Impact of Science and Technology on Business Growth and Sustainability

This essay discusses the impact of science and technology on business growth and sustainability. It covers the benefits of innovative technology in improving communication, market growth, and reducing costs and waste. The essay also highlights the importance of science and technology in achieving sustained growth and prosperity.

English for Specific Purposes
FYU 006-0
Summer (July) 2021 referral tasks
Essay writing referral
In the box below are the five subject areas which were offered to you in the task sheet for the essay task. For this
referral task, please choose one of these areas, formulate an essay question and answer it in the form of an
academic essay, consisting of between 500 and 600 words.
Your essay should have a clear introduction and put forward an argument through its main body before arriving at
a logical and concise conclusion
1) The world of business
2) The world of science and technology
3) The world of media and entertainment
4) The world of sport
5) The world of education
Criteria:
In grading your essay, we will be considering the following:
 Accuracy in your use of grammar and vocabulary
 The extent to which your writing has the required academic style
 The extent to which your essay presents an argument
 The structure of your essay, including your paragraphing
Write your essay in the space provided below
Submission:
Once you have written and proofread your essay, submit it as a word document to the submission box provided in
English for Specific Purposes by the deadline

STUDENT NAME:
STUDENT NUMBER:
GROUP NUMBER:
ENGLISH FOR SPECIFIC PURPOSES TEACHER:
Begin your essay here…
Firstly, science and technology are significant in world of modern contemporary society. As per Chege,
Wang and Suntu (2020) it is analysed that technology and science influences production of new
operations, new ways to understand things and gain insights. In a business, innovative technology is
extended concept of innovation in which technologies are either newly invented as well as being used in
some new manner. Science and technology impacts widely on potentials of company to communicate
with customers. Within present business environment, it is essential for businesses to interact with
stakeholders quickly and clearly. In this context, innovative technology, for example, website permits
customers to find answers to questions after hours. Moreover, fast shipment option help organisations to
more offerings over wider geographical area. So, it is fairly said that use of science and technology
impacts business to interact or communicate in better manner which creates stronger public image.
Furthermore, it is argued that innovative technology improves market growth of a company. With
implementation of science and technology, it becomes possible for establishments to compete on
international stage. It aids business to anticipate changes within target market and respond quickly so
acquire opportunities and differentiate self from competition. Innovations in a venture comes from
ongoing market trends analysis, listening to suppliers and other stakeholders so to study what rivals are
performing for spotting opportunities addition to jump on them. Innovations including internet, impacts
positively on businesses as it helps in offering products to prospect across the world with the help of
using website. Businesses are able to provide detailed description, product photos and other data to
prospects with all information that customer requires prior to devise purchase decision. Innovative
technology such as social media vehicles also plays great role in connecting with other group of
individual and settings having interest in offerings, without requirement of face to face interactions. At
same time, it is examined that innovative technology at workplace stimulates employees. Organisations
uses science and technology for cultivating pride in commodities addition to desire for becoming an
industrial leader who reduce turnover at workplace together with boost productivity. In turn, innovative
technologies impact for using best sources of ideas to improvise offerings, efficiency and marketing.
Secondly, it is also argued by Bogers, Chesbrough and Moedas (2018) that science and technology
minimises waste and costs of businesses. It is analysed that science and technology assist owners of
company to keep costs to minimum. Through innovative technologies, manufacturers can reduce their
dependence on employees for carrying out some of major processes of production and management of
inventory. In essence, it reduces employee related expenses that are salary, turnover and other benefits.

Science and technology also help in streamlining production, warehouse and delivery processes which
eliminates costly waste. For example, implementing innovative technology that is lean manufacturing
system and digital inventory management software, business have opportunity to manage situations of
understock and overstock as well as meet customer demand in more efficient manner. It has been
analysed that innovative technologies assist in reducing business waste and leave them better positioned
for the purpose of emphasising towards long term goals despite of putting out fires. It is seen that
implementing operational efficiency changes work practices in form of streamlining order processing,
reduce machinery addition to idle time together with eliminating production bottlenecks. Science and
technology impacts business to constantly seek ways for eliminating wastage. It brings hostage benefits in
ventures in form of lower costs, improved customer services, better profit margins and increased
competitiveness. Moreover, professional technician also aids businesses to identify innovative
technologies. Innovative technologies such as automated accounting also helps in minimising costs
involved in managing books of accounts manually. It is because, automated accounting is considered as
wealth to provide timely information without requirement of humans to process data and interpret results.
the innovative technology impacts favourably in businesses for data processed addition to extracted from
day to day transactions so to have quick report about effectiveness of a project. Using such technologies,
organisations are able to check whether their taxes are current as well as have knowledge if they are low
in critical items of stock. However, there are various businesses who have relatively few transactions as
well as perform book keeping through hands. When they use technologies in practices, then they will be
able to realise substantial benefits or gains through making significant investment in computer addition to
other software or innovative technologies.
Thirdly, Felt and Et. Al. (2017) argues that science and technology are cornerstone for sustained growth
together with prosperity of organisation. It is examined that the world is full on innovations and using
them fosters new thinking ways and adding values to current idea or product for making substantial
changes in practices of company to contribute in society. In case with a business, innovative technology
gives sustainability when professionals make continual improvements, reposition and re-branding.
Furthermore, innovative technology is not just about creating new products with current processes but to
look towards existing business procedures for finding new customers, improving productivity and
enhancing profitability. It is also determined that innovative technology impacts for seeing what exists in
present world or which trends are more likely to pop in upcoming future. Working with world of science
and technology assist businesses to not only respond towards present requirements of target market, rather
impacts positively to predict future trends as well as come with innovative solution which can satisfy or
fulfil future demand in effective manner. In addition, innovative technology guides businesses to have
unique selling point in tough market. In modern world, consumer looks innovation and technology as
something that adds values to company and its offerings. In businesses, when science and technology are
used in accurate manner, it impacts in giving the business an advantage commercially, particularly in a
market which is saturated together with shifts rapidly. Innovative technologies provide more positive

exposure in media and influences consumers to pay willingly additional money for something that are
new addition to well-designed despite of picking or making purchase decision about less exciting or
cheaper competes. With this, businesses gain success in attaining sustained growth and prosperity.

REFERENCES
Books and Journals:
Bogers, M., Chesbrough, H. and Moedas, C., 2018. Open innovation: Research, practices, and
policies. California management review. 60(2). pp.5-16.
Chege, S. M., Wang, D. and Suntu, S.L., 2020. Impact of information technology innovation on firm
performance in Kenya. Information Technology for Development. 26(2). pp.316-345.
Felt, U. and Et. Al., 2017. The handbook of science and technology studies. Mit Press.