The impact of advancing technology in the business world Background/Context As established

The impact of advancing technology in the business world
Background/Context
As established in [1], technology is revolutionizing the marketplace. In the business world, it is used for different purposes. Their study [2] finds that stakeholders in the business world are developing new means of integrating technology into the business world because of its positive impact on business processes and operations. For instance, the result of digital transformation on business is immense. As outlined in [3], the digital transformation has improved business innovativeness. As one of the technological advancements that positively impact the business world, digital transformation highlights how technology encourages the advancement of business processes. To advance the components of the business, this study argues in support of the integration of advanced technology. Advanced technology in business has been significantly experienced in the communication processes. These processes have seen business entities adopt better communication channels. They ensure fast delivery of information and simplified modes of relaying content. Their article [4] finds that businesses rely on communication processes as the model of relying on relevant information that enhances decision-making processes for the involved stakeholders. A better understanding of the market is an additional benefit with the integration of advanced technology in business. Companies have metrics that they can use to ascertain and predict the taste and preferences of consumers. In so doing, it is easier to operate more efficiently and effectively. The impact of advanced technology in the business world is immense, with improved communication and a better understanding of the market as some of its significant benefits. Figures 1 and 2, attached below, show business trends with the integration of advanced technology. These figures highlight the positive impact of advanced technology on businesses.
Figure 1, above, highlights the increasing trend of integration of advanced technology in the business sector. Quantum computing and artificial intelligence are among the directions to be widely used in the coming future.
Problem Statement
Economies that have shown an unwillingness to integrate advanced technology into their operational dynamics have been defined as ineffective and inefficient. The business sectors in such economies are underwhelmed in that they lack the tools and components that bolster their operations and effectiveness. As the business world continues to integrate advanced technology into its operations, the economies that fail to perform at the same level encounter derailed operations. For instance, the lack of effective communication frameworks resulting from the inability to adopt advanced technology has entities encounter delays in their operational aspects. The research by [5] finds that these delays cause late delivery of goods and services to consumers. As a result, such businesses experience the challenge of poor performance that translates to lower productivity. In addition to the above, understanding consumer needs and preferences has been highlighted as one of the positive impacts of advanced technology in the business world. Unfortunately, this is not the case with those entities that have not embraced advanced technology. As highlighted in [6], they are unlikely to adopt successful diversification undertakings and processes since they have a limited understanding of the taste and preferences of consumers. Thus, advanced technology should be integrated into the business world. Its benefits are immense, including effective communication and enhanced understanding of the taste and preferences of consumers.
Research Challenges and Possible Approaches
Inconsistent data collection standards constitute one of the major issues likely to derail and undermine the research process. This study seeks to justify the hypothesis that advanced technology positively impacts the business world. Thus, the research uses secondary analysis as the data collection technique. It is a data collection approach that entails reviewing prior work by other researchers on this topic. Thus, inconsistent data collection standards are one of the possible issues that might undermine the research process. Since literature from various researchers is to be assessed, there is the potential risk of limited and bias outcomes when they fail to maintain high standards of data collection in their works for formulating their findings and inferences. This issue implies that the trends from the collected data will not be viable due to the underlying inconsistencies. Besides, there is the possible challenge of unwillingness by respondents to share their insights on the role of technology on their operators. Besides using secondary analysis as the data collection avenue, this study will also rely on the sense of businesses to ascertain how they have been positively or negatively impacted. Thus, when they are unwilling to cooperate and share their views, the study is undermined as its scope is limited.
Desirable Outcomes and Deliverables
Desirable outcomes will resonate with the hypothesis guiding this research that advanced technology positively impacts the business world. One of the desired outcomes highlights trends showing improved organizational activity with increased incorporation of technology. Hence, this outcome will lead to a recommendation for businesses to adopt advanced technology. The other desirable outcome is data and existing evidence highlighting that effective communication is attained in the organizational setting with cutting-edge technology. Such an outcome would also help formulate the recommendation for entities to adopt advanced technology to bolster their operations. Finally, a desirable outcome for this study would be in the form of identified examples of businesses that already use advanced technology and have an edge over their rivals. Such a finding would highlight advanced technology as an effective tool for developing a competitive edge. Therefore, organizations looking to bolster their performance and effectiveness in performance should consider assimilating advanced technology.
References
[1]. Vaska, S., Massaro, M., Bagarotto, E. M., & Dal Mas, F. The digital transformation of business model innovation: A structured literature review. Frontiers in Psychology, 11, 3557. (2021). (PDF) The Digital Transformation of Business Model Innovation: A Structured Literature Review (researchgate.net)
[2]. Handoyo, S., & Anas, S. Accounting Education Challenges in the New Millennium Era: Impact of Advanced of Technology and Dynamic Business Environment. Journal of Accounting Auditing and Business (ISSN: 2614-3844), 2(1) (2019).
[PDF] Accounting Education Challenges in the New Millennium Era: Impact of Advanced of Technology and Dynamic Business Environment | Semantic Scholar
[3]. Čirjevskis, A. The role of dynamic capabilities as drivers of business model innovation in mergers and acquisitions of technology-advanced firms. Journal of Open Innovation: Technology, Market, and Complexity, 5(1), 12 (2019). (PDF) The Role of Dynamic Capabilities as Drivers of Business Model Innovation in Mergers and Acquisitions of Technology-Advanced Firms (researchgate.net)
[4]. Zolas, N., Kroff, Z., Brynjolfsson, E., McElheran, K., Beede, D. N., Buffington, C., … & Dinlersoz, E. Advanced Technologies Adoption and Use by US Firms: Evidence from the Annual Business Survey (No. w28290). National Bureau of Economic Research. (2021). CES-WP-20-40.pdf (census.gov)
[5]. Akpan, I. J., Udoh, E. A. P., & Adebisi, B. Small business awareness and adoption of state-of-the-art technologies in emerging and developing markets, and lessons from the COVID-19 pandemic. Journal of Small Business & Entrepreneurship, 1-18 (2020). Small business awareness and adoption of state-of-the-art technologies in emerging and developing markets, and lessons from the COVID-19 pandemic | Paper | Microsoft Academic
[6]. Yousuf, H., & Zainal, A. Y. Quantitative Approach in Enhancing Decision Making Through Big Data as An Advanced Technology. Adv. Sci. Technol. Eng. Syst. J, 5(5), 109-116. (2020). (PDF) Quantitative Approach in Enhancing Decision Making Through Big Data as An Advanced Technology (researchgate.net)
Declaration:
The author of this Research Proposal affirms that the content of this document is entirely her/his own work and its was not used in any previous courses or projects