Introduction
Organizational leaders should be aware of the changes experienced in their respective sectors or industries. This knowledge can empower them to recruit competent employees and be prepared for potential challenges that might affect performance. They should also form partnerships with different stakeholders whose ideas and practices resonate with the targeted aims. Managers in different corporations should be keen to monitor the issues associated with the current wave of globalization.
Emerging technologies and innovations are making it possible for many companies to achieve their potential. This is true since they increase the speed at which corporations deliver their products and services to the targeted customers. These developments are also streamlining various business procedures and practices, including decision-making, manufacturing, supply chain, communication, and problem-solving. The use of technologies is something that has maximized the competitiveness and success of many companies.
However, such innovations have been found to be disruptive and capable of affecting the performance of business firms. Most of the firms relying on traditional ways of doing things find it hard to achieve their goals or remain profitable.
Many leaders and managers in different corporations are unaware of new changes or technologies that can result in improved performance. Such a gap has made it impossible for them to redesign or redefine their missions and visions. This is a clear indication that all companies operating in different sectors today should focus on modern innovations and inventions that can deliver potential results. This paper seeks to analyze technology as a major issue many organizations face today and propose various strategies that managers can implement to achieve their potential.
Background Information
The past two decades have resulted in some of the greatest technological and inventions in different parts of the world. These developments have transformed the way individuals communicate, share ideas, and solve existing or new problems. Modern innovations are also resulting in superior procedures or practices for supporting the changing needs of many customers and clients (Ghanbari & Ahmadi, 2016). Entrepreneurs and business people who focus on new technologies find it easier to produce competitive services and products that can maximize the experiences of the targeted customers. This means that individuals who focus on this development find it easier to solve their customers’ problems while at the same time making adequate profits.
Many leaders in large companies have been forced to identify evidence-based strategies and procedures for promoting performance and profitability depending on the changes experienced in their respective industries or sectors. Unfortunately, the issue of technology is a major challenge that many global corporations continue to face. This means that companies that fail to consider and address the predicament using powerful strategies will become less profitable (García-Sánchez, García-Morales, & Martín-Rojas, 2018). The topic is worth studying since the presented findings and discussions can empower and guide organizational managers to make informed decisions and overcome this challenge.
Scholars and researchers have conducted a number of studies in this area. For instance, Malek, Gatzweiler, and Von Braun (2017) observed that emerging technological developments and innovations were supporting the objectives of many companies across the world. Corporations relying on such changes were found to improve their customers’ experiences. Another study by Singh, Khamba, and Nanda (2017) revealed that corporations that produced superior products or services using emerging technologies remained competitive in their industries. These findings indicated that technology was making it easier for firms across the globe to achieve their objectives much faster.
While innovation is a process that has delivered positive results in many companies, organizational leaders in the developing world are currently incapable of competing successfully in the global arena. This is true since they are grappling with technology-related changes. The rationale for this argument is that such transformations are taking place so fast, thereby making it impossible for firms to meet the demands of emerging customer groups. García-Sánchez et al. (2018) also observed that these developments were altering the experiences and expectations of the greatest number of people in different regions.
From an international perspective, managers are keen to address this issue of technology in an attempt to emerge successfully. I have managed to analyze and examine this problem in different workshops and conference presentations.
I have informed different partners and stakeholders about the role of technology and why they should be keen to change with it. Additionally, I have used personal interviews and workshops in an attempt to address this challenge and guide many investors and companies to apply emerging technologies effectively and emerge successfully. These predicaments and potential problems explain why there is a need for organizational leaders to be aware of emerging innovations and implement evidence-based initiatives to benefit from them.
Literature Review
Technology is a powerful resource that is capable of transforming the profitability of many corporations. The rate at which innovations change is quite fast, thereby forcing companies and entrepreneurs to work harder in order to remain competitive in their respective fields (Tajuddin, Iberahim, & Ismail, 2015). Some of the biggest companies in the world have capitalized on these developments to continue leading in their market segments, including Samsung, Toyota, Volkswagen, Apple, and Boeing. Malek et al. (2017) also indicated that emerging companies were using new technologies to achieve their potential. However, some corporations associated with complex models were finding it hard to cope with the changes attributable to modern technologies.
Most of the studies completed in the recent past have supported the importance of modern technological innovations in the area of comparative public administration. For example, Tajuddin et al. (2015) observed that there was a need for companies to embrace the power of modern technologies to streamline management. This would result in similar patterns for mentoring, guiding, and motivating employees, thereby maximizing business performance.
This is something catalyzed by the developments associated with social media networks, emails, and decision support systems (DSSs). Managers can embrace these technologies and implement uniform behaviors or administrative actions in their respective companies. A study by García-Sánchez et al. (2018) indicated that corporations that were using this kind of strategy recorded positive results within a short time.
The role of business organizations and giant corporations is an area that many scholars have taken seriously over the years. Researchers have indicated that such organizations provide employment to many people from diverse backgrounds, ensure that high-quality products or services are available to customers, and engage in corporate social responsibility (CSR). Such activities are critical since they catalyze international development by alleviating poverty and ensuring that more people are capable of addressing their needs. Using this background information, Ghanbari and Ahmadi (2016) conducted a study to explore the role of technology in business organizations and how it could result in global development.
The outcome was that corporations that embraced this development or idea managed to transform the experiences of many people. Malek et al. (2017) also supported the power of technology in improving a wide range of fields and sectors that could result in global economic development. This is a clear indication that companies and investors should be prepared for these changes if they are to remain profitable.
As technologies continue to change, managers have been keen to implement evidence-based strategies that can make their companies sustainable and competitive. This is the case since such developments present better or improved ways of doing things and providing services to the identified customers. For example, Tajuddin et al. (2015) observed that apps and computerized systems were dictating the procedures and processes associated with many companies.
The integration of such technologies is a process that has made many companies successful. However, García-Sánchez et al. (2018) indicated that companies that failed to engage in innovative practices were being left behind. Some have been forced to redesign their models or concentrate on specific segments or products that are competitive in the market. With many leaders and chief executive offers (CEOs) lacking adequate experiences or skills in emerging technologies, it has remained impossible for them to support the future goals of their respective corporations.
Analysis
The issue of technology is something that is presently dictating the success and performance of many business organizations. As described earlier, companies that fail to innovate or introduce superior technologies find it hard to compete successfully in their respective industries. Since many CEOs and leaders are unaware or incapable of utilizing modern innovations effectively, they usually consult or seek the services of professionals who can implement superior strategies (Singh et al., 2017).
This means that those companies should embrace appropriate innovations in an attempt to remain competitive. When there are proper technological initiatives, a given company will produce superior goods or develop better procedures for delivering high-quality services to the targeted customers (Ghanbari & Ahmadi, 2016).
Additionally, different employees will benefit from advanced systems and tools since they can make work easier and maximize performance. Consequently, such a company will achieve its goals, create the best working environment, and remain profitable. Managers in such firms will find it easier to make timely decisions, solve emerging problems, and identify new strategies for achieving every outlined objective.
Failure to take the issue of technology seriously is something that can affect organizational performance. For instance, Malek et al. (2017) argue that many leaders in some of the biggest companies trained and schooled at a time when the world boasted of minimal innovative systems. Consequently, such managers are currently incapable of outsourcing and implementing superior technologies that resonate with the needs of the targeted employees and clients.
Additionally, the inability to implement appropriate inventions and innovations is a critical challenge that can affect a company’s product and make them less successful in the market. Chances are high that businesses that fail to consider and address this issue have increased chances of becoming obsolete.
Conclusion
The above discussion has revealed that technological change is a major issue that is affecting many corporations today. This happens to be the case since it triggers new procedures and models for competition. It has also resulted in new demands and expectations among different consumers. Companies that fail to pursue or focus on this issue diligently will lose their market shares and become less profitable. Consequently, numerous challenges associated with international underdevelopment will emerge, including poverty, poor living conditions, and economic stagnation. Corporations should, therefore, examine and move with speed to address this issue by implementing appropriate technological systems and innovations in order to achieve their aims.
References
García-Sánchez, E., García-Morales, V. J., & Martín-Rojas, R. (2018). Influence of technological assets on organizational performance through absorptive capacity, organizational innovation and internal labour flexibility. Sustainability, 10, 770-794. Web.
Ghanbari, A., & Ahmadi, M. (2016). The effect of innovation on international trade: Selected medium-high-technology industries, evidence on Iran+3. Iranian Economic Review, 21(1), 21-44.
Malek, M. A., Gatzweiler, F. W., & Von Braun, J. (2017). Identifying technology innovations for marginalized smallholders-A conceptual approach. Technology in Society, 49, 48-56. Web.
Singh, D., Khamba, J. S., & Nanda, T. (2017). Influence of technological innovation on performance of small manufacturing companies. International Journal of Productivity and Performance Management, 66 (7), 838-856. Web.
Tajuddin, M. Z., Iberahim, H., & Ismail, N. (2015). Relationship between innovation and organizational performance in construction industry in Malaysia. Universal Journal of Industrial and Business Management, 3(4), 87-99. Web.