A Comprehensive Analysis: Technology and Science Impact on Businesses

This report examines the profound influence of science and technology on modern business practices. It highlights how technology enhances efficiency, reduces operational costs, and improves communication both internally and externally. The report discusses the importance of adapting to technological advancements in a competitive business environment, emphasizing the role of technology in increasing work proficiency and accuracy. It also addresses the impact on a company's goodwill and consumer appeal, along with the potential disadvantages such as the complexity of initial implementation and the need for employee training. The report concludes by underscoring the overall positive impact of technology in fostering business success, despite some drawbacks. References from various books and journals are provided to support the analysis.

ASSESSMENT

Table of Contents
Table of Contents.............................................................................................................................2
MAIN BODY...................................................................................................................................3
REFERENCES................................................................................................................................6

MAIN BODY
As per the views of Myers (2020) the world of science and technology is referred to as
the era in which more preference is being given to the use of science and the technology within
the business and personal life as well. The business environment is full of the new and latest use
and development in the field of science and technology. The science relates to the systematic
knowledge by the company which builds and organizes the knowledge in form of some
experiments and the test. On the other side the technology refers to as the sum total of different
types of methods, skill, attributes and other process which are involved in the production of
goods and services. The present easy will outline the use of technology and science and its
impact on the working of the business and the personal life as well.
On the other side Evenson and Ranis (2019) argues that in the highly advanced and
global business there are much different advancement and up gradations which the company has
to adapt to if they want to get successful. This is majorly because of the fact that in the highly
competitive business environment it is very essential for the companies to adapt to the latest
changes taking place in the business environment with respect to technology and use of it in the
business. The business for getting successful has to adapt to these changes to a great extent if
they want to gain success and popularity. The technology adaption is very much essential for the
company as this assist the company in increasing the working efficiency of the company to a
great extent. This is majorly due to the reason that if the companies will make use of the
technology and science within the business then the company and the employees will work with
more proficiency and effectiveness. This is majorly due to the fact that all the work is done with
the technology and the employees just have to oversee that whether the technology is working in
proper and effective manner or not.
In addition to this Haseeb and et.al, (2019) articulates that another major importance of
the use of science and technology is the speed and accuracy of the work. This is majorly because
of the reason that when the company uses the technology and science in its operations then the
company ensures that the work is done in proper and effective manner and also the efficiency
and profitability of the company is increased. Also, the use of technology helps the company to
communicate with other people within and outside the company as well. This is majorly because
of the fact that with help of science and technology there are many different tools and techniques
being evolved for the communication with different person both within and outside the company.

For instance the company can install the technology of intercom which will help the company in
communicating among the different departments so that the employees can communicate in
proper and effective manner. Also, if the company is doing business across the global world then
with help of technology of video conferencing the company can communicate with any person at
any point of time. Thus, this makes the communication more clear and easy and understandable.
On the other side in accordance with the thinking of Smith and Suzuki eds., (2020) other
major importance of the use of technology and the science within the company is over the
goodwill and popularity of the company. This is majorly because of the reason that when the
company uses all the latest techniques and other technology then the consumer likes this to a
great extent. Hence, this attracts more of the consumers as they like the fact that the company is
working with the latest technology and this will ensure that the quality of the product and
services are good and effective. Also, the major importance of using the technology is that the
company can reduce the cost of running and operating the business. This is majorly because of
the fact that the activity which if undertaken by the employee will take more of the time as
compared to the activity being performed with the help of the technology. This is majorly due to
the fact that the time involved in activity being performed by technology is less as compared to
performed by the employees. Hence, this will reduce the cost of the company in managing and
running the business activities. Also, this will ensure that the activity is performed with high
quality and this will definitely be liked by the consumer as the use of technology has resulted in
more effective working.
But in addition to all these importance and benefit attached with the use of the technology
within the business Aasheim, Li and Williams (2019) states that there are some of the
disadvantages also attached to this. This is majorly pertaining to the fact that with many good
things some of the negative things are also attached with the company and the policies. The
major negative aspect attached with the use of the technology is that it is very complex to be
understood for the first time. Hence, it will take a lot of time by the employees to understand the
fact that how to operate the technology. This is due to the fact that first some expert and
professional will be hired and then they will provide training to the employees on the fact that
how they will use and handle the technology for the betterment of the company.
In the end it can be said that the use of the technology within the business is a good step
in making the business successful. This is due to the fact that the technology assists the business

in managing the business in more advance and effective manner. Though there are some of the
negative aspect relating to the use of technology within the business, but the positive aspect are
more and this makes the application of the technology to be more effective other then the
drawbacks attached to it.

REFERENCES
Books and Journals
Aasheim, C.L., Li, L. and Williams, S., 2019. Knowledge and skill requirements for entry-level
information technology workers: A comparison of industry and academia. Journal of
information systems education. 20(3). p.10.
Evenson, R. and Ranis, G., 2019. Science and Technology: lessons for development policy.
Routledge.
Haseeb, M., and et.al, 2019. Industry 4.0: A solution towards technology challenges of
sustainable business performance. Social Sciences. 8(5). p.154.
Myers, D., 2020. Surfactant science and technology. John Wiley & Sons.
Smith, B.W. and Suzuki, K. eds., 2020. Microlithography: science and technology. CRC press.