Illustrate the impact of new technologies on business opportunities - Leaving Cert Business - Question C - 2008

With the advent of new technologies, various industries such as catering, tourism, and healthcare are witnessing the emergence of new job roles. These technologies demand skilled workers capable of managing and integrating various tech tools, thus broadening the employment landscape.

Technology has paved the way for the introduction of innovative products and services. For example, online reservation systems for flights and accommodations have made it possible for consumers to plan their travel with ease, demonstrating how technology creates new market opportunities.

New technological tools allow businesses to access information concerning markets, products, and industries globally. This ease of access to valuable data, through digital platforms, provides businesses critical insights that enhance strategic planning and operational effectiveness.

Technological advancements facilitate the management of larger teams, even if geographically dispersed. Tools for communication and project management enable supervisors to effectively monitor and lead their teams remotely, thereby increasing organizational reach.

Technologies such as telecommuting tools and digital communication have enabled businesses to operate with fewer employees. This results in lower operational costs as organizations can streamline their workforce and improve efficiencies.

Equipping staff with laptops and mobile devices promotes efficient internal communication. Technologies such as email and instant messaging enhance coordination and information sharing, leading to better decision-making processes.

The rise of broadband technologies has made teleworking feasible and productive. Businesses can allow employees to work from home or from different locations, thereby enhancing employee satisfaction and reducing overhead costs.

Businesses are leveraging new technologies to market their goods and services more effectively. Digital platforms allow broader outreach to potential customers with targeted advertising, maximizing their marketing efforts at a reduced cost.

The internet has transformed traditional business models, enabling functions such as inventory management and sales to be performed online. E-business tools allow for enhanced customer interaction and streamlined operations.

Technological advancements have revolutionized employee training by providing online training modules and resources. This allows for consistent training practices and better adaptability to new products and services.