Technological Forces
"The key concerns in the technological environment involve building the organizational capability to (1) forecast and identify relevant developments - both within and beyond the industry, (2) assess the impact of these developments on existing operations, and (3) define opportunities" (Mark C. Baetz and Paul W. Beamish).
The speed of technological advances means that existing electronic equipment, IT processes and systems will quickly become dated. To remain competitive a business must ensure that its processes and systems support innovation and creativity for itself and its customers. Always offering to the clients the most advanced and sustainable services possible.
Sustainability
Sustainability is now a high priority and businesses are keen to reduce waste and be more energy-efficient. Using more efficient IT systems can help reduce waste, recycle more or cut carbon emissions. Our company will be focused mostly in reducing waste and recycle all the materials we use to produce our product.
How technology is changing demand
The development of the Internet is also having an impact on the market. Young consumers are also much more willing and confident to experiment with new media. More customers are using the Internet for shopping. The development of these new selling channels helps the companies to take advantage of this by increasing sales.
Increasingly, people use social media to share images online on sites such as Facebook and Instagram. Many people upload images from their mobile phones onto a social media site. By consuming and sharing images in this way we can reach easily consumers and they could be up date of our products.
Technology for nations
Economies will need to excel in both basic and applied research. Basic research attempts to expand the frontiers of knowledge but is not aimed at a specific problem. Economies, which are well off, should concentrate more on basic research because they can remain ahead of other economies only by creating new businesses through inventing new technologies by basic research.
Developed economies should be ready to relinquish businesses they are currently excelling in, because other economies will catch up with them and the developed economies will not be able to charge premium prices for their products and services.
Less developed economies should focus more on applied research and develop better products and services with existing technologies.
Technologies for products and services
New products and services are possible because of new technologies. These help to increase revenues and profits of companies. At different times in history, technologies have created new businesses like automobiles, railways, telephones, computers, etc. Currently we are seeing new products and services being developed by emerging technologies like internet, mobile connectivity, nanotechnology, genetic engineering, etc. These technologies are likely to fuel growth in the near future.
Technologies for business models
Companies also use new technologies to do business differently and more effectively. We are going to be able to sell our products directly to business customers because Internet enables it to be in contact with our customers without incurring much expense. It gleans valuable information about our customers from the interactions it has with them. Also we will use this information to segment the market further and then focuses its attention on the most profitable customers.
The customers also will be able to design their own products and services, and the companies will manufacture them. Through such tools, these companies are able to lock their customers in long-term relationships.
