The technological shifts. Management Essay Research

Essay Questions
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Essay Questions
Question 1
The technological shifts in today’s business environment have brought about significant repercussions to major stakeholders, including businesses, consumers, and society. The consequences of technological advancements are both positive and negative and it is therefore important for the stakeholders to understand the risks and consequently put in place measures to manage them. This essay examines the impact of technological shifts and how stakeholders can manage the risks that come with it.
The technological shifts present in today’s environment promise key benefits for businesses, consumers, and the society at large. According to Chao and Chandra (2012, pp.114), technology helps businesses enhance their operational efficiency that in turn drives growth. A key benefit that technological shifts promise businesses is an improvement in the efficiency of operations. The technological changes promise businesses faster data processing and information retrieval. Generally, technological shifts promise a better way of doing business and can thus increase a company’s competitive advantage. For example, a firm that integrates sophisticated technologies in its supply chain can deliver products to the customer faster compared to competitors. Consumers are perhaps the major beneficiaries of technological shifts — advances in technology drive competition, which consequently leads to more choices and better prices for the consumer. Consumers can easily switch to products of better quality that are offered at competitive prices. Shifts in technology also promise consumers more information about a company and its products. As a result of technological changes, consumers can now search online for information about a company’s practices, ethics, and ways of doing business. Consumers can also search for key product features over the internet. These pieces of information are available over the internet and can affect to a great extent the purchase decision of the consumer. Shifts in technology promise the society significant benefits including better transportation, quicker communication, faster access to information, and better quality of goods and services. Technological shifts create competition in different industries, and the result is improved products and services, which the broader society derives significant benefits from. For example, technological advances have made the world a global village, and now people can communicate with others on the different part of the planet instantaneously. It is evident, therefore, that shifts it technology promises significant benefits for businesses, consumers, and society at large.
While technological advances promise major benefits as described above, they come with their share of dangers. A key danger that comes with technological advancement is an invasion of privacy. This does not only raise legal issues, but it also raises an ethical dilemma. In the business environment, the privacy of consumers and employees can be violated to a great extent, particularly because the legislation does not keep up with technological advances. Technological advances have given rise to e-commerce businesses whose practices may jeopardize customer’s privacy. These firms engage in personalization that involves the customization of products and services according to the preferences and interests of consumers (Lee & Cranage, 2011 pp. 987). For these e-commerce firms to deliver individualized products and services, they have to collect rich customer information, which raises privacy concerns. For employees, employers may invade their privacy which in turn may reduce their productivity and elevate their stress levels (Sánchez Abril, Levin, & Riego, 2012, pp.69). It is important to recognize that employees and customers are arguably the most important stakeholders of an organization. Violating their privacy can thus put in jeopardy a firm’s operations. Other potential dangers of technology include unemployment, damage to the environment, and harmful health effects.
Given the risks associated with technological change, it is imperative to have measures in place to mitigate them. Risks due to technological changes emanate from some areas including the actions of people, external events, system failures, among others. As a result of technological changes, organizations face cybersecurity risks, financial risks, societal risks, legal risks, and operational risks (Pfeiffer, 2015, pp.10). An organization can set up different measures to address the different types of risk. However, there exist general steps that ought to be followed managing risk associated with technological changes. The first step is the identification of the risks that are brought about by technological changes. The second step is the assessment of the likelihood of the risks occurring. The third step involves treating the risks through mitigation measures. Cybersecurity risks are perhaps the biggest risk associated with technological change. This can be mitigated through cyber hygiene where employees are trained on safety on the cyberspace (Pfeiffer, 2015, pp.18). Through planning, technology governance, cyber hygiene, and technical competency development, an organization can address the risks associated with technological change. The fourth and final step is regular monitoring of risks and management plan. Given the rapid changes that characterize the technological environment, constant monitoring is extremely important. It is imperative to note that the use of technology varies across different organizations and as a result, each faces a different level of risks. However, applic...