impact of technology on international business
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IMPACT OF TECHNOLOGY ON INTERNATIONAL BUSINESS
Made by KIRAN
057 BBA(E1)2012-15
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TECHNOLOGY
• TECHNOLOGY is a sort of knowledge or skill used for employing and controlling factors of production that, in turn could lead to the output of products and services.
• Technology refers to inventions or innovations from applied science or engineering research.
• Technological innovation can replace existing products and companies.
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Technology as a strategic asset
• It brings new products with new features, processes, and materials.
• New features attract consumers who are ready to pay a higher price for the novel product. when the technology mature, the consumers do not like to pay a high price. But since the process of innovation is often a continuous process a new technology is innovated and takes the place of the mature one.
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TYPES OF TECHNOLOGY
PRODUCT TECHNOLOGY:- it is the information that specifies a product’s features and uses.PROCESS TECHNOLOGY:- It is the knowledge used in the processing or manufacturing of a product.MANAGEMENT TECHNOLOGY:- it is the managerial skill s required for running a business.
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Impact of Technology
We propose to discuss the impact oftechnology in general, under three heads :-
a) Technology & social changeb) Economic effects of technology, & c) Technology & plant level changes
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Social Implications
High Expectations of ConsumersTechnology has contributed to the emergence of affluent societies, who want varieties of products, superior in quality, free from pollution, more safe, & more comfortable. This calls for substantial investment in R&D.
System ComplexityTechnology has resulted in complexity. Modern machineswork better & faster no doubt But if they fail, they need the
services of experts for repairs
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Economic Implications
Increased productivitythe most fundamental effect of technology is greater productivity in terms of
both quality & quantity. This is the main reason why technology at all levels is adopted
Need to Spend on R&DResearch & Development (R&D) assumes considerable relevance in organizations
as technology advances. Firms are required to consider, decide & take action
Increased Regulation & Stiff OppositionA by-product of technological advancement is the ever-increasing regulation
imposed on business by the government of the land & stiff opposition from the public as the host government has the powers to investigate & ban products that are directly harmful or hurt the sentiments of a section of society.
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Plant Level Changes
Technology & Organisation StructureTechnology has considerable influence on organization structure,
length of the line of command, & span of control of the chief executive Where companies use technology, which is fast changing, matrix structures are more common.
Resistance to ChangeThe manager of a given business unit shall face resistance to change
as new technology poses new problems The resistance to change is often psychological. A typical businessman himself is opposed to adopting new technology as it is expensive & risky
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