organisation do not able to respond to customer queries, take decisions to avoid
chances of risks and uncertainties (Saarikko, Westergren, and Blomquist, 2020). Amazon is the
top most learning organisation in E-commerce platform. The company has high use of AI
technology in searching customer action for the products through which other products comes in
suggestion. It is used for analysing what customer search for and make their findings easy.
d) Technological platform, apps, software version
The Artificial intelligence is all about using effective platforms in order to enhance better
services. The Amazon use this technology through effectively engage the customers for
promoting better services. The Amazon use application and websites in order to grow in the
market. AI uses the application and computer software which helps in providing better areas of
work activities. In order to ensure great customer services, the software are the key areas which
helps in undertaking promoting better activities. All the platforms and application are the key
areas which is required in digitalisation.
e) Just write what type of business and organisation uses the technology. Please, do not use B2B,
B2C
There is various type of business who uses this Artificial intelligence. All the technology is
used by various types of business which secure good growth in the market. There is requirement
of key practices in order to work with AI technology. Several businesses are working with this
type of AI (Ruzic, 2021). There is other business who uses better technology apart from B2B and
B2C, the company is emerged with customer to business, business to administration. These
business are also taking rise in the current market with the help of AI technology. This shows
that, this technique has taken much advantage within the society.
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f) How is it used as a business tool and is this effective.
The business could use this technology as a business tool as it is used for taking success in
the market. The organisation will be able to save a lot of time and money in researching about
the people and market which can be perform through AI software. Therefore, it is effective to
promote better workplace areas which leads to promote better facilities. It works as a business
tool in order to increase productivity (Teichert, 2019). AI will be necessary to ensure Better
practices in order to help company boost their practices. Therefore, business tools are necessary
for business growth to secure effective practices.
TASK 2
The relationship between digital technologies both old and new theories on business and
management.
There are number of different theories which are old and new in business management can
be used by organisations in order to commence their operations in appropriate manner
(Pencarelli, 2020). Amazon also uses these theories on regular basis so that they can accomplish
their goals and targets. Some of the theories which are used by Amazon are mentioned below:
Decision making theory: This theory suggest some of the rational for individuals which
assist them in managing uncertainty and risk at workplace. Managers of Amazon formulate
decisions by adopting different reasons related to their business environment so that they can
organise operations in effective manner. Better decisions assist organisation in maintaining their
positive brand image in their respective market.
Quantitative theory: This approach majorly includes different quantitative techniques such
as computer simulations, statistics and information models in order to improve the quality of
decision makings. Amazon uses numerical analyses so that they can collect data related to
maintaining appropriate operations. They use questionnaires, polls and survey by using
computational techniques which are beneficial for them. The Mathematical calculations provide
actual position of an organisation so that they can develop strategies according to that.
System theory: This theory suggest that organisations have to plan and manage their
activity so that they can eliminate the risk of difficulties and confusions (Guo, Yang and Han,
2019). It helps Amazon in reducing complexity by analysing the behaviour of human working in
an organisation. It effectively understands factors such as organisational change, organisational
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behaviour and organisational development. Appropriate functions and operations are maintained
in an organisation so that accuracy can be maintained.
Contingency theory: This theory claims that organisation does not have another best way in
order to organise their corporation. It is the best theory to lead company in a particular direction
for the achievement of goals and targets. Amazon can effectively develop their decisions by
analysing their external and internal situation with the help of this theory. Contingent plans and
ideas are developed which provides support and guidance to the management.
There are various models which assist Amazon in capturing the large market area. The e-
commerce business models which are adopted by Amazon are as follows:
Business to consumer (B2C): According to this business model organisations manufacture
and produce their products in order to sell them directly to their customers or end users. The
products are bypassed through the third party which involves wholesalers, retailers and
middlemen. Amazon uses online platforms so that they can improve their delivery procedure in
order to satisfy the needs of their customers. it is helpful in maintaining interaction with the
customers on regular basis.
Customer to business (C2B): According to this consumer tend to create value for
businesses so that they can consume that particular value (Hartley and Sawaya, 2019).
Consumers provides reviews and feedback to organisation which are valuable for them in order
to develop new products. Amazon also uses this business model in some of the cases where they
allow their consumers to sell products and they pay them in return.
Business to business (B2B): Sale of products and services between different businesses are
classified under this e-commerce model. This is a highly improve the effectiveness and
efficiency of organisational sale by interchanging different goods and resources according to
their requirements. Amazon uses business to business model in order to maintain appropriate
supply chain of different products so that they can generate higher revenues.
Customer to customer (C2C): This e-commerce model provides opportunity to customers
in order to interact with each other so that they can create transactions for different goods and
services. Customers can decide the prices of goods according to their perception and sell them
directly to other customers in order to gain profits. This e-commerce model does not involve
businesses in between as the deals takes place between different customers.
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Business to administration (B2A): This e-commerce model can also refer as business to
government which allows businesses to interact with government bodies. Organisations become
supplier for customers like government sector in order to sell their goods and services
(Inshakova, Ryzhenkov and Inshakova, 2019). Amazon also deals with government in some of
their product segment so that they can contribute in the development of society by providing
higher quality of products and services. This e-commerce model consists of barriers to entry and
includes longer sale cycle.
Consumer to administration (C2A): This refers to the electronic transactions which are
held between customers and public administration. Customers can easily post their request
information and queries to public sector through local authorities (Naimi-Sadigh, Asgari and
Rabiei, 2022). It provides chances to develop better communication between the government and
customers so that they can share thoughts and understanding with each other.
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CONCLUSION
From the above report it can be concluded that digital transformation assist organisation in
upgrading their services and products which can attract large number of customers. Advanced
technology contributes positive efforts in creating new values so that business can develop their
positive brand image. There are number of new technologies such as artificial intelligence which
improves the process of operations and maintain quality of products and services. Organisations
can effectively innovate new ideas which assist them in improving their productivity and
performance which generates higher revenues. This report discussed about technological
advancement which is artificial intelligent and its development. Different technological
platforms and software versions of which are used in this particular technology are discussed in
this report. The effectiveness of this technology is discussed and comparison is carried out with
the past performance. Different old and new emerging theories and business models are
mentioned in order to improve the performance of organisation in this report.
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REFERENCES
Books and Journals
Guo, H., Yang, J. and Han, J., 2019. The fit between value proposition innovation and
technological innovation in the digital environment: implications for the performance
of startups. IEEE Transactions on Engineering Management, 68(3), pp.797-809.
Hartley, J.L. and Sawaya, W.J., 2019. Tortoise, not the hare: Digital transformation of supply
chain business processes. Business Horizons, 62(6), pp.707-715.
Hua, X., Huang, Y. and Zheng, Y., 2019. Current practices, new insights, and emerging trends of
financial technologies. Industrial Management & Data Systems.
Inshakova, E.I., Ryzhenkov, A.Y. and Inshakova, A.O., 2019. Neo-industrialization of the
Russian economy: technological and digital development. In Ubiquitous Computing
and the Internet of Things: Prerequisites for the Development of ICT (pp. 239-250).
Springer, Cham.
Naimi-Sadigh, A., Asgari, T. and Rabiei, M., 2022. Digital transformation in the value chain
disruption of banking services. Journal of the Knowledge Economy, 13(2), pp.1212-
1242.
Pencarelli, T., 2020. The digital revolution in the travel and tourism industry. Information
Technology & Tourism, 22(3), pp.455-476.
Popkova, E.G. and Sergi, B.S. eds., 2020. " Smart Technologies" for Society, State and
Economy (Vol. 155). Springer Nature.
Ruzic, F., 2021. Digital organizations enhancement with information and operational
technologies convergence. In Encyclopedia of Organizational Knowledge,
Administration, and Technology (pp. 966-981). IGI Global.
Saarikko, T., Westergren, U.H. and Blomquist, T., 2020. Digital transformation: Five
recommendations for the digitally conscious firm. Business Horizons, 63(6), pp.825-
839.
Teichert, R., 2019. Digital transformation maturity: A systematic review of literature. Acta
universitatis agriculturae et silviculturae mendelianae brunensis.
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