Impact of Technological Advancement on Business and Importance of Learning
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This report discusses the impact of technological advancement on business worldwide, including communication, remote working, AI, functionality, customer base, outsourcing, and research efficiency. It also emphasizes the importance of learning for personal and professional development, and includes a personal development plan.
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Table of Contents INTRODUCTION...........................................................................................................................1 MAIN BODY...................................................................................................................................1 How adapting to new technology is impacting business.......................................................1 Learning from this writing.....................................................................................................3 Why learning is important......................................................................................................3 How learning could benefit in future studies and development plans....................................4 Personal development plan.....................................................................................................4 CONCLUSION................................................................................................................................5 REFERENCES................................................................................................................................6
INTRODUCTION Technological advancement refers to the development or discovery of informations and knowledge that helps in understanding advance technology. The main purpose of advancing technologies in business is to make operations of companies efficient and productive (Yu and Liu, 2021). The following report covers how technological advancement has impacted business worldwide. Furthermore, it has also been evaluated in the report that why learning is important and hoe it helps in personal and professional development. Lastly, a personal development plan has been made. MAIN BODY How adapting to new technology is impacting business Technology has become a very essential part in today's world of digitalization where severalbusinessutilizetechnologiestoexpandtheirmarket.Technologicalinfrastructure impacts the efficiency, culture and relationship of companies as well as also affects the safety of their confidential details(Hassanien and Dale 2019). The given below are some factors by which technology is impacting business in present times: Way of Communication: Sharing of information about offered products or services by companies is very essential in every business. In the world of digitalization there are many ways by which technology has make it easier, efficient and faster for organisations to share information. With the help of many online applications such as Zoom, Microsoft teams and others several firms are able to organise work as well as teams operating from different geographical area. Social media platforms such as Facebook, Instagram and many other have provided a platform for direct communication with their targeted customer. This direct and indirect communication assist business to understand new trends and demands of customers. Remote working: This style of working has been growing steadily in the market but after the outbreak of Coronavirus (COVID-19) in the year 2019, companies were forced to promote remote working. With the help technologies various organisations including all sector such as private, public, non- profit or start-ups were able to operate their business online(Aldrich and Wiedenmayer, 2019). Companiesusevariousonlinetoolssuch asGoggle meeting,Zoom meetingsandother 1
applications to support and manage their teams. Through video conferencing tools they were able to manage their projects and maintain work culture environment. Utilization Of AI: Artificial Intelligence (AI) is accountable for reshaping of business and customer market as it has became an imperative strategy for those companies who want to maintain competitive edge. There are several activities which AI could perform such as machine learning, CRM, security and many more. Several business use AI to keep a track of buying patterns of potential customers which helps them in meeting their demands. Enhance Functionality: Adaptability of new technologies have assist companies in reducing their cost and increasetheirfunctionality.Technologicaladaptionhasmadecompaniestooperatetheir business efficiently, flexibly and profitably(Inigo, Albareda and Ritala, 2017). With the help of cloud technology organisations will be able to grasp information regardless of physical location. With the utilization of cybersecurity, organisations reduce the risk of cyber attacks and protect information of their as well as customers. Widens customer base: New technology advancement has allowed businesses to reach large customer base. Technology gives small or local businesses an opportunity to reach national market. Many companies with the help of online websites are able to reach international market and enhanced their customer base. Maintaining a website cost very little to companies and provide access for people to surf their online products or services 24/7. Outsourcing and collaboration: Technologies have allowed various organisation to outsource their products or services in national and international business environment. Outsourcing has helped companies in lowering theircostandoperatetheirbusinessoperationseffectively(Treiblmaier,2018).Through outsourcing organisations could reach least expensive markets and the two main functions that companies do are technical support and customer services. Expand research efficiency: With the help of technology companies are able to research what market are upcoming market trends and how customer preferences are changing. This research helps companies to enhance their capacities and provide products or services that could meet needs of customers. 2
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Through social media platforms different organisations organise surveys which assist them in gaining positive and negative feedbacks(Loonam and et. al., 2018). These reviews help them in improving their facilities and provide them competitive advantage in the market. Learning from this writing From the above writing about how advancement in technologies have impacted business I have observed that introduction of technology has made it easy for companies to operate their business. It has provide them a platform where they can interact with their customers directly and enhance their engagement(Yuan and et. al., 2018). I have also evaluated that technological advancement has helped business to reduce their labour cost and provide better facilities. I also have discovered that many companies introduced Artificial Intelligence (AI) technologies in their system which has helped them maintaining their business effectively. As I am also a mobile user who spends time in exploring different sites for purchasing products or services according to my need, the technology has helped me in this(Kindermans and et. al., 2017). I have also examined that with the help of technology many business are able to provide their services to national and international market. I have also learned that technological introduction has helped companies in expanding their business as well as broadens their customer base. Why learning is important According to me learning is an essential tool that helps in nourishing minds of people and assist them in improving their personal as well as professional lives. I have analysed that learning makes us capable to understand and handle every situation calmly and cleverly. Learning helps me encouraging myself to accomplish better goals in my career. It has helped me in creating better opportunities in future and assist me in developing my weak skills. I have observed that learning makes a person more professional and help them in growing their income along with standard of living. Through expanding my knowledge I have able to develop my personality as an individualwhich hashelped in gettingmore growth opportunities(McComas, 2017). Learning has helped me in building my self-confidence and provides me opportunity to explore my creativity. It also aids in developing viable connections with other people that could help me in my future and also I could learn new skills from them. 3
How learning could benefit in future studies and development plans Learning has helped in keeping my mind engage and body active as it aids me in getting new knowledge base opinions on the world around me. The theoretical and practical learning has opened doors for me to explore myself and new courses which are beneficial for me. With continuous learning I have realized that there are many opportunities I could grasp in my studies which will assist me developing my personality. It has made my soft and hard skills such as communication, time management better which adds value to my personality and I could use these in my future career. It also assist me in developing ethical behaviour in myself and enhanced my team working skills which will increase my confidence(Al-Fraihat, Joy and Sinclair, 2020). It will assist in growing my social network and provide me opportunities to learn new things from them as well as represent my skills in front of them. Personal development plan Personal development plan is used to evaluate weak skills of an individual which they can improve by making strategies. This plan helps people in calculating how they can make their weak abilities better and in how much time(Jorre de St Jorre and Oliver, 2018). In context to that, I have also made a personal development plan to improve my weak skills: SkillsAction planCriteria to judgeTime limit Leadership SkillsFordevelopingthis skill of mine I will try to read more books on leadership.Iwill observe my mentors so that I can evaluate how theyaremanaging teams. I will seek mentoring from my superiors and tell them to keep their supervision on me. To improve this skill of mine I will need a timeperiodof3 months. Team building skillsFordevelopingthis skillIwill communicate with my team members. I will participateinteam Iwilltellmyteam members to judge my performance that how much efficient I have become. Inordertobecome efficient in this skill I willrequireatime limit of 2 months. 4
building exercises. Time managementTo improve this skill ofmineIwillstart organisingmydaily activities. I will try to complete small task on specific time. Mysuperiorswill judgethisskillthat howproperlyIam managingmy activities. Toorganisemy activities on time I will need a time limit of 1 month. CONCLUSION From the above discussion it has been evaluated that technology has brought many chances in business which have helped them in enhancing their customer base as well as expanding to new market. It has also been examined that continuous learning helps people in developing their skills which could assist them in finding new opportunities in their professional and personal lives. It could also be said that personal development plan aids in improving weak skills in a specific period of time. 5
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REFERENCES Books and Journals Al-Fraihat, D., Joy, M. and Sinclair, J., 2020. Evaluating E-learning systems success: An empirical study. Computers in human behavior, 102, pp.67-86. Aldrich, H. E. and Wiedenmayer, G., 2019. From traits to rates: An ecological perspective on organizationalfoundings.In SeminalIdeasfortheNextTwenty-FiveYearsof Advances. Emerald Publishing Limited. Hassanien, A. and Dale, C., 2019. Hospitality business development. Routledge. Inigo, E. A., Albareda, L. and Ritala, P., 2017. Business model innovation for sustainability: Exploring evolutionary and radical approaches through dynamic capabilities. Industry and Innovation, 24(5), pp.515-542. Jorre de St Jorre, T. and Oliver, B., 2018. Want students to engage? Contextualise graduate learningoutcomesandassessforemployability. HigherEducationResearch& Development, 37(1), pp.44-57. Kindermans, P. J. and et. al., 2017. Learning how to explain neural networks: Patternnet and patternattribution. arXiv preprint arXiv:1705.05598. Loonam, J. and et. al., 2018. Towards digital transformation: Lessons learned from traditional organizations. Strategic Change, 27(2), pp.101-109. McComas, W. F., 2017. Understanding how science works: The nature of science as the foundation for science teaching and learning. School Science Review, 98(365), pp.71- 76. Treiblmaier, H., 2018. The impact of the blockchain on the supply chain: a theory-based research framework and a call for action. Supply Chain Management: An International Journal. Yu, S. and Liu, C., 2021. Improving student feedback literacy in academic writing: An evidence- based framework. Assessing Writing, 48, p.100525. Yuan, X. and et. al., 2018. Deep learning-based feature representation and its application for soft sensor modeling with variable-wise weighted SAE. IEEE Transactions on Industrial Informatics, 14(7), pp.3235-3243. 6