Analyse the impact of new technology on business costs and on business opportunities - Leaving Cert Business - Question B - 2016
Question B
Analyse the impact of new technology on business costs and on business opportunities. Provide examples to support your answer.
Worked Solution & Example Answer:Analyse the impact of new technology on business costs and on business opportunities - Leaving Cert Business - Question B - 2016
Step 1
Impact on Finance
96%
114 rated
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Answer
New technology can significantly influence the financial aspects of a business. The acquisition of technology often incurs high costs, including purchase, installation, and ongoing maintenance. For instance, a supermarket chain like SuperSave would need to budget for the expenses associated with integrating new IT systems to enhance efficiency.
Step 2
Impact on Production
99%
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Answer
Implementing new technologies can improve product quality and streamline production processes. Technologies such as automation can lead to economies of scale and reduced production costs. For example, SuperSave might utilize automated stock management systems to boost efficiency and adapt more quickly to market demands.
Step 3
Impact on Staff
96%
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Answer
The introduction of new technology often affects employee roles and management. It may lead to staff redundancies but can also result in upskilling opportunities. For example, training employees to use new IT systems would enhance team efficiency and potentially lead to greater job satisfaction.
Step 4
Impact on Communications
98%
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Answer
Technology improves communication channels within the company and with customers. Quick decision-making is facilitated by real-time data availability, making operations smoother. For SuperSave, this could mean better interactions with suppliers and customers, increasing overall satisfaction and loyalty.
Step 5
Impact on Marketing
97%
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Answer
Marketing strategies can be enhanced through new technologies like social media and e-commerce platforms. SuperSave might leverage online advertising to reach a broader audience, enabling the supermarket to attract potential customers more effectively.
Step 6
Impact on Sales
97%
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Answer
With improved technology, there can be enhanced reputation and sales opportunities. For example, by implementing e-business strategies, SuperSave could provide customers with a more convenient shopping experience, thereby increasing sales.
Step 7
Impact on Security
96%
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Answer
New technologies can bolster security measures against potential breaches. Investment in advanced security systems would help SuperSave protect sensitive customer data and maintain a trustworthy reputation.
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