Introduction
The world has entered the stage of its rapid evolution under the impact of technological advances and the emergence of new devices. The high speed of digitalization resulted in the formation of a new environment characterized by the dominance of innovative solutions and attempts to increase the effectiveness of various processes by introducing new approaches. All existing spheres of human activity are impacted by the mass use of technologies.
The business sector is not an exception, as being one of the most important fields, it critically demands new ideas and methods to achieve success and generate a competitive advantage. Technological innovation becomes one of the most promising ways to improve the work of various business ventures because of the provision of new opportunities, better performance, automation, and perspectives for future development. At the same time, there are some environmental concerns related to this issue that should be considered.
New Opportunities
One of the most important aspects of technological innovation is that it provides a limitless number of new opportunities for entrepreneurs to start a new business venture and become successful. The constant development of various devices along with software creates the basis for creativity and utilization of unusual approaches that were impossible in the past because of the absence of the needed equipment.
For instance, the modern giant international corporations such as Google, Amazon, Apple, or Facebook emerged due to the technology breakthrough that provided founders of these brands with an opportunity to introduce a new product or service to the market and become popular among the target audience. In such a way, technological innovation can be considered one of the main moving forces of the modern business world as it constantly creates an environment beneficial for the emergence of new ways to interact with clients and generate income.
Better Performance
The ability to achieve better performance levels is another factor that makes technological innovation essential for business. One of the main and relevant features of relations between companies is an extremely high level of rivalry. There are multiple attempts to attract customers and reduce costs to create the basis for further growth. Modern technologies provide an excellent opportunity to achieve this goal.
The fact is that a significant reduction of expenses via the optimization of the working process can be achieved by using new devices or software (Evans 67). Regarding the issues with rivalry mentioned above, it becomes one of the serious advantages of technological innovation (Kotler 56). For instance, the elimination of unnecessary spending can be organized by the use of new analytic and software tools to optimize supply-chain management and achieve better outcomes.
Adherence to innovative schemes that presuppose the extensive use of technologies can help to reduce time spent on essential activities, which is also critical regarding the modern business environment. For instance, digital marketing is widely used by multiple companies with the primary goal to find new clients, broaden the target audience, and popularize some goods or services. This approach helps to save time and expand the client base.
Additionally, special software can be used to work with clients’ requests or complaints to improve feedback and ensure the preservation of the positive image. In such a way, one realizes the fact that innovation becomes one of the most effective ways to achieve better performance levels via the utilization of new approaches and adherence to creative or unusual schemes.
Automation
Automation of the fundamental processes is another factor that is traditionally associated with technologies in the world of business. There are many spheres that benefit from the use of robots in manufacturing or some other processes. For instance, the automotive industry remains the main customer of industrial robots, with 52% of total sales (Lazar). The number evidences the fact that this technology remains a potent tool to optimize various processes and achieve better outcomes.
The use of robots might have to eliminate mistakes caused by the human factor, reduce the cost of labor, the time needed to create certain objects, improve accuracy, and ensure standardization of ready products (Kotler 89). For this reason, there is a tendency towards the further promotion of automation and its use by various companies with the primary aim to precondition the growth.
Future Prospects
The fact that makes technological innovation even more attractive to the business world is that there are no barriers limiting the future evolution of science and the appearance of new prospects. In other words, companies that invest in the development and implementation of technologies face minimal risks; on the contrary, they contribute to the appearance of long-term perspectives for their evolution. Every day new methods to perform some activities or solve some problems emerge.
That is why it is vital to emphasize the fact that the technology expands existing horizons and cultivates the creative environment characterized by better performance and achievement levels. It becomes critical for the further development of various forms of entrepreneurship that might feel the lack of fresh ideas or tools to solve problems that limit their growth.
There is a direct correlation between scientific progress and the appearance of new approaches and methods to solve the most important tasks any business face. For instance, all companies use electronic or online databases to store information about their clients and their preferences to improve the quality of relations and satisfy their diverse needs. This method replaced the previous one when lists or special folders were created. There is a forecast that in the next ten years, the business sphere will also alter radically because of the further use of technologies (Lazar). It means that the constant emergence of new approaches and strategies should be considered one of the integral parts of technological innovation while speaking about the business world and its future perspectives.
Education
At the same time, innovation remains in direct correlation with education, which also impacts the business sphere and its successful evolution. The modern level of technological development comes from the creation and elaboration of new ideas that appeared due to the deep and extensive knowledge of individuals who are responsible for innovation. However, the level of progress peculiar to modern society also stimulates the educational sphere. In other words, the rise of technological innovation promotes positive changes in the field of education, which is fundamental for the business world (Rakesh).
In accordance with the statistics, the majority of successful entrepreneurs have an appropriate level of education that provides them with an opportunity to correctly analyze the existing market environment and select the strategy that will help to achieve the planned goals in the most effective ways (Rakesh). For this reason, the future evolution of technologies stipulates the rise of education and business.
Environmental Concerns
There are also some environmental problems associated with the further development of technologies and their implementation into the business sphere. The fact is that along with the uprising of science; society is characterized by the high level of pollution produced by various industries. The situation remains complex and continues to become worse, which means that there is a need for some actions to prevent further deterioration.
The development of the business sphere has traditionally been taken as one of the factors that affect the environment negatively. Looking for new resources or areas, corporations might cause substantial harm to locations. At the same time, the need for innovation and new devices means a new stimulus for the evolution of industries that have high pollution levels and are considered the most dangerous to the environment.
Excess power consumption is one of the most frequently mentioned issues associated with technological innovation in the sphere of business. Using various devices in the workplace or in assembly lines, companies contribute to the increased demand for electricity that is mainly generated by fossil or nuclear fuels. It results in a gradual increase in the level of CO2 pollution and other problems with the environment (Dyche 34).
Additionally, technological upgrades mean a larger amount of toxic waste, as replaced or outdated devices contain mercury, lead, and other heavy metals that might deteriorate the state of the environment and precondition serious problems with the health. For this reason, the majority of modern companies try to promote the evolution of ways to reduce the negative impact of resources or tools they utilize to achieve a competitive advantage.
Finally, there are some claims regarding the sustainability of companies that use technologies. That fact is that the reduction of costs can be achieved by replacing workers with robots or utilization of specific software that will help owners to generate more benefits and avoid paying high salaries. This process introduces a serious risk of technological unemployment or a loss of jobs caused by the massive use of innovations (Rakesh).
In its turn, this negative tendency preconditions the deterioration of the quality of people’s lives and the decline of communities. The speed of new devices’ implementation is high, which means that new fears regarding this problem will appear. It means that companies also look for new methods to guarantee that workers will be provided with guarantees for their evolution and will preserve their jobs to create a sustainable image and cooperate with communities effectively.
Conclusion
Altogether, technological innovation should be taken as an integral parameter of contemporary society. It provides a range of new opportunities for various companies to evolve by reducing their spending and time needed to perform certain activities. Additionally, the use of new devices helps to solve problems and eliminate barriers that have traditionally been restricting entrepreneurs in their attempts to move further.
That is why it is possible to conclude that despite the existence of some environmental concerns, innovations will play a critical role in the development of the business world and utilized by organizations with the primary aim to generate a competitive advantage and hold leading positions. They can also be considered a new phase of the sector’s development needed to achieve better outcomes.
Works Cited
Dyche, Jill. The New IT: How Technology Leaders Are Enabling Business Strategy in the Digital Age. McGraw-Hill Education, 2015.
Evans, Alan, et al. Technology In Action Complete. 15th ed., Pearson, 2018.
Kotler, Philip, et al. Marketing 4.0: Moving from Traditional to Digital. Wiley, 2016.
Lazar, Michael. “These Small Business Technology Statistics Are Surprising.” Insight. 2017.
Rakesh, Nitin. “Every Business Is A Technology Business — Some Just Don’t Know It.” Forbes. 2018.