The Role Of Technology In Business Complete Lesson

Summary

This video from Cents Business explores the multifaceted role of technology in modern business operations. It highlights the advantages such as increased productivity, effective communication, and cost reduction, while also addressing the challenges like high costs, security risks, and disconnection among employees. The script delves into technology's impact on various aspects including finance, employment, production, and society, showcasing how it has revolutionized communication, enabled remote work, and streamlined processes, ultimately leading to higher efficiency and profits.

Takeaways

• 🚀 Technology has significantly impacted business operations, especially in the 20th century, by introducing new ways of working and communication.
• 📈 Advantages of technology in business include increased productivity, efficiency, effective communication, and automated processes that reduce costs.
• 💸 Disadvantages include the high cost of acquiring and maintaining technology, the need for continuous updates, and security risks such as cybercrime.
• 🔒 The risk of data breaches is a major concern, as illustrated by incidents involving large corporations like Facebook, where personal information was compromised.
• 🤖 The reliance on technology can lead to a sense of disconnection among workers, as face-to-face interactions are replaced by digital communication.
• 🔋 Technology devices are dependent on electricity, and power loss can render them unusable, highlighting the vulnerability of digital systems.
• 💬 Advancements in technology have made communication faster and more efficient, allowing for instant information exchange within and between businesses.
• 💻 The internet has revolutionized business communication, enabling 24/7 operations and expanding customer reach through websites and social media.
• 📊 Technology aids in financial management by simplifying budgetary control, forecasting, and planning through the use of computers and spreadsheets.
• 🏢 Businesses can now operate from cheaper locations due to technology, as physical presence is less critical for customer interaction and service delivery.
• 📝 Job postings and applications are predominantly online, allowing businesses to access a wider pool of candidates and facilitating remote work arrangements.
• 🛠️ Computer-aided design and manufacture (CAD/CAM) streamline the production process, enabling rapid design iterations and efficient manufacturing with reduced need for physical prototypes.
• 📦 Electronic Point of Sale (EPOS) systems have simplified inventory management, allowing for real-time stock monitoring and automated reordering based on sales data.
• 🌐 Technology has broadened consumer choices and potentially improved living standards through the introduction of new products and services.
• 🌳 The efficiency gains from technology can lead to higher profits for businesses and reduced environmental impact by minimizing resource usage and waste.

Q & A

What is the main topic of the video script?

The main topic of the video script is the role of technology in business, including its advantages, disadvantages, and impact on various aspects such as communication, finance, employment, production, and society.

What are some advantages of technology in business mentioned in the script?

Some advantages of technology in business include increased productivity, improved efficiency, effective communication, automated business processes with the help of software and apps, and reduced business costs.

What are the disadvantages of technology in business as discussed in the script?

The script mentions disadvantages such as the high cost of acquiring and maintaining technology, the risk of cybercrime and data theft, the potential for disconnection among employees, and the reliance on electricity for technology to function.

How has technology impacted communication within and between businesses?

Technology has made communication much faster and more efficient. It allows information to be passed quickly between departments, businesses, and customers through various channels like email, the internet, and social networking platforms.

What role does the internet play in facilitating business communication and operations?

The internet allows businesses to communicate internally and externally, reach a larger customer base, operate 24/7, and provide information to customers quickly and easily through websites and social media.

How does technology aid the finance department in a business?

Technology aids the finance department by enabling budgetary control through spreadsheets, making forecasting and planning easier with large amounts of data, and allowing for quick comparison of current expenditures with original budgets.

How has technology influenced the location of businesses?

Technology has allowed businesses to locate in cheaper areas because they can use technology to communicate with customers effectively. This has led to an increase in remote work and the ability to operate without a physical presence in high-street locations.

What is the impact of technology on employment and job applications?

Technology has made job applications easier and more accessible, with most jobs posted online, allowing businesses to select from a wider range of candidates. It has also facilitated the rise of telecommuting or teleworking, where employees can work from home.

How does computer-aided design (CAD) and computer-aided manufacturing (CAM) benefit the production process?

CAD and CAM benefit the production process by allowing for the design and alteration of products using computers, creating 3D mock-ups, and enabling the production of products with the use of robots or CNC machines, which can be directly fed from the design data.

What is the significance of electronic point of sale (EPOS) systems in business?

EPOS systems make stock control easier by scanning items as they come in and as they are sold, allowing for better monitoring of stock levels and automatic reordering. They also provide financial accuracy, speed, efficiency, and accountability reporting.

How has technology contributed to the development of new products and consumer choices?

Technology has led to the creation of new products like mp3 players and iPads, offering wider consumer choices and potentially higher living standards. It has also made day-to-day lives easier through various applications and devices.

Outlines

00:00

😀 Technology's Role in Business Advantages and Disadvantages

This paragraph introduces the topic of technology's impact on business, focusing on both the advantages and disadvantages. Advantages include increased productivity, efficiency, effective communication, and reduced business costs through automation and software applications. Disadvantages are also highlighted, such as the high cost of maintaining cutting-edge technology, the need for continuous updates and training, security risks including cybercrime, and the potential for data breaches as exemplified by the Facebook data scandal. Additionally, the paragraph touches on the social implications of technology, such as disconnection among workers and reliance on electricity, which can lead to disruptions in business operations.

05:02

📞 The Transformation of Communication and Finance in Business

The second paragraph delves into how technology has revolutionized communication within and between businesses, making it faster and more efficient through various channels like email, telephone, and the internet. The internet's role in expanding customer reach and enabling 24/7 business operations is emphasized. The paragraph also discusses the impact on finance departments, where technology aids in budgetary control, forecasting, and planning by allowing for easy data management and comparison of expenditures with budgets. The ability of businesses to operate from cheaper locations due to technological advancements is also highlighted, showcasing how technology has transformed the traditional business landscape.

10:04

🏢 Employment, Teleworking, and Production with Technology

This paragraph examines the effects of technology on employment, with a particular focus on the prevalence of online job postings and the ability for businesses to access a wider pool of candidates. The rise of teleworking is discussed, where employees can work flexibly from home using technology for communication. The paragraph also explores the impact of computer-aided design (CAD) and computer-aided manufacturing (CAM) on the production process, allowing for quicker design iterations and efficient manufacturing with less resource usage. The benefits of electronic point of sale (EPoS) systems for stock control and the environmental advantages of reduced waste are also covered, illustrating the multifaceted role of technology in enhancing business operations.

15:07

🛒 The Societal Impact of Technology and a Call to Activity

The final paragraph reflects on the broader societal impact of new technology, such as the introduction of products like mp3 players and iPads, which have expanded consumer choices and potentially improved living standards. It emphasizes the pervasiveness of technology in every aspect of the business process, from stock ordering to marketing. The paragraph concludes with an activity prompt for viewers to discuss the topic in groups or create a presentation, reinforcing the interactive and engaging nature of the video script.

Keywords

💡Technology

Technology refers to the tools, systems, and methods used to solve problems and accomplish tasks more efficiently. In the context of the video, it is the driving force behind the transformation of business operations in the 20th century, influencing areas such as communication, finance, and production. The script mentions how technology has increased productivity and efficiency but also brought challenges like security risks and disconnection among workers.

💡Productivity

Productivity is the efficiency with which goods or services are produced. The video script discusses how technology has increased productivity in businesses by automating processes and improving communication, which allows for more output with less input, thereby enhancing the overall efficiency of operations.

💡Communication

Communication is the process of exchanging information, ideas, or messages. The script highlights the impact of technology on communication within businesses and with customers, making it faster and more efficient through methods like email, the Internet, and social networking, which have replaced traditional slower methods like letters.

💡Finance Department

The finance department in a business is responsible for managing the company's financial activities, including budgeting and forecasting. The script explains how technology, such as spreadsheets and computers, has facilitated easier budgetary control, data storage, and financial planning, making it simpler to track expenditures and compare them with set budgets.

💡Cybercrime

Cybercrime involves criminal activities that use the internet or other forms of technology to target individuals or businesses. The video mentions the risk of cybercrime as a disadvantage of technology, where data security is compromised, and customer information could potentially be stolen, referencing the Facebook data leak incident in the UK.

💡Disconnectedness

Disconnectedness refers to a lack of connection or communication between people. The script points out that with the heavy reliance on technology in the workplace, there is a risk of employees becoming disconnected from each other and the final product, leading to feelings of isolation and a reduced sense of community.

💡Teleworking

Teleworking, also known as remote working or telecommuting, is the practice of working from home or another location outside the traditional office environment. The video script describes how technology has enabled teleworking, allowing employees to communicate via email and work flexible hours, which can broaden the talent pool for businesses but may also affect motivation and work-life balance.

💡CAD (Computer-Aided Design)

CAD stands for Computer-Aided Design, which is a technology used to create detailed designs of products or projects on a computer. The script mentions CAD as a way to design new products or alter existing ones, producing 3D mock-ups that allow managers to visualize the final product without waiting for physical prototypes.

💡CAM (Computer-Aided Manufacture)

CAM, or Computer-Aided Manufacture, is the use of computer systems to control and manage the production of goods. The video script explains how CAM, often combined with CAD, allows for the automated production of products using robots or CNC machines, streamlining the manufacturing process from design to output.

💡EPoS (Electronic Point of Sale)

EPoS refers to the electronic systems used at the point of sale in retail environments. The script describes how EPoS systems have made stock control more efficient by scanning items as they are sold and restocked, reducing the need for manual inventory management and allowing for automatic reordering of stock.

💡Society

Society refers to the community of people living in a particular country or region and subject to a common culture, laws, and institutions. The video script touches on how technology in business has led to the development of new products, which in turn has expanded consumer choices and potentially improved living standards within society.

Highlights

Technology has been a significant factor affecting how businesses operate, particularly in the 20th century.

Advantages of technology in business include increased productivity, efficiency, effective communication, and reduced costs through automation.

Disadvantages include the high cost of maintaining cutting-edge technology, continuous updates, training, and security risks such as cybercrime.

The Facebook data leak incident exemplifies the risk of personal information being compromised through technology misuse.

Technology can lead to feelings of disconnection and loneliness in the workplace due to reduced personal interaction.

Reliance on electricity for technology devices can result in work disruptions during power outages.

Quick communication facilitated by technology allows for rapid information exchange between departments and customers.

The Internet has revolutionized communication by enabling businesses to reach a larger customer base 24/7.

Technology aids the finance department in budgetary control, forecasting, and planning through the use of computers and spreadsheets.

Businesses can now operate from cheaper locations due to technology's ability to facilitate remote communication with customers.

Employment opportunities are increasingly posted online, allowing businesses to access a wider pool of candidates.

Teleworking, or working from home, is made possible by technology, offering flexibility in work hours and locations.

Computer-aided design (CAD) and computer-aided manufacturing (CAM) streamline the product design and production process.

Electronic Point of Sale (EPoS) systems improve stock control and inventory management with the use of barcodes and databases.

EPoS systems can automatically reorder stock, reducing the need for manual intervention and improving efficiency.

Technology has introduced new products to the market, potentially enhancing consumer choices and living standards.

Technology is now integral to every step of the production chain, from stock ordering to marketing.

An activity is suggested for viewers to discuss or present the impacts of technology in business, encouraging deeper engagement with the topic.

Transcripts

hello and welcome to cents business

YouTube channel today we'll be covering

the role of Technology in business in

this lesson we will cover advantages and

disadvantages of Technology in business

and then we'll understand the impact of

technology on communication finance

departments of a business employment

processes production electronic point of

self society in location we will cover

all these and then there is an activity

which I would like you to do which will

help you remember the key points of this

presentation technology one of the most

significant factors affecting how

businesses have operated in the 20th

century has been the impact of new

technology it is easier to see its

impact when we consider some of the

changes that have taken place in the

business so let's consider some of the

advantages of technology and businesses

so a increased productivity in

efficiency effective communication

automated business processes with help

of software and apps reduce business

costs another to everything there are

some disadvantages so let's have a look

at some disadvantages of technology in

business it is expensive

having cutting-edge technology is an

easy sorry I mean it is an ongoing

expense there are initial purchasing

costs so when you want to buy the

technology itself there will be initial

cost as well as ongoing maintenance cost

update and training as you know with

technology you have to continuously

update them upgrade them and maintain

them and there's another issue is the

security with cases frequently in the

news it is

no surprise that there is a risk of

cybercrime when utilizing technology so

the data is always at risk and anybody

might be or someone might eventually

find a way to steal your customer

information don't know if you know but

there's recently something about

Facebook where that leaked or sold out

people's information to fall to somebody

in the UK where they was used to target

them for voting and so on I'm not sure

what exactly that topic was or the

article did but it's about leaking

information with is easy because with

technology

anybody that has good understanding of

programming can hack in to get these

data from systems and now the

disadvantage is the disconnected and

nests with technology playing such a

large role in the workplace people have

become disconnected from final product

and each other because they don't go

walk or ring each other they just simple

a email or ring I mean they don't walk

and ask the question they simple ring or

send an email and the system technology

does everything for them so there is an

loneliness and disconnectedness prison

with because of technology so most

technology devices really rely on

electricity so if power is lost devices

cannot be used so think about your phone

great technology but if there's no power

you cannot use it you cannot go on

Facebook Instagram snapchat or

what-have-you

distractions aside from issues causing

work production such as system failure

interruptions can include email and

instant messages so these were some of

the disadvantages of technology in

business it's time for a quick break so

you might get an advert pop up now but

don't get and I annoyed by these because

that's

I can afford to pay the bills and upload

more videos for you okay communication

communication now happens very quickly

due to advances in technology

information can be passed between

departments between businesses and their

customers this process can be conducted

via fax telephone email and the Internet

do you see how hard it was before to

communicate with your customers you

would have to send them letter and the

letter would take so long but now if the

customer has an email you could

straightaway email them and if they have

a telephone you can call them the

communication has become really quick

and fast email is a fast and efficient

method of communication internally and

externally and for emails to be possible

Internet has made it possible for

internet sorry I mean even Internet has

made it possible for the emails to be a

way of communication Internet allows a

business to reach a larger customers

base and do business 24 hours a day so

the internet allows businesses to use

email have a web page have a website

have a social networking page where

customers can go communicate to to them

and customers can check a business's web

page for information rather than phoning

a phone line or visiting the store

itself so the Internet has made it

possible for customers to find

information within seconds rather than

minutes or hours imagine if you want to

know the opening times of a shop but you

didn't have internet and there was no

phone you had to go all the way to the

shop to see the opening times on the

window of the show

on the door of the shop so that would

have taken a lot of time whereas now

with just a few clicks you you can tell

what time a shop opens what time it

closes its bees Google have even done at

the google has a little softer I don't

know if you have noticed it shows you

what time the store is busy in what time

it's quiet which is crazy so technology

has had a massive impact on

communication so what impact has

technology had has had on finance

department budgetary control once

budgets have been set the finance

department can easily compare current

expenditure levels with original budgets

using spreadsheets forecasting and

planning large amounts of data can be

held on a computer to make forecasting

easier so what what having a computer

you could input all your all day-to-day

expenditures into a system and then you

can compare them or add them all with

just seconds so it has helped the

finance department dramatically location

how has a health the location and many

businesses are now able to locate in

cheaper areas because they can use

technology to communicate with customers

for example call center staff can bring

over customers whole history on computer

screen rather than looking through paper

files or dealing with customer face to

face technology allows for an increase

and faultless industry imagine can you

remember the catalogs for Argos they

still exist

but how hard was it to look for things

now they've got these computers where

you just click click and you find your

items very easily so technology has had

very big impact on location and our

business does not necessarily have to be

in high street to do business anymore

they can be somewhere far

and have a website where people can

order and then they will ship the stock

for them so there has had a massive

impact on the location employment jobs

are posted online nearly all jobs today

are posted online so candidates apply it

has made it for business possible that a

wide a range of candidates to select

from whereas before you would post a job

on local a job advertising agency and

you would get a limited number of people

whereas on internet you get hundreds and

thousands of jobs recently for the

company that I work for I have posted

the job for them one of the jobs that

are we had available and you will not

believe within two days I must have had

about 200 applications and then looking

through them I shortlisted and so on so

do you see how easily you have access to

a wider range of people more and more

workers are able to work from home use

it home using email to communicate with

office this is called tele cells

tele sorry telly working tele workers

are still able to communicate with

colleagues but can work more flexible

hours so you could be at home working

using mobile email computer or what have

you

without having to go to the office and a

lot of people in my workplace does that

but I I would rather be at work and do

the job and office because when you do I

have done work from home but that

actually is kind of boring and you don't

feel as motivated to do much work but

that's a different subject so production

computer-aided design CAD uses computers

to design new products or to make

alterations to existing products CAD

produces 3d mock-ups on a computer

screen for that reason

and managers do not have to wait for a

prototype to be built before they know

what the image will look like

computer-aided manufacture c-in-c a-m

uses computers to produce a product

usually involving robots or a computer

numerically controlled machines CNC

computer eight manufacture is often

combined with the computer-aided design

process products are designed on a

computer in the design data fed straight

into the production machine in you get

an output so electronic point of cell e

P o s computers make stop control easier

it is so much easier today to control

your stock levels than it was 15 20 or

30 years ago because everything is now

scanned in a computer when they come in

and everything is scanned out when

somebody buys it so computer makes stock

control easier holding stock information

in that database makes it easier to

monitor when new stocks are required the

e P or s system relies on barcodes to

record the products being purchased by

the customer the stock can then be

reordered automatically we have these

printers Canon printers at where they as

soon as they know that the ink is about

to run out they order them automatically

so we don't really need to order any ink

it does it for itself for our stock that

we have in my workplace we don't need to

do anything the computer tells us when I

start dates out when we need to take it

out and when we need to get news talking

is crazy and in an unbelievable how

these computers that we humans have

designed our so beneficial to us again

and makes things a lot easier

technology therefore allows for more

products to be produced with less

resources input

as a result businesses may gain higher

profits in addition fewer of the

environment resources may be used Oh

reduce unnecessary waste another advert

my pop up now don't be annoyed by it

that's how I can afford to upload more

and more videos for you

EP o s is a scanning system which

promises financial accuracy speed and

efficiency accountability reporting its

award-winning industry designed so this

manager store customer installable

printed labels this software does

everything for your prints labels

received all the information for the

customer so it's very important for a

shop to have this society many new

products have come onto the market in

recent years mp3s players iPads and so

on new products mean wider consumer

choices and possibly higher living

standards all the departments and

technology have helped to make our

day-to-day lives easier as such

automatic cash dispensers in mobile

phones technology in business technology

in business used to be seen as an

expensive method of solving problems

however increased flexibility of

applications and the full link cost of

hardware have ensure that all businesses

use technology in same way technology is

now found in every process in the

production chain from stock ordering to

marketing so here's a quick activity I'd

like you to do if you are doing this in

class spend 30 minutes discussing this

in groups of four if not if you're doing

this alone I'll do a presentation save

it as a video format and send it to

myself thank you for watching and I will

see you on the next video take care for

now