Technology Adaptation in Business and a Personal Growth Strategy

This report examines the multifaceted impact of technological advancements on businesses, highlighting how adapting to new technologies influences communication, remote working capabilities, AI utilization, functionality enhancement, customer base expansion, outsourcing, research efficiency, and overall business operations. It emphasizes the significance of continuous learning for personal and professional development, detailing how it fosters understanding, goal achievement, skill development, and personality enhancement. Furthermore, the report includes a personal development plan aimed at improving leadership, team-building, and time management skills, providing actionable strategies and evaluation criteria for each area. The document concludes by reinforcing the transformative role of technology in business and the importance of lifelong learning for individual and organizational success. Desklib offers a wealth of similar academic resources and solved assignments for students.

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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
several business utilize technologies to expand their market. Technological infrastructure
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).
Companies use various online tools such as Goggle meeting, Zoom meetings and other
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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
increase their functionality. Technological adaption has made companies to operate their
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
their cost and operate their business operations effectively (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.
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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 individual which has helped in getting more 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.
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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:
Skills Action plan Criteria to judge Time limit
Leadership Skills For developing this
skill of mine I will try
to read more books on
leadership. I will
observe my mentors so
that I can evaluate how
they are managing
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
time period of 3
months.
Team building skills For developing this
skill I will
communicate with my
team members. I will
participate in team
I will tell my team
members to judge my
performance that how
much efficient I have
become.
In order to become
efficient in this skill I
will require a time
limit of 2 months.
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building exercises.
Time management To improve this skill
of mine I will start
organising my daily
activities. I will try to
complete small task on
specific time.
My superiors will
judge this skill that
how properly I am
managing my
activities.
To organise my
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.
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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
organizational foundings. In
Seminal Ideas for the Next Twenty-Five Years of
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
learning outcomes and assess for employability.
Higher Education Research &
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.
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