Introduction
Today, innovative technologies and progressive components are among the most essential, significant, and critical factors in production performance. Indeed, each company solves the issues of the need to apply the latest improvements and nanotechnologies in different ways. Nevertheless, a technological breakthrough allowed many firms to achieve success and prosperity in general terms. The introduction of information technologies is associated with severe changes. They include transformations in the structure of costs, the design of labor resources, capital, and the organization of the production process. If such changes have already taken place in general or have been happening for a long time, then the simplest econometric methods reveal the effect of IT implementation. Introducing technical elements into a company’s internal system is one of the best and most effective ways to increase an enterprise’s overall productivity.
Impact of Technologies on Firm Productivity
Artificial Intelligence (AI)
The paper’s authors should consider the following technology and innovative components to create a complete case picture. Firstly, artificial intelligence (AI) is one of the entrepreneurs’ most influential and high-quality technologies. As practice shows, using this innovation increases operational efficiency, expands potential opportunities, and enhances the management of available resources. AI optimizes processes, improves the automation of information received, calculates, predicts, and actively interacts with people (Wamba-Taguimdje et al., 2020). Moreover, according to Wamba-Taguimdje et al. (2020), a wide range of technologies that AI covers allows companies to adapt to their ecosystem or destroy it in order to develop, improve, correct, and optimize strategic and competitive advantages. There is a relatively vast abundance of real examples of the application of this innovation in the world. For example, an AI-based antivirus implements various anti-fraud technologies, analyzes old threats, and warns new ones, as well as manages information to create a common database. Therefore, devices used by a firm’s personnel are protected because the technology automatically extracts existing threats and prevents potential ones.
Blockchain
Secondly, one should also mention blockchain technology, a decentralized database that is simultaneously stored on multiple computers connected to each other on the Internet. Such innovation improves the management of various operations in special programs. It ensures stable, reliable, and continuous work in a firm, allowing users to keep in touch and exchange essential data (Di Vaio & Varriale, 2020). According to Kim & Shin (2019), blockchain technology forms a steady growth in the spectrum of supply chain management, providing intelligent contracts, data immutability, information transparency, reliability, consistency, and connectivity. One of the examples of the successful implementation of blockchain in real life is the automation of international payments in thousands of banks worldwide. Undoubtedly, the technology has many positive aspects, but it does not guarantee to achieve the highest indicators results. On the one hand, blockchain has a beneficial effect on a firm’s productivity through the growth of partnerships. On the other hand, the alliance’s effectiveness can cause damage and negatively impact the efficiency and productivity of a business. Therefore, blockchain requires extraordinary refinement and a lot of cooperation and training.
Cloud Computing
Thirdly, cloud computing is also one of the crucial ways to ensure productivity within a company. The technology greatly expands communication possibilities between partners, thereby bringing more profit and profitability (Attaran & Woods, 2019). Furthermore, the research results demonstrate the unique operational and strategic advantages of using cloud computing, such as improved productivity of SME processes and operations, increased flexibility, increased revenue, and cost minimization (Khayer et al., 2020). Cloud computing reduces PC computing power requirements and saves disk space. The technology demonstrates fault tolerance, security, high data processing speed, reduced costs for hardware and software, maintenance, and electricity. In addition, one of the best examples of cloud computing is the cloud for file storage and backup. Some popular platforms providing these services are OneDrive, Dropbox, Facebook, and Gmail. In particular, cloud computing demonstrates itself from the most advantageous side, coupled with AI innovations. Cloud computing technologies will undoubtedly evolve in the future, and artificial intelligence will take them to a new level. It is safe to say that both technologies will also determine the work methods within firms, data management, and people’s transactions.
Data Science
Fourthly, another equally important technology in the modern world is data science. Therefore, according to Monnappa (2022), data science empowers employees to make effective decisions. Furthermore, it identifies opportunities, helps staff define clear goals and target audience, encourages the introduction of best practices, and attracts suitable specialists. In the electronic or, in other words, information age, it is not easy to do without this science. Technology increases a company’s value because with its help, data is used correctly, and decisions are weighed and justified. For instance, data science is particularly evident in the industry. Due to this technology, some manufacturers collect information, analyze and investigate them in the right way, and then create tactics and strategies based on the knowledge gained. This helps to predict and identify possible demand for certain products, optimize supply chains and avoid mistakes, risks, and difficulties. Consequently, this innovation becomes exceptionally challenging to underestimate or overestimate.
Entrepreneurship Related System
Fifthly, it is also required to single out, in this case, the system related to entrepreneurship. By and large, such a system unites many different interrelated elements around a common and ambitious cause. With its help, large-scale problems can be solved through close cooperation and teamwork. All these efforts aim to solve the most critical issues, not the symptoms and their individual parts. Hence, the system has a tangible impact on all participants in the competition process, spread indirectly through the use of marketing tools. Such an impact is captured by the market and requires an adequate response from various actors. One of the examples of the introduction of the entrepreneurship system is the innovative model of sales of the iPhone or Tesla electric cars based on creative aspects and the desire for perfection.
Conclusion
To sum up, it should be emphasized that technological aspects and innovative elements increase not only the overall productivity of a company but also private, indirect moments within an enterprise system. Hence, artificial intelligence (AI) dramatically simplifies and speeds up the work, automating and bringing it to perfection. In particular, such technology is fully disclosed with cloud computing. Thus, this “cloud” competently and skillfully permits people to use and distribute data. Moreover, with the help of blockchain, enterprises can reliably and independently identify their goods and services from each other. On the contrary, data science allows people in business to collect important information, correctly interpret it, as well as efficiently manage and control gained knowledge. The entrepreneurial system also enables one to look at situations from a completely different side and angle, realizing the complexity of the diversity of some roles and factors that interact with each other.
References
Attaran, M., & Woods, J. (2019). Cloud computing technology: Improving small business performance using the Internet. Journal of Small Business & Entrepreneurship, 31(6), 495-519. Web.
Di Vaio, A., & Varriale, L. (2020). Blockchain technology in supply chain management for sustainable performance: Evidence from the airport industry. International Journal of Information Management, 52, 1-16. Web.
Khayer, A., Talukder, M. S., Bao, Y., & Hossain, M. N. (2020). Cloud computing adoption and its impact on SMEs’ performance for cloud supported operations: A dual-stage analytical approach. Technology in Society, 60, 1-38. Web.
Kim, J. S., & Shin, N. (2019). The impact of blockchain technology application on supply chain partnership and performance. Sustainability, 11(21), 6181. Web.
Monnappa, A. (2022). Why data science matters and how it powers business in 2022. Simplilearn Solutions. Web.
Wamba-Taguimdje, S. L., Wamba, S. F., Kamdjoug, J. R. K., & Wanko, C. E. T. (2020). Influence of artificial intelligence (AI) on firm performance: The business value of AI-based transformation projects. Business Process Management Journal, 26(7), 1893-1924. Web.