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.