Analyzing the Impact of New Technology on Businesses

This report provides a comprehensive analysis of the impact of new technology on businesses, focusing on the adoption of e-commerce and social media. It explores both the positive and negative aspects of integrating new technologies, such as increased productivity, enhanced customer reach, and improved customer engagement, while also addressing potential drawbacks like reduced human interaction, data security risks, high investment costs, and trust issues. The report highlights how new technologies can foster competitive advantages, but also acknowledges the challenges businesses face, including financial burdens and the spread of misinformation. The conclusion emphasizes that while new technology offers significant benefits, businesses must carefully consider the potential downsides and implement strategies to mitigate risks to ensure sustainable growth and maintain strong customer relationships. References from various journals and books are also included.

To new technology
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Table of Contents
Introduction......................................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK...............................................................................................................................................3
Positive aspects.......................................................................................................................4
Negative aspects.....................................................................................................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
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Introduction
Main objective of this report is to better understand the concept of new technology in
the industry. If an organisation wants to achieve higher growth and success in the market then
they are require to adopt effective and efficient technology on time. This is because technology
will play an essential role in growth and success of an organisation. A new technology will help
a company to achieve higher efficiency and productivity in the business & assist them to
successfully achieve the goal organisation (Chen, Baird and Straub, 2019). With the growth and
development of country technology will also change at a rapid rate if an organisation wants to
achieve long term growth then it is important that thy will effectively analysis the market trend
and adopt the new technology as per the trend. It will assist company to provide better services to
their customers. The issue which is discussed in this essay is related to the adaption of new
technology including e-commerce and social media. This repot will help in better understanding
the positive and negative impact of adopting new technology on business.
MAIN BODY
TASK
E-commerce- It refers to the technology through which an organisation is able to sell
their products and services with the help of internet. It is also known as electronic commerce.
Social media- It refers to a computer based technology which will help an individual to
sharing its ideas, thoughts and information through building a virtual network and communities
It is an internet based technology which will provide quick electronic communication of content
(Donou-Adonsou, 2019).
Adapting the new technology such as e-commerce and social media will have both
positive and negative effect. Such as it will help an organisation to successfully achieve it
organisation goal. While on the other hand it will also negatively influence the growth and image
of company. New technology refers to the set of productive techniques which will offers an
important improvement to business. It will provide cost benefit to company and also help them to
achieve higher profitability. By adopting E-commerce and social media technology organisation
will face both positive and negative aspects. Various importance and limitations of adopting new
technology is mention below:
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Positive aspects
Help business to be competitive- It was analysis that with the development of country
and because of globalisation organisation will face huge amount of competition in the market.
For successfully run the business in a competitive market an organisation will require to achieve
competitive advantage which is possible by adopting the new technology. It was analysis that by
adopting new technology an organisation will able to effective face the competition in the market
(Feng, and et. al. 2019).
Increase productivity- Most important positive aspect of new technology is that it will
enhance the productivity of an organisation. By adopting the new technology in their business
the efficiency of doing work of company will increase. Technology will help company to
improve the quality of their work and also save cost and money for company. Which will help
company to successfully achieve their organisational goal (He, and et. al. 2020).
Reach large number of customers- By adopting the technology like e-commerce and
social media an organisation is able to effectively reach to a large number of customers, which is
not possible through traditional technology. E-commerce and social media both are internet
based technology which will help an organisation to effectively interact and sell their products at
global level (Khan and Idris, 2019).
Increase customer’s engagement- It was analysis that now a days social media is best
technology which is used by an organisation for increasing the engagement of their customers.
By adopting this technology company will effectively interact with a wide range of customers
and also provide information about their products with the help of various social media
platforms. This technology is consider as the best technology for promotion of goods and
services because now a days customers are more engage on social media (Preece, 2020).
Good reputation of the company- When a company uses new technologies and services
will help them to produce good qualitative products and services which will help them to build a
good reputation in the market as today most of the customers provide good ratings to those
businesses who will provide them better quality which is possible only by adopting advanced
technologies.
Negative aspects
Reduce human interaction- One of the biggest negative impact of adopting these new
technology in business is that it will reduce the human interaction. As because through this
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technology customers are not directly connect to the company and also they will not able to
touch or feel their products because of this it is quite more difficult for company to build a loyal
and trusting relationship with their customers. This will affect the sales and profitability of
company (Savvides, and Stengos, 2020).
Leakage of information- It was analysis that the chances of leakage or stolen personal
information of both customers and company are more as compare to traditional technology. This
is because by using this technology all the information is available over the internet and there are
also many hackers and crackers are available in the market who will stole the information. It was
analysis that they will leak the important and secrete information of company and also sell it to
its competitors, which will cause a greater negative impact on company growth and profitability.
High investment- Another negative impact of these technology is that it will require a
high amount of investment and there are many small business who have not that much fund are
not able to adopt these technology because of which they will not able to face competition in
market and loss their business (Wan and Zatzick, 2019). Due to this reason large companies are
charging high prices. Every business is not same in financial conditions. Some get survived by
adopting expensive technological aspects and some businesses have to shut down their
businesses due to lack of financial conditions.
Trust issues- Customers are facing trust issues in buying products through online mode
as they have mind set they will receive wrong product as compared to their ordered products.
They also thought that their will be quality differentiation between what they see on screens and
what they receive with at home by online delivery. Hence, due to this reason the shopkeepers and
shoppers are unable to build good relationship with each other which is essential in a corporate
world.
Fraud businesses and passing wrong information- Most of the wrong information is
shared on social media by many other competitive parties. There are many false informations are
passed through internet which makes the customers easily believe on information because
customers set their mind what they read without checking it's reliability and relevance (Preece,
2020). As online businesses did not contain any personal interaction between customers and
shopkeepers so many fraud companies take benefit from this aspect and take orders from
customers and take payments from the customers. Hence, most of the people get cheated due to
the expansion of online business.
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CONCLUSION
From the above discussed report it was analysis that adoption of new technology will be
both beneficial as well as create negative impact on company. It was analysis that new
technology will help an organisation to effectively reach to a large number of customers and
provide them fast and effective service. It will also increase the productivity of company and
help them to achieve competitive advantage in market. Other than this it was analysis that there
are also some negative effect of adopting the new technology in the market. Such as the chances
of secrete information leakage is increase, and also for adopting a new technology it will require
a huge amount of investment. Other than this it was analysis that by adopting technology like
social media and e-commerce the interaction between humans will reduce and this will affect the
relationship of customers and employer.
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REFERENCES
Books & Journal
Chen, L., Baird, A. and Straub, D., 2019. Fostering participant health knowledge and attitudes:
An econometric study of a chronic disease-focused online health community. Journal of
Management Information Systems. 36(1). pp.194-229.
Donou-Adonsou, F., 2019. Technology, education, and economic growth in Sub-Saharan
Africa. Telecommunications policy. 43(4). pp.353-360.
Feng, Y., and et. al. 2019. Effects of environmental regulation and FDI on urban innovation in
China: A spatial Durbin econometric analysis. Journal of Cleaner Production. 235.
pp.210-224.
He, P., and et. al. 2020. COVID–19’s impact on stock prices across different sectors—An event
study based on the Chinese stock market. Emerging Markets Finance and
Trade. 56(10). pp.2198-2212.
Khan, M.L. and Idris, I.K., 2019. Recognise misinformation and verify before sharing: a
reasoned action and information literacy perspective. Behaviour & Information
Technology. 38(12). pp.1194-1212.
Preece, D., 2020. Organizations and technical change: Strategy, objectives and involvement.
Routledge.
Savvides, A. and Stengos, T., 2020. Human capital and economic growth. Stanford University
Press.
Wang, T. and Zatzick, C.D., 2019. Human capital acquisition and organizational innovation: A
temporal perspective. Academy of Management Journal. 62(1). pp.99-116.
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