Identify and discuss three ways that technological advances have benefited organizations.
One way that technological advances have benefited organizations is the way that hardware and software systems allow businesses to control their inventory more precisely. Perpetual inventory systems immediately update inventory levels to assist managers in making wise inventory buying and pricing decisions. Managers, whether in a manufacturing or retail setting have daily, up-to-date knowledge of exactly where they stand inventory level wise. This helps to ensure they do not spend too much on inventory - inventory that sits in their warehouses (whether as raw materials or finished goods) that then incur unnecessary carrying costs.
A second way that technological advances have benefited organizations is in the managing and training of employees. Technology has allowed for the quicker processing of information related to hiring employees, and managing employee information and data for benefits, performance reviews, vacation time, and more. In addition, technology allows for online, interactive training of employees. It has enabled training at any time - even in the comfort of an employee's own home.
A third way that technological advances have benefited organizations is in the way that these entities engage with their customers and clients. The Internet in general, and email and social media in particular, allow for immediate conversation with customers/clients. Organizations can present new information, quickly, to these individuals. Customers and clients can, in turn, give immediate feedback to the organization concerning their products, services, policies, procedures, and anything else that concerns them as relates to how the organization affects them
I would say that the use of information technology has helped businesses reach new clients and revenue streams. Using the internet and the world wide web has become exactly that- world wide. Businesses are able to think on a globalized scale which means more consumers. For example, Yum! brand is able to consider expanding into regions like India and China, which translates to over a potential two billion clients. This can be intensely profitable. Being able to utilize the newly emergent globalized markets is only possible because of the advances in technology. Additionally, businesses have been able to establish a digital presence through social networking sites like facebook or Twitter in order to reach young clients who possess dispensable income.
Technological advances have benefited human beings in many different in aspects of human life including personal, social and organizational life. It is important to remember that organization are essentially groups of people working together towards achieving some common tasks. Thus it is not possible to separate what is good of organizations from what is good for people and societies in general. As a matter of fact development of need for organizations has arisen out of the technological developments. Organizations are needed primarily because of the practice of the concept of division of labour which is a very important principle used in all technological developments.
In general we can say that technology has provided organizations the means of manufacturing and selling an increasingly innovative and improved products economically in mass quantities. The technology has also helped organizations to improve their internal management, further improving their effectiveness and profitability.