Technology Impact on Operations Functions

In this sample essay, we will discuss the impact of technology on operations functions in business.

Technology has transformed the modern economy and world. From changing consumers’ preferences to reshaping the production and marketing of products, technology manifests itself in small details of daily business operations. It has increased the productivity of investments and workers, accelerated economic activities, promoted interdependence between the modern industries, and allowed new technology deployment. Here are some of the impacts of technology on business process operations.

 

Productivity

By improving product development, business processes, and developing skills, technology increases productivity in various business operations. The size of improvements is debatable, but some technologies like email and social media have made communication easier and faster. Online customer services and practice management legal software have reduced personal attention and increased productivity in all areas without sacrificing customer satisfaction. Most professionals are using in the legal industry, finance, and medical industry, practice management software to ensure that their clients and patients are getting the right services.

Acceleration

Whether it is through fast online data transfers or airplanes, technology has accelerated business operations. A process that took several weeks some years ago through face-to-face interactions and mail can now take a few seconds with computer keystrokes. Web purchasing, editing photos with services such as Fixthephoto, online money transfers, and sharing files through the internet have accelerated the production cycle and have made the production, capitalization, and the sale and distribution of products faster. From the production standpoint, the acceleration of technologies has forced companies to meet the demands of their customers quicker and provided the necessary tools for the processes.

Global communication

Companies and individuals can communicate and transfer files and resources from one place to the other. In other words, companies can conduct business with their suppliers and clients from any part of the world without the need for traveling. The availability of internet video conferencing and global economic data has made it easier to conduct businesses or open businesses in other parts of the world. Even more, communications, transport, and logistics have facilitated interdependence and integration.

Product development

Technological innovations increase the demand for new products. That means that businesses will continue adjusting their operations to match the requirements of their customers. Therefore, companies are uniting new technologies such as computers and software packages in their daily operations and production cycles. They can now produce better products such as electronics. Any business can compete with new technologies and the pace of innovation.

Risks Management

Technology comes with many benefits for businesses. Unfortunately, it also comes with risks. It reduces productivity and customer satisfaction if employees do not have the right skills to use new systems. The fast migration of personal and corporate operations data to online databases has made companies more vulnerable to cyber-attacks. Cyber-attacks can have adverse effects on operation functions or even lead to the closure of operations.

Money management

In terms of finance and money management, the automation of processes such as invoicing and data consolidation saves a lot of time and energy. Fintech start-ups are finding new exciting ways of offering financial services to businesses, such as Transferwise, which simplified the transfer of money overseas without charging traditionally high fees. Moreover, Soldo, whose prepaid company cards easily allow employers to monitor employee spending in real-time through their app.

Challenges In Adapting Technology In Operations in UAE

Technology can be facilitating factor in bringing about change in operations and production management. But it may not be feasible to use technology in all aspects, with the challenge coming through high initial cost of investment, high cost of maintenance, and mismanagement. Besides, it is challenging to train every worker in technology who does have a solid educational background. 

Conclusion

Businesses are adopting new technologies at a faster rate. Consequently, things are improving rapidly, and business operations are improving for better growth. Most recently, technology affected almost every business operation and automation of how businesses operations.

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Here we have elaborately talked about the technology’s impact on operations functions. Students carrying out business management studies have to write thesis, dissertation, or essays about technology’s impact on different renowned companies.

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