Adapting to New Technology: Effects on Companies and Business Growth

This report analyzes the multifaceted impacts of adapting to new technologies on companies. It begins by acknowledging the necessity of technological adaptation for maintaining competitiveness and highlights both the positive and negative consequences. The positive effects discussed include enhanced productivity, increased competitive strength, improved decision-making capabilities, and better communication strategies, with examples from companies like Tesco and Aston Martin. Conversely, the report also explores the negative impacts, such as the financial burden of implementation, the need for skilled employees and training, employee resistance, and potential impacts on efficiency and collaboration. The conclusion emphasizes that while adapting to new technology leads to increased productivity and competitive advantage, it also involves significant costs and complexities, requiring careful consideration of both its benefits and drawbacks for effective business strategies. This assignment provides a detailed overview of the advantages and disadvantages of technology adoption in the business landscape.

ADOPTING TO NEW
TEHNOLOGIE

Table of Contents
Topic: Adapting to new technology.................................................................................................1
INTRODUCTION...........................................................................................................................1
Main Body- Positive effects on companies.....................................................................................1
Main Body- Negative effects on companies....................................................................................2
CONCLUSION................................................................................................................................2
REFERENCES................................................................................................................................3

Topic: Adapting to new technology
INTRODUCTION
With the continuous development and new innovation in technology issues related with
keeping in balance and adapting to new technology is faced by many organisations (Adapt to
Technology, 2020). It has been seen that to remain in business and have a more competitive
strength it is essential and necessary for an organisation to become more adaptable to new
technology. Thus, current assignment is based on the analysis of topic and issues of adapting to
new technology along with analysis of its negative and positive effect on companies.
Main Body- Positive effects on companies
Adapting to new technology leads many positive effects on companies which comprises of
enhancement in its productivity level along with more competitive strength and enhanced
expedience, competencies and strengths of an orgnisation to take more appropriate and effective
decisions (Makanyeza, 2017). In today’s dynamic environment where customers demands and
expectation are very high at that time, use of and adapting new technology is vitally important
and needed for all companies as it facilitates better automation and enhanced efficiency of
business operation.
For instance, it has been observed that adapting to new technology and setting a balance
with evolving technology has ensured better ways of communication for companies. At present,
an adaption of improved communication technology is made by Tesco plc which comprises use
of social media and other digital platforms to have a better connection and interaction with
customers which has lead a positive effect in form of enhanced sales and productivity (Martins
and Picoto, 2019). Apart from this, an analysis could also be made about the positive impact of
adapting new technology as production of electric vehicles through adoption of new technology
has provided a better competitive strength and brand reputation to Aston martin that has lead out
positive effect on its sales margin and productivity along with enhanced customers base and
target market. Besides this, automation of operations and enhanced skills and efficiency level of
employees through setting a balance and adapting new technology which are evaluating in a
business market are also presenting its positive effects (Porterfield, 2020).
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Main Body- Negative effects on companies
Adapting of new technology comprises of having a time to time awareness and
implication about the random changes going on in IT sector and other areas of technology. It is
difficult as well a complex process for a company to set balance with and continuously adapting
new technology as it require a lots of effectors as well a significant amount of finance is also
needed to meet the cost of adapting new technology (Lee and Lee, 2018). Adapting of new
technologies comprises of recruitment of more skilled and talented employees along with
providing them regular training for better adaption and use of new technology which is a
complex and highly expensive process. Apart from this, a non acceptance from employees is also
seen in regard to adapting of new technology as they are more habitual of working through their
traditional modes which also accounts for negative effect of adapting of new technology.
The negative effect of adapting new technology can be seen on Aston martin as a huge
sum of money is required to train and development new skills in its employees for efficient and
better production of electric vehicles (Ju, Yang and Liu, 2020). Apart from this, it has been also
seen that adaption of new technology requires flexibility and high level of modification in
existing process which can have impact on efficiency and can also leads in form of huge
expanses. Further, a lack of collaborative and reduction in international relationship are also seen
are created by adaption of new technology as it might results in form of enhanced complexities
and chaos among employees of companies which leads to enhanced conflicts and reduction in
collaboration at workplace of companies (Matsumoto and Onuma, 2020).
CONCLUSION
On the basis of current assignment an analysis can be drawn that adapting new technology is
mainly associated with setting out and leading a better balance with continuously evolving and
importing technology that has lead to many positive and negative impact for an organisation. The
positive impacts and reflects of adopting new technology for companies comprises of an engaged
level of productivity and competitive strength through leading enhanced skills competencies for
a firm. Further, it has been also observed that automation of process and operations leads to a
enhanced level of productivity for companies as a positive impact of adapting new technology
along with getting more effective and better ways of communication and interaction to attract a
larger number of customers. Beside this, a summarisation could also be made that some negative
effects are also lead out by adapting new technology which comprises of enhanced level of cost
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and complexities lead out by random implication and adaption of dynamic technology which
comprises of recruiting talented employees along with providing regular training and learning
session.
REFERENCES
Books and journal
Ho, J.C. and et. al., 2020. Factors affecting the behavioral intention to adopt mobile banking: An
international comparison. Technology in Society, 63, p.101360.
Jeong, S.C. and et. al. 2017. Domain-specific innovativeness and new product adoption: A case
of wearable devices. Telematics and Informatics, 34(5), pp.399-412.
Ju, X.X., Yang, J. and Liu, X.X., 2020. A systematic review on voiceless patients’ willingness to
adopt high-technology augmentative and alternative communication in intensive care
units. Intensive and Critical Care Nursing, p.102948.
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Lee, S.Y. and Lee, K., 2018. Factors that influence an individual's intention to adopt a wearable
healthcare device: The case of a wearable fitness tracker. Technological Forecasting and
Social Change, 129, pp.154-163.
Makanyeza, C., 2017. Determinants of consumers’ intention to adopt mobile banking services in
Zimbabwe. International Journal of Bank Marketing.
Martins, A.L. and Picoto, W.N., 2019. Tax compliance as a driver for adopting information
technologies–effect on competencies development and on competitive advantages.
Journal of Systems and Information Technology.
Matsumoto, S. and Onuma, H., 2020. Measuring household ability to adopt new technology: The
case of light-emitting diodes (LEDs). Journal of Cleaner Production, 277, p.123323.
Paudel, K.P. and et. al., 2020. Modeling multiple reasons for adopting precision technologies:
Evidence from US cotton producers. Computers and Electronics in Agriculture, 175,
p.105625.
Porterfield, J.R., 2020. New Technologies-Adopting and Leading Your Hospital in Innovation.
In Building a Clinical Practice (pp. 129-133). Springer, Cham.
Seavey, R., 2019. Using a systematic approach for adopting new technologies in sterile
processing departments and operating rooms. American journal of infection control, 47,
pp.A67-A71.
Online:
Adapt to Technology. 2020. [Online] Available Through:<
https://www.acsedu.co.uk/Info/Trades/Other/Adapt-to-Technology.aspx >.
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