The Role Of Technology In Business Complete Lesson
Summary
TLDRThis 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
- π Technology has significantly impacted business operations, especially in the 20th century, by introducing new ways of working and communication.
- π Advantages of technology in business include increased productivity, efficiency, effective communication, and automated processes that reduce costs.
- πΈ Disadvantages include the high cost of acquiring and maintaining technology, the need for continuous updates, and security risks such as cybercrime.
- π The risk of data breaches is a major concern, as illustrated by incidents involving large corporations like Facebook, where personal information was compromised.
- π€ The reliance on technology can lead to a sense of disconnection among workers, as face-to-face interactions are replaced by digital communication.
- π Technology devices are dependent on electricity, and power loss can render them unusable, highlighting the vulnerability of digital systems.
- π¬ Advancements in technology have made communication faster and more efficient, allowing for instant information exchange within and between businesses.
- π» The internet has revolutionized business communication, enabling 24/7 operations and expanding customer reach through websites and social media.
- π Technology aids in financial management by simplifying budgetary control, forecasting, and planning through the use of computers and spreadsheets.
- π’ Businesses can now operate from cheaper locations due to technology, as physical presence is less critical for customer interaction and service delivery.
- π Job postings and applications are predominantly online, allowing businesses to access a wider pool of candidates and facilitating remote work arrangements.
- π οΈ Computer-aided design and manufacture (CAD/CAM) streamline the production process, enabling rapid design iterations and efficient manufacturing with reduced need for physical prototypes.
- π¦ Electronic Point of Sale (EPOS) systems have simplified inventory management, allowing for real-time stock monitoring and automated reordering based on sales data.
- π Technology has broadened consumer choices and potentially improved living standards through the introduction of new products and services.
- π³ 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
π 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.
π 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.
π’ 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.
π 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.
Mindmap
Keywords
π‘Technology
π‘Productivity
π‘Communication
π‘Finance Department
π‘Cybercrime
π‘Disconnectedness
π‘Teleworking
π‘CAD (Computer-Aided Design)
π‘CAM (Computer-Aided Manufacture)
π‘EPoS (Electronic Point of Sale)
π‘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
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