According to Everett M Rogers, "Technology is designed for instrumental action that reduces the uncertainty in the cause-effect relationships involved in achieving the desired outcome."
Technology change rates are at a rapid pace. With the emergence of advanced technologies, such as machine learning, predictive analytics, artificial intelligence, big data and so on, business leaders face major obstacles in enacting such technologies. Managing technological] changes is not easy and the size of the organization increases this issue also multiplies. Innovators have to deal with a dozen concerns, from dealing with employee issues to generating actual revenue. While in each organization there will always be early adopters and laggards, trying to take everyone into consideration lead to making an overall effective strategy.
Impact of Technology on Business:
Technology has a wide range of possible impacts on management in the context of business which are as follows:
Reduced Operating Cost: Dell computer corporation, for instance, used technology to reduce engineering and administrative costs, making it possible for the corporation to trade computers cheaper and better than most other sellers.
New Product and Development of New Markets: For instance, Sony Corporation, revolutionized miniaturization technology to create an entirely new class of foldable and portable consumer electronics such as CD players, tape recorders for cassettes and radios.
Edition to Scale and Changes in Format: In the early part of the 21st-century businesses discussed how small devices like MP3 players, cell phones, Personal Digital Assistants (PDAs) etc could virtually become, as well as how each device would support different features and functionalities. For instance, mobile phones started supporting email, internet browsing, instant messaging, SMS and even taking pictures as well as phone calls.
Enhanced Service to Customer: DHL's advanced package tracking allows companies to help find a consignment while in transit and report their status and location to the buyer. Customers can simply find the exact location of their consignments with the growth and development of the World Wide Web without even complaining to a DHL employee.