Enhancing Business Efficiency and Competitive Advantage - Free Report Sample

Introduction

Resulting from the provisions of technology to a business organization, the daily doings of these organizations have been geared up to such a simple form and more potent, thus providing room for them to offer more valuable services to their consumers. Businesses that consider the use of technology in their operations have substantial privilege over other firms in the same industry that does not consider using it when it comes to competition. Good, expend of technology is likely to result in a business success since it heightens capital investments made by shareholders and other investors. The primary objective of this paper is to explain how business technology assists in problem-solving and decision making in business, ways in which technology allows a business organization to enter e-commerce, how information security secures firm data, and how information technology will enable a firm to predict future outcomes.

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Technology

Previous works of literature have given the term technology various definitions. According to McCarthy (2004), the technology consists of two primary components; a physical component that comprises such items as tooling, types of equipment, blueprints, techniques, and processes. The informational part consists of know-how in management, marketing, production, quality control, reliability, skilled labor, and functional areas. Therefore, business technology refers to the application of physical and informational components for business purposes to achieve economic and organizational goals. There are various types of business technology; however, Computers are most commonly used to perform such tasks as sending and receiving mails, analyzing the financial status, and designing sales presentations. The software is usually available in a variety and mostly used in creating professional-looking sales presentations. Networking is also a common type and is majorly used for information sharing and documents. Telephone communication is another common type used to communicate with consumers and other organizations (Laudon & Traver, 2016). The accounting system is a type of software that allows an organization to manage its revenues and expenses. Lastly, the inventory control system is to handle all the inventory for the business.

Networking

Since telephone communication and networking permit relaying information from one person to another, Sawson (1987) urges that a business organization can utilize it to solve arising problems either between its staff and the management or revolving within the organization and its consumers without necessarily physically availing oneself. Therefore, this will help a firm settle such issues with the advantage of saving traveling allowance that could otherwise have been incurred. Management can also refer to available online journals when solving matters affecting their operations that are difficult for them to solve independently. Time wastage, according to him, also will be minimized since there will be no fixing of meetings that could otherwise be expensive when it comes to time matters. Through this media also, information relayed in most cases is accurate, precise, and bright. This is possible because the message goes directly from the sender to the receiver. Therefore it helps to reduce the cases of inconveniences and misunderstandings that could otherwise have resulted.

Business technology helps firms in the decision-making process because the well-analyzed sales presentations, a product of computers, usually enable the organization to determine fast-moving goods amongst the goods they deal with in total. Therefore, this will hint them up on what to invest more in, which will ensure more revenues. The accounting system also allows an organization to decide whether to fund its planned projects or start projects based on revenues and expenses analysis (Lai & Guynes, 1997). Thus, this enables an organization to be in a good financial position.

Inventory Control

Inventory control handles all the inventories of an organization. It keeps a precise track, and accurate records on items, including the amount of stock remaining, updating the system in case of the arrival of new inventory, and so to the amount of stock sold out. Therefore, firms should have enough and improved methods to manage their inventory to maintain the right balance of items in their stores to have a clear understanding of what they have, review their finances, and protect their information from landing onto unauthorized hands. With proper kept information, a business can also compare its previous financial records with the current logs, which is vital in determining a firm's financial position (Laudon & Traver, 2016). Therefore, this allows a firm to predict what could be their possible outcomes in their next fiscal period. In other words, this will state a business's goal at a given financial period.

Business technology has also, by a more significant percentage, aided firms to enter e-commerce. E-commerce, according to Windrum and Berranger (2002), is the buying and selling of goods and services using the internet and sending money to make these transactions complete. Though the use of computers, which allows for sending and receiving mails in conjunction with networking, consumers can make an order of what they require. Conducted firms will, in turn, use google maps to deliver their consumers' ordered goods to their destination. Consumers will then, at last, transfer money from their accounts to the organizations as payment for the goods. The transaction will be considered complete. There are a variety of options for sending money online, and in most cases, it depends on which the consumer likes to pay using.

Conclusion

In conclusion, thriving businesses, in most cases, muchly rely on technology for communication, tracking, and productivity purposes. It sustains and keeps business operations going. That is why one should understand modern-day technology, which is all time available to us and how it can be used for our convenience.

References

Lai, V. S., & Guynes, J. L. (1997). An assessment of the influence of organizational characteristics on information technology adoption decision: a discriminative approach. IEEE Transactions on Engineering Management, 44(2), 146-157.

Laudon, K. C., & Traver, C. G. (2016). E-commerce: business, technology, society.

McCarthy, J., & Wright, P. (2004). Technology as experience. Interactions, 11(5), 42-43.

Swanson, R. A. (1987). Training technology system: A method for identifying and solving training problems in industry and business. Journal Of Industrial Teacher Education, 24(4), 7-17.

Windrum, P., & De Berranger, P. (2002). The adoption of e-business technology by SMEs. http://repository.fue.edu.eg/xmlui/handle/123456789/4464