Business Report: Adapting to New Technologies and Business Issues

This report examines the significant business issue of adapting to new technologies, highlighting the pressures on companies to innovate and integrate technology to meet consumer demands. It delves into challenges such as choosing appropriate technology, integrating operations with legacy systems, and ensuring data security in the face of advanced cyber threats. The report emphasizes the importance of considering factors such as investment, employee skills, and cybersecurity measures. It concludes with recommendations for companies to navigate these challenges effectively, including feasibility analysis, user-friendly systems, employee training, and robust cybersecurity practices. The report also references key academic sources on technology adaptation, business challenges, and cybersecurity.

Adapting to new technology

TABLE OF CONTENTS
Introduction......................................................................................................................................3
Main body........................................................................................................................................3
Conclusion.......................................................................................................................................4
References........................................................................................................................................6

Introduction
Business issue can be referred to long term challenges that a corporation faces which may
prevent the company from execution of strategies and attaining their business and corporate
objectives and goals. If the business issue is severe in nature, it may also threaten the survival of
the company (Saini and Khurana, 2018). Businesses face situations, challenges and problems as
the present business environment is highly volatile, uncertain and dynamic and the businesses
have to continuously adapt to new challenges generated in areas of operations, management,
technology, customer service, finance, human resources and embracing any new changes.
Thereby it is necessary that the companies address these challenges on time and effectively so
that they are not impacted by it. One major issue in the business today is the technology (Laudon
and Traver, 2016). In this report that business issue of technology that the companies face will be
described and how the companies are reacting to the issues and possible recommendations.
Main body
As the technologies are changing constantly, there is an increased pressure on the
companies to innovate or be left behind. Along with the ever-growing demand of consumers that
ask for technology to be embedded in the services or products they use as it leads to increased
quality and convenience. Over the years there have been many advancements in the
technological services, systems and products such as cloud services, IT services and data
management. Apart from these other issues include information security, social media marketing,
clod computing, resource management, regulatory compliance, infrastructure management,
Overall governance and risk management and integration of technology, its maintenance and
upgradations, monitoring the frauds and business continuity or disaster recovery (Linton and
Solomon, 2017).
The primary challenge is the choice of the appropriate technology for the company
according to its need as it requires high amount of investment, failure in implementation and
abundance in choices and the fear hat the business might be resistant in adopting it. The second
challenge that companies face majorly is the integration of operations. In many instances newer
technologies may not integrated properly with legacy applications and old systems. Another
issue is of independent systems as they may function in isolation and there are less chances of
integrating them with newer technology (Azudin and Mansor, 2018).
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Because of this, it is highly possible that the efficiency of employees and operational
efficacy can be negatively affected. Such as duplication that is forced upon the conduction of
tasks and the ineffectiveness in promptly finding and tracking data. Integration of data and
applications assist the companies in comparison of performance and helps in improving the
overall functional capabilities and giving a seamless experience to customers, if implemented
effectively. For example, implementation of custom CRM or customer relationship management
system or Enterprise resource management in a company needs expertise of technical nature and
training is required for the personnel to operate them. Any employees who otherwise is highly
capable would also need to adapt to the technology or else downsizing may happen (Haseeb and
et.al., 2019).
The third major challenge from the business issue of technology is the security of the
company data and IT systems and overall cybersecurity. As the technology has advanced the
cybercriminals are becoming highly sophisticated and tend to target business. Any single breach
of data or company data being fell into the wrong hands can lead to leaking the private and
confidential information of the customers, clients, company financials, processes, employee
information, customer payments, business strategies that might ruin the goodwill of the company
or even the trust of stakeholders like clients, investors and shareholders (Nedum-Ogbede, 2018).
All the business tends to react positively to these challenges, especially larger
organisations as they can hire top consultants to smoothen the process of transformation in the
company, but small business face challenges in adapting and have limited resources so they may
react negatively which would ultimately lead to the downfall in longer durations (Azudin and
Mansor, 2018).
Conclusion
From the above inferences it can be concluded that the busines issue of adapting to
technology is quite challenging in terms of implementation, investment, integration and security
that business have to deal with. In order to counter these challenges, the companies can evaluate
their business strengths and do feasibility analysis before investing and choosing the company.
They have to understand the skills, attitude and competencies of their employees, select a user-
friendly technology system, appropriate training and most importantly ensure that a technical
team for support and maintenance is also present. Before integration, the company should check
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its existing IT systems in terms of accounting tools, marketing tools and operational system that
can be integrated effectively with entire systems (You and et.al., 2019). For security issues, the
company should take necessary steps to secure sensitive data with cloud-based applications,
updating anti-malware solutions, governance of internet usage in the company, administer
cybersecurity training to employees.
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References
Books and Journals
Azudin, A. and Mansor, N., 2018. Management accounting practices of SMEs: The impact of
organizational DNA, business potential and operational technology. Asia Pacific
Management Review, 23(3), pp.222-226.
Haseeb, M., and et.al., 2019. Industry 4.0: A solution towards technology challenges of
sustainable business performance. Social Sciences, 8(5), p.154.
Laudon, K.C. and Traver, C.G., 2016. E-commerce: business, technology, society.
Linton, J.D. and Solomon, G.T., 2017. Technology, innovation, entrepreneurship and the small
business—technology and innovation in small business. Journal of small business
management, 55(2), pp.196-199.
Nedum-Ogbede, P.O., 2018. New Technologies in Business Education: Challenges and the way
forward. Nigerian Journal of Business Education (NIGJBED), 3(2), pp.104-111.
Saini, A.K. and Khurana, V.K., 2018. Business model innovation in the digital era: issues and
challenges. Digitalization, p.29.
You, K., and et.al., 2019. Bridging technology divide to improve business environment: Insights
from African nations. Journal of Business Research, 97, pp.268-280.
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