Technology Management Term Paper Example | Topics and Well Written Essays - 1250 words

Technology Management - Term Paper Example In this paper, the impacts of technology on; cost of business, human resources and customer satisfaction will be examined with the intention of establishing its import in the aforementioned sectors. Many organizations are to a large extent dependent on computers to handle their administrative tasks such as inventories bookkeeping and other clerical tasks which were traditionally handled exclusively by personnel. The advent of the internet as well as growth in the diversity and capacity of computing hard and soft ware has significantly reduced the cost of doing business; computer are increasingly becoming more powerful and cheaper to run due to the exponential growth in innovation. In addition, business owners and other entrepreneurs are better able to understand the cash flow and manage their storage and other running costs better ultimately saving time and money. For instance, today with only a laptop, one can open a business or even run a company without requiring to rent office sp ace or hiring employees, the computer can store all the information they need and they can use it to communicate with customers, suppliers as well as carrying out product promotion. The availability of online marketing and sales means one can order and ship goods from point A to point B in the comfort of their home. Furthermore, technology reduces the need for human resource since a computer can carry out tasks that were traditionally done by employees thus further reducing the cost of starting and running a business. The use of bookkeeping software such as QuickBooks and automated sales functions such as sales force allows business owners and managers to focus of strategy by cutting down the running costs and labour expenses. Technology also provides means through which to cut indirect costs, these include cost of commuting which can be scaled down since with the option of telecommuting , one can work from home. Ergo, they will not only save on fuel costs but also reduce the amount of time they spend getting ready to go to office as well as traffic jam which at times cost both employees and their employer’s valuable time which could be used profitably. Technology has helped to reduce the cost of storage by eliminating the need for double or triple entry systems as well as amounts of paperwork that needs to be filed arranged and stored, customer data, contracts and any relevant information can be stored on online or hardware databases and accessed in seconds. Information and advertisement cost can also be scaled down significantly through technology, for example instead of costly TV ads, many firms are opting for online advertising through social media such as Facebook which can reach more people transcending geopolitical borders and which is either low cost or free. According to Jeff Wourio, a manager at Microsoft co-operations, inculcating technology solutions in business is crucial owing to the fact that with technology one can have among other thing s an online presence and that way they can cut down the costs of advertising significantly and transfer the resources to improving product quality. Online marketing provides a fairly affordable and at times even free avenue through which a company can, not only reach millions of consumers globally but also create a following of (fans/follower/friends) which serve to enhance