Impact of Modern technology in business Development: A Case Study of ResMarket Pty
Question
Task: How does the adoption of Modern technology in business technology impact the development and growth of businesses, particularly in the case of ResMarket Pty?
Answer
Introduction
The number of businesses being established has increased considerably during the past 3 decades and this has resulted in intense competition among the businesses and brands. Today businesses need to adopt Modern technology in business technologies to ensure they remain competitive on the domestic and international markets (Matejun & Walecka, 2013). Despite being costly, ResMarket Pty must adopt technologies making it important to understand ways in which the business can benefit from adopting Modern technology in business technologies to their operations.
Technology for Business - Friend of Foe
Technology has advanced rapidly in the 21st century and businesses have had to invest in Modern technology in business technologies and machinery to cut production and marketing costs incurred ResMarket Pty. (Passerini, Tarabishy, & Patten, 2012). With no alternative for ResMarket Pty but to adopt Modern technology in business technologies, it’s important to understand how Modern technology in business technologies benefit business operations, growth, and development.
Improved Communication
The well-attributed contribution of technology to every individual, business and industry has been technology’s which enhance communication. Communication within ResMarket Pty is a critical requirement that promotes growth and development making it a very important ResMarket Pty adopt the latest modes of communication (Jonge, Scherer, & Rodger, 2007). The internet has brought along multiple communications medium which is being used by the global population today. This has made it important for a business to also adopt those communication platforms to bridge the communication gap between client and the business.
Easy Access to Information
The internet and Digital communication technologies have also made it easy for people to gain easy access to information. This is very important as the business can constantly monitor customer preferences and trends so as to maintain their design and innovation at the market place. Easy access to information also allows ResMarket Pty to gain important insight on previous research and findings which can be used to resolve problems and improve the businesses operations and performance (Ram, 2010). With access to vast information from across the globe, businesses are able to identify solutions to a problem they may be facing which can help the business resolve an underlying problem which may have been experienced by another company without needing to undertake the entire research process.
Social Networking
The past decade has seen the establishment of several major Social media websites which are used by the public and businesses to build important networks. Social networks have today grown to become among the most accessed and preferred modes of communication and marketing among businesses. This is due to most like Facebook delivering important statistics and information related to the user’s profile which can be used by the businesses to narrow w down their search (Shah, 2010). By categorizing the social network users based on their gender, age, interest. Religion and location, ResMarket Pty can easily improve the results they secure for the social networking marketing campaigns.
Efficiency and Productivity
Technology is also being incorporated in the Modern technology in business machinery which is helping improve efficiency and productivity. The inclusion and use of computers, sensors and other Modern technology in business technologies on machinery help speed up processing and minimize wastage which continues towards cutting costs. Technology has also been linked to improving labour efficiency (Coelli, Rao, O'Donnell, & Battese, 2005). This is especially important within government departments and large corporate organizations where automated digital communication systems register communication and report on delays being experienced. The information is also better organized which allows for the information to be easily accessed and reviewed and the responsible individual help responsible for the delay.
Technology Cuts on Labour Costs
Labour contributes to being the highest expense a business has and technology has helped eliminate the requirement for labour for all operations thus helping cut costs. Today most manufacturing processes have been automated using advanced technologies on machines. This has helped improve efficiency, productivity which has, in turn, helps cut production costs making brands more competitive on the global market (Madar, 2010). This is very important for business globally due to mass production manufacturing countries like China and India manufacturing and shipping product across the globe in the very competitive process. This has been as a result of low-cost labour but technology can help businesses in other developing and under developed nations also develops competitive production systems
Encourages Innovation and Creativity
Technology is also an important contributor towards innovations and creativity among businesses and skilled professionals. Digital Technologies are specially accredited for this innovations and creativity due to the advanced technologies allowing skilled professionals to use specially developed tools and software to develop Modern technology in business and new designs (Anabela, 2011). These tools and software are directly accredited to innovations and creativity making it an important aspect which must be included in business plans so as to ensure growth.
Drawbacks Linked To Adopting Modern technology in business Technologies
Technologies are evolving at a very high pace making it necessary for ResMarket Pty to invest in upgradable technologies to ensure continued usage. Initial investment towards the technologies can cost ResMarket Pty a substantial among of capital making it important the technology also be upgradable (Drucker & Bruckenstein, 2012). With more machinery utilizing digital technology for their operations, the software and digital technologies should also be upgradable to ensure future upgrading without needing to reinvest in new equipment.
Conclusions
For ResMarket Pty to register success adopting Modern technology in business technologies has become mediators. While there are high costs accurate to investing on new equipment and training, it is vital for the business to make this initial investment so as to remain competitive in the market. Failure to adopt Modern technology in business technology will only result in the business registering intense pressure from competitors which would ultimately affect the brand's reputation and result in business failure.
Bibliography
Anabela, M. (2011). Technology for Creativity and Innovation: Tools, Techniques and Applications: Tools, Techniques and Applications. Hershey: IGI Global.
Coelli, T., Rao, D., O'Donnell, C., & Battese, G. (2005). An Introduction to Efficiency and Productivity Analysis. Springer Science & Business Media.
Drucker, D., & Bruckenstein, J. (2012). Technology Tools for Today's High-Margin Practice: How Client-Centered Financial Advisors Can Cut Paperwork, Overhead, and Wasted Hours. John Wiley & Sons.
Jonge, D., Scherer, M., & Rodger, S. (2007). Assistive Technology in the Workplace. Missouri: Elsevier Health Sciences.
Madar, D. (2010). Big Steel: Technology, Trade, and Survival in a Global Market. UBC Press.
Matejun, M., & Walecka, A. (2013). Modern technology in business Entrepreneurship in Business Practice: Selected Issues. Lodz University of Technology Press.
Passerini, K., Tarabishy, A., & Patten, K. (2012). Information Technology for Small Business: Managing the Digital Enterprise. New York: Springer Science & Business Media.
Ram, S. (2010). Information Technology in Developing Human Resources. New Delhi: Deep and Deep Publications.
Shah, R. (2010). Social Networking for Business (Bonus Content Edition): Choosing the Right Tools and Resources to Fit Your Needs. Pearson Prentice Hall.
