Technological factors encompass the knowledge, material, and machines required for the production of goods and service. In the 21st century, the use of the internet, social media platforms, and communication technologies have changed the operations of organizations (Zakic, Jovanovic & Stamatovic, 2008). My field of study is business, and technology has improved access to information, and functions within departments that use information technology. For instance, smartphones such as iPhone and computers allow people to access information instantly. At work, employees use the internet and computers to connect with people in many parts of the world. Since software programs are user-friendly, companies use technology to develop a secure environment for keeping consumer information or sensitive information about the business.

Additionally, technology plays a critical role in business processes. In an organization, the manufacturing sector uses technology to produce goods and services. The logistics and warehousing sectors use technology such as forklifts, order tracking technology and Lorries (Khan & Khalique, 2014). On the other hand, the customer service department uses technology to communicate with customers. Technology allows the flow of more data thus enabling companies to understand their customers.

Technology development can result in high returns if companies continuously invest in sustaining product and process innovation. Also, technology can reduce business costs. Companies use technology to run office functions such as accounting, payroll, and record-keeping (Khan & Khalique, 2014). Lastly, technology allows businesses to explore new economic markets. With retail websites, companies can sell products and services to international markets.

Reference

Khan, M. W. J., & Khalique, M. (2014). Strategic planning and reality of external environment of organizations in contemporary business environments. Business Management and Strategy, 5(2), 165-182.

Zakic, N., Jovanovic, A., & Stamatovic, M. (2008). External and internal factors affecting the product and business process innovation. Economics and Organization, 5(1), 17-29.

 
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