Integrated Business Research: Literature Review on Technology in Firms

This literature review examines the importance of technology in modern business, drawing from at least 16 studies. It highlights key themes, integrates ideas, and identifies relevant theories and concepts. The review critically analyzes research findings, considering limitations in research design and methodology, and compares and contrasts different findings, noting controversies and discrepancies. It evaluates the adequacy of the literature in addressing an initial or emerging research problem. The review covers the historical and theoretical background of the research topic, referencing seminal literature and providing comprehensive coverage of relevant subtopics. Ultimately, the review underscores technology's role in enhancing organizational efficiency, productivity, and competitive advantage.

Integrated Business Research
Module

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Contents
INTRODUCTION.................................................................................................................................1
Literature Review..................................................................................................................................1
CONCLUSION.....................................................................................................................................6
REFERENCES......................................................................................................................................7
INTRODUCTION
Technology has been the key to success in the modern day business. Almost all the industries
in different parts of the world have taken the path of the technology so as to increase the
reach of the company and improve their efficiency in operating different organisational

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operations. Even the smallest of organisations have developed capabilities to reach to large
numbers of people with the help of digital mediums (Westrup, 2017). There are different
smart technologies that have replaced people from organisations as they are capable of doing
work in a better manner. In this report a literature review has been conducted on importance
of the technology in different firms.
Literature Review
Both primary and secondary research has been conducted by the researchers in the past on
this topic. Surveys and customer feedbacks have been one of the major sources of
information. Along with this there are many analysis and evaluation reports being made by
researchers on the basis of the data being collected from different industry. This part of the
report will highlight the some of the work by different researchers on the same topic.
As per Chen, Chen & Vanhaverbeke, (2011), it is not that technology has made impact on the
firms and their operations in the last few years. Various researches in the past have been
conducted on this topic which suggested that company which was not able to adopt and adapt
technological changes have failed in the market in the past. The example of Morgan, one of
the best handmade car making companies in the world at that time collapsed as they were not
able to meet the demands of the people. Their late reaction towards technological
advancements and failure of the leadership to respond to these changes were one of the major
reasons due to which company’s sales decreased. Technology fastened the pace of the
production and helped companies to compete with the changing needs and global demands.
Previous researches also showed that companies that incorporated technology were easily
able to make sure that they meet the needs of their global clients.
On the contrary Macdonald, Burke & Stewart, (2017), believed that technology helped the
organisations to make cost cuts in different departments. This helped the companies in
dealing with the increasing competition in the market. Companies that used the most
innovative technologies or the companies that was able to implement technologies in an
appropriate manner had an edge over the rivals. Many researches in the past suggested that
companies were able to enhance the productivity of the overall organisation and that of the
individuals by implementing different types of technologies. It last the last 1980’s that most
of the companies were in a race to become the first to implement technology and the firms
that was capable of doing it smoothly were successful. Comuzzi & Patel, (2016), underlines

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the fact that after the evolution of internet facilities in different parts of the world. The
expansion plan of companies also fastened. This is because it has given companies and firms
to know the place where there is maximum requirement of products and hence from the place
where maximum demand is generated. According to this firms extended their reach in
different markets and were able to become leaders in the market.
From the beginning of the 21st century, the transformation in the organisations has started.
Most severe changes can be seen in the way company does their business. In these changes,
the role of the technology has been significant. According to Mazurkiewicz & Poteralska,
(2016), there are large numbers of companies who were previously doing their business
through traditional mediums have shifted to technological mediums in the last two decades.
Due to development of information technology, companies were easily able to connect with
all their stakeholders. This has made it possible that they can do whole business process with
the technology. Companies were easily able to interact with different stakeholders and ensure
that all the process runs smoothly. The communication technologies have helped the firm to
ensure that they are capable of bringing smoothness during the whole product life cycle.
From processing of raw materials to maintaining of human resource in the overall resource
management process, application of technology has become bigger.
Sørensen, (2011), suggests that in the current time there are large numbers of people that are
connected with mobile technologies or internet mediums. This has given companies the best
platform to market their products at the same time improve the way in which they deal with
the customers. The importance of technology in the organisation can be understood by the
fact that companies now a day are easily able to customise their services and products with
the help of technology. It has facilitated companies to understand the demands of the people
by communicating with them. This has a direct impact on the success of the firm as
feasibility test can be easily performed on it.
As per Bytheway, (2011), technology has a most severe impact on the improving the demand
and supply. Technology helps the firms to optimise their supply chain model so as to gain
maximum profitability. It also helps them in optimising transportation and hence making
maximum utilisation of inventories to reduce the overall burden on the delivery of services. It
increases the speed of service delivery and ensures that products are placed in right places so
that instant demands can be fulfilled. These days’ people ask for any product and they can
monitor each and every step of their product delivery. This tracking helps firm in increasing

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their customer satisfaction as more transparency in different organisational performance
comes. As in the modern day business environment, the challenge for the company to retain
customers has become difficult hence they need to utilise such technologies most often.
Eastwood, Jago, Edwards & Burke, (2016), highlights the fact that due to increasing use of
the social media platforms, the perception about the products and services are being discussed
on these platforms. This has made it crucial for the firms to take use of these platforms to
improve the business image. In the perception and behaviour management, technology will
play a much greater role. The use of technology has made the marketing process effective and
also increased the return on investment. This is because the technological advancements such
as apps and other websites are cheaper than tradition marketing tools but these tools are
effective in enlarging the scope of the business. Use of technology also benefits the company
as it enhances the visibility of the firm in the eyes of the consumers. This is necessary for
gaining maximum returns and for enhancing the sales of the company in the coming years.
There are large numbers of active users on digital platforms and these platforms can be used
by the companies to present their products and services according to their choice.
Tarafdar, Gupta & Turel, (2013), explains the fact that with the help of technology companies
these days are able to achieve almost zero-defects. This has enhanced the quality of products
which is helping the companies to achieve higher client satisfaction. With the help of
monitoring systems, companies are able to monitor each step of the product and service life
cycle and hence can easily makes changes if they find any kind of faults. The immediate
response to the critical faults helps the company not only in providing better offerings but
also helps them in providing safety. In case of danger these system helps the organisation to
make them alert and hence they can easily take necessary steps to improve the safety
measures. Almost all the companies have used technologies for increasing safety and with the
implementation of smart technologies companies are able to make the whole process
automated. This is the major reason why the numbers of casualties in different departments
have reduced significantly and this reduction in the casualties has helped the firm to improve
their CSR activities.
According to Čudanov & Jaško, (2012) the era of the technological advancements have
moved towards automation which has further improved the quality of services. This has also
improved the speed of production and reduced the burden on the employees. Many
researchers claim that automation is one of the major reasons for significant job cuts but it

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has also created many job roles. Many controversies have been faced by the firms in the past
when they removed many staffs from the organisation due to reduction of labour requirement.
Companies still continued to go with the technological advancements because they felt that it
gives the company an upper hand in terms of meeting client needs at the same time it reduces
the overall cost of operations.
As per Neuhofer, Buhalis & Ladkin, (2012), technology not only enables the company to do
better market research but it also helps the firm to understand about the strategies made by
their competitors. According to this only, firms make changes in their business model and
strategies so as to stay ahead of their rivals. With the help of technology, firms are able to
improve their strategy making process as most of the strategies are made according to the
data available about the market and their competitors.
Stewart, (2016), believes that most significant impact of technology can be seen on decision
making process. This is because it is the data and the way it is managed in the organisation
gives a competitive advantage over the rivals. This is because data helps the company to
reach to a conclusion and accordingly plans are made for the future. Technology has a
significant role in the management of data i.e. from collection to storage processes becomes
easier. Since large numbers of people are connected with the technological mediums and the
communicational processes have become stronger hence collecting data about the market
have become easier. Once the data is being collected the decision makers are easily able to
make decisions on it. Technologies help companies to collect real time data which plays an
essential role in the making most effective decisions. It also improves the speed with which
decisions are made within the firm.
Henderson & Ruikar, (2010), suggests that IT technologies have improved the accuracy of
the data and hence significant decisions are made which gives them competitive advantage
over the rivals. This is because with the help of technology, filtering and manipulation of the
data based on the variables becomes easier. Due to this, companies can easily be able to
enhance their support to different organisational functions. For instance if the sales is
decreasing and the data shows the variables due to which this downfall can be seen, firms can
easily apply variables that helps them in making improvement. It is also the fact that multiple
operations are being conducted by the firms in different parts of the world and collecting all
these data can be a difficult job when it comes to manual methods. With the help of
centralised systems companies are easily able to collect data from all the locations while

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ensuring that less numbers of faults arise in the process. Based on this data companies do not
have to wait long for knowing the areas of failure at international levels. Technology is
important within the firm as it improves the efficiency of the process. This can be seen with
the example of Human Resource management. Modern day HRM have become complex and
managing their data can be easily done with the help of technology. This also ensures security
of data which is essential in performing ethical business. Technology also helps the firms to
find best talents not only from the local areas but also from the international levels. Online
recruitment ensures that company advertises their job vacancy at global platform which
allows them to find the best talent.
Holtshouse, (2013), justifies the fact that with the help of technology, companies are easily
abale to provide training to all the staffs at global levels. This is because they can train their
employees with the help of video conferences and seminars. A large numbers of people can
be trained at once and digital manuals are being provided to the employees which can be
accessed anytime. Training can also be given on the virtual platforms which give better
understanding to the employees. This also reduces the overall cost of training
Scarbrough & Corbett, (2013) has a view point that most of the organisations in different
parts of the world are facing the challenges related to sustainability. Due to this, it is essential
for the organisation to make optimum utilisation of resources. This enhances the importance
of technology within the organisation as technology improves the way in which resources are
being used at the same time it also improves the lifetime of the systems and inventories that is
being used in the business process. In the manual processes there were chances of faults
which can reduce the quality of resources or might decrease the life-span of it due to
mismanagement. Today companies do not want to waste even 1% of the resources they have
as they understand the challenges that industries are going to face in future.
Holyoak, (2017) suggests that technology such as predictive analytics helps the company to
analyse the data and the variables that are affecting the business process. These are helpful in
demand forecasting which again helps in ensuring long term use of the resources facilitating
sustainability. This is also true in the case of financial investments as companies can easily do
investments on the basis of analysis that is done through technological mediums. Long term
effective strategies are made by the organisation on the basis of this analytics.
Business2Community, (2015), believes that communication both internal and external has a
major role in the business management and this can be easily improved with the help of

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advanced technological mediums. In making a bond with the customers as well as in making
a better team effort to achieve the desired outcomes, communication plays a greater role. In
this, the role of the technology becomes very much essential as it helps the firm to connect
with all their stakeholders all the time. A better network is created which ensures that
operational flow within the organisation is also good. With the help of technology, companies
can easily improve the coordination which is essential for operational efficiency.
In the views of Reflektive, (2018), technological advancements are too fast and hence
companies also need to make changes in their technological equipment being used so as to
stay updated. In future most of the businesses are going to take the routes of technology and
online mediums hence being ready for the challenges in future are essential.
CONCLUSION
From the above literature review it is derived that technology has reached the lives of people
and in such an environment, it has become important for the firms to make use of technology
in the business operations. Technology is important as it brings smoothness in different
business process that is from resource management to making better decisions technology has
a bigger role in almost every operations. Technology not only optimises business process but
also helps in improving the way operations are managed. In future technology is going to
play a much larger role in the organisational operations hence companies need to upgrade the
technologies appropriately.
REFERENCES
Business2Community, (2015) The Importance of Information Technology In Business
Today. Retrieved from:

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https://www.business2community.com/tech-gadgets/importance-information-
technology-business-today-01393380
Bytheway, A. (2011, April). Assessing information management competencies in
organisations. In ICIME 2011-Proceedings of the 2nd International Conference on
Information Management and Evaluation: ICIME 2011 Ryerson University, Toronto,
Canada, 27-28 April 2011 (p. 91). Academic Conferences Limited.
Chen, J., Chen, Y., & Vanhaverbeke, W. (2011). The influence of scope, depth, and
orientation of external technology sources on the innovative performance of Chinese
firms. Technovation, 31(8), 362-373.
Comuzzi, M., & Patel, A. (2016). How organisations leverage big data: A maturity
model. Industrial management & Data systems, 116(8), 1468-1492.
Čudanov, M., & Jaško, O. (2012). Adoption of information and communication technologies
and dominant management orientation in organisations. Behaviour & Information
Technology, 31(5), 509-523.
Eastwood, C. R., Jago, J. G., Edwards, J. P., & Burke, J. K. (2016). Getting the most out of
advanced farm management technologies: roles of technology suppliers and dairy
industry organisations in supporting precision dairy farmers. Animal Production
Science, 56(10), 1752-1760.
Henderson, J. R., & Ruikar, K. (2010). Technology implementation strategies for
construction organisations. Engineering, Construction and Architectural
Management, 17(3), 309-327.
Holtshouse, D. K. (2013). Information technology for knowledge management. Springer
Science & Business Media.
Holyoak, J. (2017) The Importance of Technology in Business. Retrieved from:
https://marketing.pinecc.com/blog/why-is-technology-important-in-business-pine-
coves-top-10-reasons
Macdonald, I., Burke, C., & Stewart, K. (2017). Systems leadership: Creating positive
organisations. Routledge.

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Mazurkiewicz, A., & Poteralska, B. (2016). Barriers and Challenges for Technology Transfer
at R&D Organisations. In Proceedings of the 4th International Conference on
Innovation and Entrepreneurship, UK: Academic Conferences and Publishing
International Limited Reading (pp. 150-158).
Neuhofer, B., Buhalis, D., & Ladkin, A. (2012). Conceptualising technology enhanced
destination experiences. Journal of Destination Marketing & Management, 1(1-2),
36-46.
Reflektive, 2018. Advantages of New Technology in the Workplace. Retrieved from:
https://www.reflektive.com/blog/advantages-new-technology-workplace/
Scarbrough, H., & Corbett, J. M. (2013). Technology and Organization (RLE:
Organizations): Power, Meaning and Deisgn. Routledge.
Sørensen, C. (2011). Enterprise mobility: tiny technology with global impact on work.
Springer.
Stewart, F. (2016). Technology and underdevelopment. Springer.
Tarafdar, M., Gupta, A., & Turel, O. (2013). The dark side of information technology
use. Information Systems Journal, 23(3), 269-275.
Westrup, C. (2017). What’s in Information Technology? Issues in Deploying IS in
Organisations and Developing Countries. In Information technology in context:
Studies from the perspective of developing countries (pp. 112-126). Routledge.