Technological Advancement as a Megatrend in Business Landscape

Megatrends

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
Evaluation of technological advancement and how it influence the business landscape............1
REFERENCES................................................................................................................................7

INTRODUCTION
Megatrends can be described as global shifts that brings varied changes in our society as
well as ways organisations perform their operations (Avarello, 2018). They are considered as
forces that aid in shaping business lives with norms related to socio-economic aspects. They are
considered as important as they impact the foundations of forces related to world which is
considered as pivotal in bringing future to shape. These are essential for maintaining as well as
fulfilling sustainable development goals. This essay is based on a megatrend which is flourishing
rapidly in businesses and other related fields whose title is technological advancement. In order
to gain valuable insights about technological advancements and its impact on business
operations, Ocado Group Plc have been taken into consideration. Ocado Group Plc is a UK
based license grocery technology company which was established in 2000 and has its
headquarters at Hertfordshire, United Kingdom.
This essay consisted of explanation of technological advancement and its impact on business
operations. This also encompasses of an evaluation of technological advancements and its
influence on innovative practices of chosen organisation.
MAIN BODY
Evaluation of technological advancement and how it influence the business landscape
Rapid advancement of technology especially in the areas of artificial intelligence and
machine learning is considered as one of the leading megatrends in today’s world. Evolution of
technological advancements brings varied opportunities as well as threats for businesses
(Boschetto Doorly, 2020). Apart from business organisations, these are used in almost every
field such as medicine, health care, nanotechnology, communication, education, agriculture and
many more. At one side, it has made organisations to bring varied innovative practices which aid
layman in dealing with complexities and obstructions faced by them in their routine life. While at
other end, it has made disruptions in people’s life. Technological advancements has help people
to use social media sites but made them forget about significance of being social with others.
Technological advancement is considered as significant for businesses as through this they
can cater increased demand of goods and services from massive people on a global scale
(Sobiecki, 2021). Adoption of technological advancements make business organisations
comfortable as well as convenient and enhance their scope for improvement along with make
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