Technology Use in the Business Industry - Term Paper Sample

2021-07-08 20:13:14
5 pages
1169 words
University/College: 
Boston College
Type of paper: 
Term paper
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Technology has improved the face of the business industry. Ease of communication, networking, sustainable invention strategies, are just but a few benefits of technological applications that would be useful to my company. Today, mobile apps have company information that customers can access and generate any information they require. They are used as communication gadgets that reach out to customers either when on/offline. Digital marketing is another blessing for the business industry. Business owners have taken advantage of this innovation to go global. They are reaching out to their potential customers through the internet, social networking platforms, and company apps. The business environment has thus been reduced to a global village, thanks to technology. Meetings can now be shared through the internet site such YouTube, websites and online. Our focus is our customers since we are dealing with mostly the young generation; technology is our best shot to reach out to them across the globe. We would not fold our hands and let this golden opportunity bypass us, the change we need to focus on customers is in technology.

The traditional method of marketing through company agents, organizing field activities or charity, fun day, convention programs among others to meet with customers and potential business partners is now a thing of the past for most companies. E-commerce and retailing are the innovation in town. Marketing is now done by a snap of a finger, and over 200,000 customers can be reached out to through different communication channels. Technology has thus shaped the business industry, as new companies are emerging, innovations are also emerging. Operation in the business sectors is, therefore, becoming flexible and profitable to owners who are investing more in technology to reach out to as many consumers as possible. Since technological applications are fast, cost efficient and convenient, the new face of business operation is here with us (Swapnil&Veena, 2016). Technology is becoming a tool that makes business the best prospect to engage with consumers effectively.

How to change my company from a traditional marketing approach to customer targeted marketing

As a manager, I would embrace virtualization in my company to aid in the marketing process. Virtualization is a process of running multiple machines on one physical machine. It is rapidly gaining ground in the business sector and it has massively affected business technology. Hence, it would be very useful in expanding the communication process in my company. It is widely used by many companies since it is effective in server utilization., performance application and power consumption. Clouding computing must also form an integral feature of my company. It has steadily expanded in the Information Technology Enterprise. As predicted by Garters Technology, about $250 billion will be used in adopting cloud into data centers by the end of 2017. This is a clear indication of the continued development of the virtualization as a tool of reaching out to customers in business. Hence, my company must be in the list of the companies that would adopt the technology to enhance the companys storage capacity.

I would also incorporate wireless network in my company to ease communication process. Wireless networks are a development witnessed in network design and management; most companies are shifting to wireless networks for communication. This system uses wireless data connection nodes. The network is popular in homes, telecommunications networks, and enterprises. It can be propagated through the installation of cables on administrator radio communication using the OSI model network system. The wireless networks popularly utilized in the business environment include phone networks, Wireless Local Area Networks, (WLAN), and terrestrial microwave networks among others. Wireless links are growing trends as wireless networks can transmit waves over a large area. Additionally, they allow security and can accommodate many transmissions to different channels simultaneously such as the Ethernet, Wi-Fi networks (Kennington, Olinick, &Rajan, 2011).

The business environment has many sectors. Companies have substantially utilized technology to bring in a new brand in the business industry. The supply chain and logistics, house, and inter-active synchronization, production, office automation are some of the areas that technology has improved through many applications developed to date. To merge all the departments in my company, I would use various technological approaches like Artificial Intelligence, Augmented Reality, Internet of Every Thing, Virtual Reality, and Machine Learning. I would also train my employees in the same line so that they can easily operate under the new technology. There are existing software companies that have emerged helping the business industry grow regarding innovation and technological advancement. To embrace the technological changes, I will work with some of these companies in installation of those software and training of workers. Software innovation has been impactful in revolutionizing the business environment to a digital environment where technology is the order of the day.

Artificial Intelligence since its inception has made work easier for companies who majorly use machines for their operations. AI is used in the Finance sector for algorithmic trading, analyzing the market and mining data, personal financing, portfolio management, underwriting, telecommunication, marketing, and transportation. The application helps in artificial creativity, face, speech, handwriting, and optical character recognition, computer vision-virtual reality, and image processing, automation, biologically inspired computing, representation of knowledge, semantic web, e-mail spam filtering, data and concept mining, strategic planning, etc. Virtual Reality is another application that is widely used in the business environment (Swapnil&Veena, 2016). The app produces a set of information that is used for developing new models, interaction, communication, and training methods. It thus helps in improving production at work. It is a cost effective way of improving production and service delivery. Hence, to achieve maximu productivity of the company, I would train employees on how to use AI and virtual reality.

The gadgets for communication have narrowed down company-consumer interaction into a joint center where communication is easier and mutual. The office environment is, therefore, an exciting area to be in. Too much filing has been reduced by the applications introduced into the business market. The stipulated office functions like Customer Relation Management, High productivity and profitability, cost-effectiveness, Corporate Social Responsibility, Marketing and Retailing, Human Resource Management, and Financial management have thus been set such that technology is an integral part of these systems (Kohli, 2017).

Financial technology is taking the banking system with a wave. There is efficient, fast, and safe transaction in the financial sector due to technology. Automated Teller Machines with personalized pin numbers have enabled withdrawal and depositing of money easier and at customers' convenience. The advent of the digital coin has birthed an era of online money transactions through loans. There are online apps for lending and paying loans. Pay Pal and Google money have made money transaction a global affair. It is easier, simpler, and convenient. Customers have thus embraced digital migration in the business industry. The availability of communication gadgets has smoothened things; customers can thus use their phones to transact money anywhere in any approved banking systems.

Technology has thus traversed across different applications thus if my company embraces it, the business would be transformed into an...

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