Introduction
Technology has become part and parcel of organizations as they have proven to be more efficient especially when it comes to business processes. The evidence of such success is easily seen in small and medium scale businesses. These small and medium-sized businesses have demonstrated vast utilization of technology mainly due to their small employee count thus the need for technology to fill the gap. Moreover, due to fixed minimal funding technology provides a cheaper platform by which they can maintain functionality while making profits where possible. In this paper, technology will be the main focus and how it has transformed businesses of today as well as management.
The Influence of Technology on Management
There is no uncertainty technologies have modified management across the world as they have proven to provide both authority and oversight. However, it should be noted that they require impartial as well as human approach. It has been vital in the fourth industrial revolution which is currently taking place (Marchewka, 2014). Among the first and most appreciated manner by which technology has modified management is by changing how businesses communicate. Communication is the core of any business, and with the use of Social Media Websites, Chat Apps and Smartphone’s communication speed and delivery numbers have reached a different level (Marchewka, 2014). Communication across the hierarchal levels has been made fast, instantaneous, more cautious and mutual. With applications such as WhatsApp, Facebook Live and others, the necessity of being in the workplace every time has been eliminated.
Delegate your assignment to our experts and they will do the rest.
Another change is that technology has boost management productivity. Numerous softwarehas been developed to ensure productivity that businesses need (Marchewka, 2014). These tools allow managers as well as subordinates to keep track of documentation among many others. The overall result of this is the easy accomplishment of set goals and in some cases depending on the work environment, the reinforcement of set targets (Bloom et al., 2014). It is important to appreciate the fact that businesses today rely on productivity to maintain high performance. From previous statements, it was identified that technology had played a vital part in improving communication and productivity of businesses. However, it leads to the question of how management and its teams can keep up with technological advances (Bloom et al., 2014). Technology is a very dynamic industry with new inventions, discoveries, and modification being made periodically.
Importance of Quick Adaptability
For management and its team to keep up with the technological demands in place, they are required to be up to date on publications from companies that produce technologies that are influential in the businesses. Moreover, managers have to demonstrate the curiosity and expanded view that allows them to identify and apply new and vetted techniques (Levin, 2015). Other steps that they need to follow to maintain their viability in the technology industry is the use of training that exposes them to the latest releases of various technologies (Levin, 2015). The practices can apply for both management and staff whereby they are given the task of identifying software that they deem comfortable for them to use.
Effects of Globalization
After the onset of globalization, businesses have been exposed to the international market whereby having the competitive advantage has become a challenge. Various foreign companies have utilized different techniques to achieve significant sales and ascertain more significant portions of the specific market share (Crane & Matten, 2016). Among the multiple methods implemented, outsourcing has been the most recognized. Businesses, outsource the manufacturing or assembly of their products in countries whereby the labor is much cheaper thus saving millions which are utilized for marketing or expanding the business to other countries. Though outsourcing may be deemed as the key to globalization and competitive advantage in the international scene, various companies have fallen along the way due to irregularities (Crane &Matten, 2016). From the perspective of competitive workforce, globalization has brought about changes as it has seen the adoption of more contemporary approach to solve business problems. They are required to learn how to communicate differently, appreciate the different cultures as well as nationalities thus making them acquire creative and innovative minds. The business can beat competition threats when it retains employees who adapt these changes swiftly (Smith, 2017). Those unable to acclimatize themselves with the changes are often terminated and replaced.
Finally, the competitive workforce can be referred to as the drivers of globalization as they play significant roles in the competition of other companies. To have a global competitive advantage, social as well as political forces have to be behind the companies’ success (Crane &Matten, 2016). These advantages and strengths reduce trade barriers, encourage economic reforms and at last foster employee communication in the global scale. These forces always lead to closer commercial integrations that involved the lower costs in transportation, communication and trade barriers. The most notable effect globalization has on the work force is that it makes them dynamic (Crane &Matten, 2016). This is because competing companies would no longer be confined to a group or regional area, but rather be exposed to the international market of over 5 billion people. An additional effects of globalization is that employees are made to compete at a higher level which makes them to see the need of keeping up with the international standards. In this instance, the companies have to address the development needs of its employees (Crane &Matten, 2016). Therefore, in general, the forces that affect the economics of globalization have a role in ensuring that the scenes are favorable enough for diverse work force that it engages.
Comparison of Today and a Decade Ago
Back in the year 2008, the technology industry was still consumed with the introduction of the business market to the mobile technologies. Also inclusive in the process was the updating of operating systems and similar form factors. Television broadcasting alternatives were starting up other technologies such as Facebook were being introduced to the public (Dmevich&Croson, 2013). Before technology had a firm grip on businesses as today, traditional means of communication were still utilized such as paper memos, faxes, and others all of which required a paper trail. During this period, management had to ensure that projects were on track with the client receiving frequent emails detailing the position of the project (Dmevich&Croson, 2013). This was during a period when the majority of social media platforms, as well as instant messaging application, were not yet in the mainstream platform. Employee follow-ups, and others required physical communication and monitoring due to the lack of rapid group communication mechanisms. At the time these processes were regarded as the most up to date(Dmevich&Croson, 2013). However, when compared to modern techniques the majority of the management time does not have to be present in the project site to conduct follow-ups necessarily.
Disputably, businesses a decade ago began experiencing technological change that dramatically shaped the economic market today. The period marked the slow but sure use of software as well as technology in the improvement of performance and gaining of value and relevance (Kiron et al., 2013). Companies began appreciating the fact that new technique could be applied in a manner that would alter their business orientation for the better. For example, as earlier stated project management required physical presence and monitoring for quality maintenance. However, when the same process is observed today, it is noted that technology has allowed several projects to be monitored without physically being present. This is mainly through organizing software as well as instant messaging applications that transmit needed information as soon as possible. This has resulted in increased collaborations especially in corporate environments where the most challenging tasks are encountered (Kiron et al., 2013). Another advantage of technology today as compared to a decade ago is the increased workforce dexterity. Regardless of location employees are always working thus benefiting the company with minimal downtimes. Finally, the most important fact of how technology today has improved business performance is through time and cost efficacy (Kiron et al., 2013). A decade ago, big data was dreaded by large companies as it provided overwhelming amounts of data which were poorly processed. Currently, the technology in the form of computing power allows companies to invest in big data whereby they can make informed decisions in shorter amounts of time and with high accuracy.
Conclusion
The bottom line is that we live in a time that can only be termed as being remarkable. Technology is at its height of evolution and progress encompassing business aspects with populace needs. The tools provide the powerful support needed to push, supervise, spearhead and contend with other companies. It is the role of management to strive to remain concurrent with the leading technological advancements, skills and know how. The technology industry is highly dynamic with changes occurring every other time. Without these tools and skills, the respective company is expected to take a nose dive regarding sales, competitiveness, and performance in general. The international market strives to keep the best and while discarding industries that cannot keep up.
References
Bloom, N., Garicano, L., Sadun, R., & Van Reenen, J. (2014). The distinct effects of information technology and communication technology on firm organization. Management Science , 60 (12), 2859-2885.
Crane, A., &Matten, D. (2016). Business ethics: Managing corporate citizenship and sustainability in the age of globalization . Oxford University Press.
Drnevich, P. L., &Croson, D. C. (2013). Information technology and business-level strategy: Toward an integrated theoretical perspective. Mis Quarterly , 37 (2).
Smith, H. (2017). Globalization in the Workplace - Cultural Training can help your business!. Retrieved from https://global-lt.com/globalization-workplace/
Kiron, D., Kruschwitz, N., Reeves, M., & Goh, E. (2013). The benefits of sustainability-driven innovation. MIT Sloan Management Review , 54 (2), 69.
Levin, H. M. (2015). The importance of adaptability for the 21st century. Society , 52 (2), 136-141.
Marchewka, J. T. (2014). Information technology project management . John Wiley & Sons.
