Proprietary technology is defined as a tool, systems, or applications that an individual or a business owns. These combinations are competitive and beneficial as an advantage to the technology property owners (Spacey). Companies that have the capability of developing proprietary technology in their houses receive rewards of valuable asset. Awards can exclusively be used on or be a profitable on the selling of licenses to different parties. The terminology commonly used in hardware or software development in a firm to be used internally or to be sold to the customers. There are five examples of proprietary technology. It includes internal systems, internal application, and business-to-business, business to customer, and end-user computing.
Some industries use proprietary technology as their critical determinacies of success. This results in them being confident about their success. The protection is legally done through the guidance of the corporation by copyrights and patents because of its value. Proprietary technology is of different types depending on the business nature. It can either be the intangible or physical asset that has been developed to be used by an organization (Kenton). For example, companies such as banks build their software that is used by the employees to feed data in their everyday banking. The advantages of using proprietary software are that it is quicker software or quick in code debugging. It is also best used in firms of trader's needs and expectations (Aboulmagd). The disadvantage is that it is expensive and time-consuming to create. It is too costly for the outsourcers who want to buy it for a firm that has low income.
Lloyd Blankfein (CEO of Goldman Sachs) in 2017, stated that their firm was technology-based. He said that they had a long way to go since the company sticks to the right steps of using digital technology. Goldman Sachs is leading globally in banking investments, managing investments for the firm, and offering tight security (Brittany). This has been achieved by employing the use of digital technology. Banking investments is demanding and requires a lot to be done by analyzing the financial services databases. As a result of this, it's better to use digital technology in day today's business practices.
My research problem will be investigating how Goldman Sachs uses propriety technology, and the primary purpose of the research is to examine the advantages of using proprietary technology. My target audience will be programmers and engineers who work on technology matters of the industry than Facebook. A good relationship will be built between the programmers and me for successful research. This will be done through involving myself in the work that the programmers will be doing.
According to the history of Goldman Sachs, it was found in the city of New York by Marcus Goldman in 1869. The company's name is made out of the use of an entrepreneur's commercial paper and later joined the New York Stock Exchange in the year 1896. In the 21st century, Goldman purchased Leeds, Spear, and Kellogg. Currently, Goldman is in partnership with Apple Inc. for support in issuing credit cards of Apple Card, which was launched in August 2019 (Shah). The company has four business units. Investments banking in which 21% total revenue of the company was accounted which includes underwriting and financial advisory. Lending and investing wherein 2015, the business unit was considered for 16% company's total revenue. The other business unit is institutional client services, which accounted for 37% of revenues in 2017 and lastly investment management with 18% revenues in 2015 (Marina).
According to the research carried out by John Hall, about how property tech is changing the services of the industry, he found that businesses have become so competitive and one has to adapt to the changes and developments over time. Many companies have been surprised by the adoption of comprehensive propriety technology. This technology has been reserved for businesses and SaaS companies with the heart operation of this technology. Companies have found it to be a pressure to digitize and streamline various aspects of the activities. That is from the management, distribution and marketing, and other standard solution that is not customized to fit. Proprietary technology has been seen to have different advantages to an industry or a business (Rebecca). It is also used in industries like medicine, business, banks, organizations, or companies.
The writer of the research can use materials or reviews that have been written about proprietary technology for guidance. He is also supposed to narrow down on one primary business unit in the Goldman Sachs business (Schwartz). He should choose the business unit that he is familiar with and involve himself at the company for inquiries and better results of his research. Also, the researcher must have the objectives and questions of the study and be able to provide a suitable solution to the problems he finds in the company. Technology theory should guide the researcher where he will know how technology has developed and what is its impacts.
The research will provide several problems that affected the researcher during the research process. Also, it will clearly state the problem facing proprietary technology. It will show how these problems have affected the growth of the business in Goldman's Sachs business unit. The researcher will use these problems to relate to other companies globally. Solutions to these problems will be suggested and how they can be implemented. Also, recommendations about how the research and what is supposed to be investigated later due to time will be recommended. This will help other researchers with research topics who want to research more about proprietary technology in Goldman Sachs. Methods used during the research will be interviews and a questionnaire.
Audience in research refers to the sources of the samples which will be used during the research process. The purpose of the audience in a study is to answer the questions that are required (Halles). There are different types of research audience. There is the primary audience, secondary audience, tertiary, and the final project gatekeeper. The primary audience refers to the viewer that gives the primary data conducted by the researcher. A secondary audience is data that has been undertaken or has been done by other researchers. This may guide the researcher with the theories and basic knowledge of what he is researching. This includes journals, reviews, articles and library sources. Finally, the final project gatekeeper is my CEO of Goldman Sachs company who will permit me to conduct my research
The topic to be investigated or carried study on is the use of proprietary technology in the business of Goldman Sachs. I shall look at how technology is being used for efficient business progress. Are there any challenges affecting them by using the technology? Technology proprietary theory will guide me during my research process. Also, the reviews and journals about proprietary tech will be helpful for the research process. The target audience is programmers and technology expertise. Solutions and recommendations will be outlined at the end of the research.
Aboulmagd, Mo. "What's property software, and what are the advantages and disadvantages." http://www.quora.com/what-is-property-software-an-what-are-the-advantages-and-disadvantages. Accessed on. 10 April 2016
Brittany, W. "A technology Company?" http://www.digital.hbs.edu/platform-digital/submission/goldman-such-a-technology-company. Accessed on. 26 April 2018
Hall, John. "How property tech is changing the services of the industry." http://www.google.com/amp/s/www.forbes.com/site/johnhall/2015/11/22/how-property-is-changing-the-services-of-the-industry. Accessed on. 22 November 2015
Jane, Halles. "What is audience market research." http://www.saproresearch.com/tutorials/audience-understanding-research. Accessed on. 4 January 2019
Kenton, Will. "Proprietary Technology." http://www.investopedia.com/terms/p/proprietarytechnology.asp. Accessed on. 30 June 2019
Marino, Jonathan. "Goldman Sachs is a Tech company." http://www.google.com/amp/s/amp.businessinsider.com/goldman-sachs-as-a-tech-company. Accessed on. 12 April 2015
Rebecca, Eisenberg. "Proprietary Rights and the norms of science in Biotechnology research." http://www.repository.law.umich.edu/articles/1220. Accessed on. 25 May 2010
Schwartz, David. "3 ways to create successful proprietary tech." http://www.google.com/amp/s/www.entrepreneur.com/amphtml/283601#ampshare. Accessed on. 12 October 2016
Shah, Munjal. "Proprietary research can give you credibility." http://www.google.com/amp/s/www.entrepreneur.com/amphtml/336009#atmosphere. Accessed on. 2 July 2019
Spacey, John. "Examples of proprietary technology." http://www.simplicable.com/new/proprietary-technology. Accessed 19 May 2017
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