Managing New Technology

The effect of Technology on Business

Technology is a common type of change in many Businesses. As a result, companies need to know how technology impacts the various parts of their Business. Technology effects:

• Staff: Technology enhances staff productivity and efficiency through automation and digital tools, allowing employees to focus on more complex tasks. However, it can lead to job displacement, as some roles may become redundant, causing anxiety and requiring retraining.
• Finance: Technology can reduce operational costs by streamlining processes and improving accuracy, leading to better financial management. However, initial investment in new technologies can be high, and ongoing maintenance costs may strain financial resources.
• Customers: Technology improves customer service through faster response times and personalised experiences, leading to higher satisfaction and loyalty. But, over-reliance on technology can reduce human interaction, potentially alienating customers who prefer personal engagement.

• Production: Automation and advanced manufacturing technologies increase production speed and consistency, enhancing overall output and quality. However, high setup and maintenance costs for new production technologies can be prohibitive, and technical failures can disrupt operations.
• Security: Advanced security technologies protect sensitive data and systems from cyber threats, safeguarding business operations and reputation. However, implementing and maintaining robust security measures can be expensive and require continuous updates to address new threats.