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Business and the Technological Environment. BUSS4 Technological Environment. Technology Changing technology can represent an opportunity or a threat It can provide a firm with a competitive advantage or make its product or service obsolete

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business and the technological environment

Business and the Technological Environment

BUSS4 Technological Environment

slide2

Technology

  • Changing technology can represent an opportunity or a threat
  • It can provide a firm with a competitive advantage or make its product or service obsolete
  • Things like CAD/CAM and industrial robots means that firms can reduce their costs however technology changes so fast that often it is out of date as soon as it is implemented
  • The internet has been a big opportunity and a very large threat to the retail industry
  • Online shopping means much larger markets but retailers are having to find ways to tempt people into shops
slide3

Technology

  • Research still says that 70% of people like to be able to touch a product before they buy it
  • Some online retailers are moving into bricks and mortar
  • Screwfix started out as a catalogue retailer in 1979, and its listings of nuts, bolts and nails were the cornerstone of any tradesman's toolkit
  • In 2005, after the business was bought out by the retail giant Kingfisher, Screwfix made the move from paper to bricks and mortar.
  • Oak Furniture Land started life as an eBay retailer in 2003
  • Soon that was not enough,
  • It now does 65% of its trade in-store - and that has boosted its turnover considerably
slide4

Technology - Evaluation

  • Whether new technology provides an opportunity or a threat for an organisation depends on the firm’s resources and their attitude to change
  • The introduction of new technology needs to be carefully managed
  • Managers need to think about the compatibility of the technology, the financial implications of buying and implementing
  • People are often suspicious or worried by new technology and managers need to think about speed of implementation and how it is introduced
  • Organisations have to at least keep up with their competitors’ technology or be ahead
  • It must be remembered that a Kaizen approach (gradual improvements) can be as successful as dramatic technological change