BM565 Digital Business & New Technologies: Tech Innovations Report

This report examines the importance of technological advancements, such as AI, cloud computing, and blockchain, in contemporary digital business environments. It traces the development of these technologies, discusses their applications across various industries, and analyzes their effectiveness as business tools. The report also explores the relationship between established business theories and emerging digital technologies, highlighting how both old and new approaches aim to enhance operational efficiency and improve management practices. Furthermore, it discusses the evolution of business models, contrasting traditional methods with modern e-commerce strategies like B2B and B2C, emphasizing the need for businesses to adapt to digital innovation to maintain competitiveness. The report concludes that embracing technological advancements is crucial for businesses to achieve success in today's competitive landscape.

Digital Business & New
Technologies

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
A..................................................................................................................................................3
B..................................................................................................................................................3
C..................................................................................................................................................4
D..................................................................................................................................................4
E..................................................................................................................................................4
F..................................................................................................................................................5
TASK 2............................................................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
With context to current working environment there are many different technological
advancement being taking place. Hence, it is very necessary for the business that they must
undertake and implement these technological advancements within the operation. The present
report will outline discussion relating to transformation of business towards using digital
innovation like application of AI, blockchain, cloud computing and other recent changes. For
being competitive it is necessary for the company that they must implement the use of latest
technology so that they can have a competitive advantage (Li and et.al., 2021). Also, the current
study will discuss technological topic and its development along with different platform and
software used. In the end the relation within the digital technology both old and new will be
undertaken.
TASK 1
A
The current technological topic is of importance within the current competitive
environment because these technological tools assist in development of company. In this current
competitive environment there are different technology being used and it is necessary for
companies to adapt to these tools. In case these tools will be used by the company then this will
be providing a competitive advantage to the company and this will result in increase in
profitability of business. It is also important for the businesses to use the latest technology as it
reduces the human effort and increases the efficiency of the business. also, when the companies
will be using the latest technology is that it saves time of the company and this time can be used
in some better areas and for the development of the business. Also, the use of AI and other
technology increases the business and its efficiency to a great extent.
B
The artificial intelligence was developed in the year 1956 but it became popular in the
current times. The early research relating to AI was started in the year 1950 as problem solving
tool and in year 1960 US department took interest in developing this technology more. The early
work focused on the development of automation and also included the decision support system
and smart research (Artificial Intelligence, 2022). Further this AI was developed first as neural

network and then the other related technology were developed like machine learning, deep
learning and others.
C
The present technology that is use of artificial intelligence, cloud computing, blockchain
and others is very prominent within the use of the company and working environment. The
reason underlying this fact is that when the present technology is being used within the company
then this improves the working efficiency of the business. The use of these different technologies
will be assistive to the business in growing and developing the business. The artificial
intelligence is being used by many different types of companies (Lutz, 2019). The major use of
AI involves the online shopping, different types of web search, using it in homes, for cyber
security, digital personal assistants like Alexa, Siri and others. Also, this AI is used in different
types of appliances as well like smart air conditioner, autonomous cars, use of robots within the
hospitality services and other different types of tools as well.
D
For using any type of technology it is very essential that there are different types of the
platforms and software which are necessary for company to implement for use of technology.
Hence, with respect to the current use of artificial intelligence it is very important to have the
different platforms and software to be installed within the company for effective working. The
different types of the artificial intelligence platform which can be used are like Google AI,
Amazon Web Services, Oracle AI, IBM Watson, SAS and many other different types of
platforms. All these platforms are very important for the use because in case these will not be
installed then the working of the company will be affected in negative manner. In addition to
these platforms there are also some of the software which can be used for implementation of AI.
For the better use of AI, it is very necessary for the company to install all this software for the
proper and effective working.
E
The use artificial intelligence and other tools is very necessary for the many different
types of the business. This AI is being used within different types of business like retail, banking
companies, companies dealing in fashion and shopping, different security and surveillance
companies, manufacturing and production company and many other different types of the

companies (Gunasekeran and et.al., 2021). Along with this, the AI is also used by almost each
and every company as this is very beneficial for the improvement and development of the
company and its efficiency. This is also used within the hospitality sector as it helps the hotels
and restaurant to increase the customer experience coming to the place. This is also assistive
within the healthcare industry and it helps the care setting in taking care of the patients in better
and effective manner.
F
The current use of latest technology is very assistive as a business tool. This is because of
the reason that when the company undertakes the use of the latest technology then this improves
the working efficiency of the employees. Hence, as a result of this, the objectives and goals of
the business will be attained. Also, these different tools like artificial intelligence, cloud
computing, blockchain and others help business in managing the performance in better way.
Hence, all these different technological tools are very essential and effective in improving the
working efficiency of the business (Magistretti, Dell’Era and Petruzzelli, 2019). This is effective
because of the reason that when the businesses undertake the use of these digital technology then
this improves the operational efficiency and resultantly the profitability increases. Also, in the
past times all the work was done by the employees and there are many issues as employees are
also not perfect. But after the use of the technology the performance of employees also enhanced
as all the work is being done by the machines.
TASK 2
The use of the latest technology is very helpful for the company because it improves the
working efficiency of the business to a great extent. there are different types of the theories
which were used earlier and also some theories are emerging with respect to the latest changes.
Hence there is a relationship being present within the use of both old and new technology. this is
particularly because of the reason that all these theories whether be it old or new have the same
aim that is increasing operational efficiency and improving management structure and practices.
In the earlier times as well there were different types of technology which were assistive to the
business in managing the working and improving it (Liu, 2020). There were different types of
the theories which are assistive to the company in improving the working efficiency and use of
technology. The old theory which was used by companies was the contingency theory. This is a

type of theory which states that there is not any specified method for dealing with the situation.
The reason pertaining to the fact is that all the situation is different and it is not necessary that the
method which is selected for analysing the situation is applicable to other situations as well.
Also, this theory is applicable within the modern working and practices (Lyu and Liu, 2021).
This is pertaining to the fact that the it is not necessary that each and every situation is same and
it is solved in the same manner. Hence, for solving the different situation there are different types
of the technology as well which can be assistive in management of the situation. Depending on
the situation different types of technology can be used in order to evaluate the situation and try to
solve the situation.
On the similar note, there are also different types of theories which were used earlier and
in the present times as well. this theory involves the use of decision making theory within the
management and completion of the business activities. This is particularly because of the reason
that for the businesses to run successfully it is necessary that all the decision is being taken in
proper manner. Both in the older and present working the use of proper decision making theories
is helpful in managing the working and management structure of the companies. The artificial
intelligence and other tools are also used in the effective decision making. The reason underlying
this fact is that when the decision is backed up by the use of digital tools and techniques then this
will be working in better and effective manner (Ågerfalk, 2020). Also this will result in better
and effective working of the company as this will increase the decision making of the company.
also, the use of technology will be working in better and effective manner and this will be
resulting in better working of company and better decision of the company.
Hence, it can be stated that for the effective working it is very necessary for the
companies that they undertake the use of these theories in better and effective manner. This is
necessary in order to improve the working efficiency of the company.
In addition to this, there are different types of the models which were used earlier and
also some models are emerging with respect to the latest changes. This is particularly because of
the reason that all these models whether it is old or new one have the same aim and objective that
is increasing efficiency and improving management, performance and practices (Bag and et.al.,
2021). Years ago when marketers used to work to earn profitability and for transaction they
usually follow buying and selling method. They basically follow cash transactions for any kind
of business. Due to changing trends and presence of the e-commerce world, marketers are

familiar with many big companies who are using B2C and B2B e-commerce business.
Nowadays, different types of method has been invented such as B2B and B2C e-commerce
online. Business to business is a method used by marketers when they want to sell goods or
services to customers and it is basically conducted between business and another such as retailer
and wholesaler. It is a type of electronic commerce in which marketers exchange services or
goods with each other. In addition to this, B2B transactions tend to happen in the supply chain in
which one business organization will purchase raw materials, goods or services from other firm
to be utilized in the process of manufacturing (Saura, Ribeiro-Soriano and Palacios-Marqués,
2021). The major goal behind using this method is to increase the customer base and expand
clients reach by improving revenue for business enterprise via digitalization.
While on the other hand business to customer is a transaction or business conducted
between customers and a firm. Many companies and business enterprise are selling goods or
services directly to customers. It has been noted that B2B and B2E e-commerce have achieved
good market position. Now, staying up to date to the changing trends and global level e-
commerce innovation will provide success to any business (Cartwright, Liu and Raddats, 2021).
While on the other hand, if companies are not using this models effectively then they can't be
able to satisfy potential market. By evaluating the models it has been identified that Both in the
older and present working the use of proper models is helpful in managing the working of the
companies.
CONCLUSION
To conclude, it is very essential for the business that they must undertake and implement
new and changing technological advancements within the operation of company. By evaluating
the above report it has been concluded that using digital innovation like application of AI,
blockchain, cloud computing and others company can achieve success in the competitive
environment. To be successful, marketers are using theories like old and new theories and
models such as contingency and decision-making theory and also models such as B2B and B2C
to run business smoothly. In addition to this, it can be stated that for the effective working it is
very necessary for the companies that they undertake the use of these theories and models in
better and effective manner and keep track on changing trends.

REFERENCES
Books and Journals
Ågerfalk, P. J., 2020. Artificial intelligence as digital agency. European Journal of Information
Systems. 29(1). pp.1-8.
Bag, S. and et.al., 2021. An integrated artificial intelligence framework for knowledge creation
and B2B marketing rational decision making for improving firm performance. Industrial
Marketing Management. 92. pp.178-189.
Cartwright, S., Liu, H. and Raddats, C., 2021. Strategic use of social media within business-to-
business (B2B) marketing: A systematic literature review. Industrial Marketing
Management. 97. pp.35-58.
Gunasekeran, D. V. and et.al., 2021. Applications of digital health for public health responses to
COVID-19: a systematic scoping review of artificial intelligence, telehealth and related
technologies. NPJ digital medicine. 4(1). pp.1-6.
Li, J. P. O. and et.al., 2021. Digital technology, tele-medicine and artificial intelligence in
ophthalmology: A global perspective. Progress in retinal and eye research. 82. p.100900.
Liu, X., 2020, October. Artistic reflection on artificial intelligence digital painting. In Journal of
Physics: Conference Series (Vol. 1648, No. 3, p. 032125). IOP Publishing.
Lutz, C., 2019. Digital inequalities in the age of artificial intelligence and big data. Human
Behavior and Emerging Technologies. 1(2). pp.141-148.
Lyu, W. and Liu, J., 2021. Artificial Intelligence and emerging digital technologies in the energy
sector. Applied Energy. 303. p.117615.
Magistretti, S., Dell’Era, C. and Petruzzelli, A. M., 2019. How intelligent is Watson? Enabling
digital transformation through artificial intelligence. Business Horizons. 62(6) pp.819-829.
Saura, J. R., Ribeiro-Soriano, D. and Palacios-Marqués, D., 2021. Setting B2B digital marketing
in artificial intelligence-based CRMs: A review and directions for future
research. Industrial Marketing Management. 98. pp.161-178.
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