Webster Dictionary defines technology as the practical application of
knowledge especiallyin a particular area. These "particular" areas
encompass every aspect of our daily lives. Technology is responsible for all
of the modern conveniences that we take for granted. Wheelen and Hunger
write that properly managing technology and innovation is crucial in a
fast-moving interconnected world.
Technological advances have shortened the amount of time it takes to
get a new product to the market. According to the text , in the past, 10 to
15 years went by before products were replaced by new ones- now it only
takes 4 or 5 years. Companies must be innovative in research and
development programs in order to gain any competitive advantage, or
maintain an already established advantage. However, a corporation must
have the technological competence to make use of any innovative
technology that their research and development programs develop.
The rapid development of technology in today's world does present a
I think that many companies are in such a "rush" to bring a new
product to the market that they do no properly test it first. The american
automobile industry is often plagued by costly re-calls on new models of
cars, SUVs and light trucks. A second example would be pharmaceutical
companies having to pull a certain drugs off store shelves because of safety
A third example of a "downside" I would like to mention is from my
workplace. In 1994, Sears Auto switched from using hand-written repair
orders to using computer generated sales tickets. All tire and merchandise
pricing is kept on the computer. The big disadvantage to this system is
when the computer servers go down, work in the Auto Centers comes to a
stand still. All service and tire orders must be generated thru the computer
system. I think several other organizations encounter this same problem
during their dailey operations.
After reading the Strategic Management text, I have concluded that
technology has made a positive impact on the business world. Competition
has drivern corporations to maximize technological advances in all areas of
our world. Organizations must embrace technology in order to keep the
company both profitable and competitive.