The technological environment refers to the state of technology and the rate of technological change that affects business operations, products, and competition.
It includes:
Why it matters: technology can create opportunities (new products, lower cost) and threats (disruption by new business models).
Technology often enables innovation. Example: smartphones + internet enabled innovations like online food delivery and digital payments.
Digitalization means using digital technologies to change business processes and improve performance.
Common applications:
Benefits:
Automation means using machines/software to perform tasks with minimal human intervention.
Benefits:
Limitations:
Disruption means a new technology or business model changes the market drastically and makes old methods less relevant.
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Digitalization uses digital tools (apps, e-commerce, analytics) to improve performance.
Benefits (any three):
Thus, digitalization improves competitiveness and responsiveness.
Automation performs tasks using machines/software.
Advantages:
Limitations:
(Write any three overall.)
Definition of Business Environment is sum or collection of all internal and external factors such as employees, customers needs and expectations, supply and demand, management, clients, suppliers, owners, activities by government, innovation in technology, social trends, market trends, economic changes, etc.
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The technological environment refers to the state of technology and the rate of technological change that affects business operations, products, and competition.
It includes:
Why it matters: technology can create opportunities (new products, lower cost) and threats (disruption by new business models).
Technology often enables innovation. Example: smartphones + internet enabled innovations like online food delivery and digital payments.
Digitalization means using digital technologies to change business processes and improve performance.
Common applications:
Benefits:
Automation means using machines/software to perform tasks with minimal human intervention.
Benefits:
Limitations:
Disruption means a new technology or business model changes the market drastically and makes old methods less relevant.
Examples:
How to respond:
Business model innovation often creates the biggest disruption.
R&D (Research and Development) helps create new products and improve processes.
Technology adoption depends on:
Firms must balance innovation with risk and cost.
IPR (Intellectual Property Rights) protect creations of the mind and give legal rights to creators.
Types:
Why IPR matters:
With digitalization, key risks include:
Basic controls:
New technology → Innovation/disruption → Change in customer expectations → Business response (adopt/innovate) → Performance
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The technological environment includes changes in technology that influence products, processes and competition. Firms that adopt technology can gain advantage, while slow adopters may lose market share.
New technology → Innovation/Disruption → Change in customer expectations
→ Business response (adopt/innovate) → Performance
Thus, technology creates both opportunities and threats for business.