The growth of technology worldwide has led to increased competition among industries. With most technologies becoming obsolete and inefficient, companies are forced to embrace new technology adopted by their competitors. Security, theft, speed of processing, communication and resource control are some of the issues addressed by the new technology. The world is becoming a global village. Producers and consumers can easily interact regardless of their origin. Most companies incur losses due to embezzlement, carelessness and illiteracy of the employees. If these issues are not addressed, the firm stands to lose both finances and the level of production. Diversification among industries has also increased the need for improved security measures. For instance, the management needs to control all the sectors, make decisions, coordinate all the departments and recruit the right staff. It cannot be achieved without technology. There are programs that assist in decision-making process. Such programs will assist to make viable decisions. For a firm to earn profits, it is necessary to use the right technology at the appropriate time and place.
Cutting- edge technologies refer to the newly introduced technology in the market. Companies provide their employees with smart phones to increase their efficiency and work from any location. They have an operating system that can run and download business and personal applications easily. Creation and editing of Microsoft Office documents can be done using the smart phone. Internet access is faster using 4G Data Networks. Employees can work from home and at any time. DPS Tracking Systems have been introduced for fleet management, fuel management, and monitoring the shipment of valuable goods. O'Brien and Marakas (2008) note that this is evident in the U.S. Army and CSI Miami where the GPS is used to monitor the movement of soldiers. Biometrics is used to improve security in industries. Authorized people can only access valuable information. Physiological biometrics, such as face recognition is used to identify people and improve privacy of the company.
An early adopter refers to a person who buys a new technology after it has been launched. At this time, most people are not aware of it and have not tested its efficiency. Earlyadopters believe that the technology would improve their business and place them ahead of their competitors.
All Tech Comm. can provide managers with smart phones. This would enable them to communicate with the rest of the employees using the e-mail and download business applications to help them in decision-making. They will store a lot of secret information regarding the organization, since it has a large storage capacity. They can use biometrics, such as fingerprints to limit the access of valuable information to authorized people.
All Tech Comm. will be able to process information at a faster rate compared to manual entry and recording of information. Communication will be conveyed to several people at the same time in case of urgency. They will be able to standardize information and avoid exaggeration by employees, since the same information is passed to them without differences in interpretation. According to McLeod and Schell (2007), top secrets of the business can be maintained, since information is only passed to authorized people and access is limited. The technology will minimize costs since there is reduced paper work for the employees. It boosts the morale of employees and reduces fatigue during work. This is because of little paperwork involved.
Despite the advantages accrued to the firms, the initial costs of purchasing and installation of the technology are too high. The firm will also need to train its employees on how to use the technology. The bleeding edge technology could be incompatible with most of the existing technologies in the firm. This would mean changing the entire system, which is expensive. O'Brien and Marakas (2008) point out that the reaction of employees towards the new system could be negative, which reduces the efficiency of the business.
According to McLeod and Schell (2007), incorporating new approaches into an organization could lead to increased quantity and quality of output. This builds trust among customers who will pull other customers towards the organization’s products, hence increasing their customer base. It also improves the organization’s innovativeness and creativity, as they can use the new approach to improve on the quality of their output. However, they are faced with the risk of failure. They are not sure of consistency and adaptability of the new approach. There is a risk of obsolescence. With the rapid change in technology, a new approach could easily be swept out of the market by better technologies, which would be adopted by competitors.
In conclusion, the new technology should not be incorporated into the business before testing its efficiency. An organization should carry out a cost-benefit analysis before choosing a new technology. However, research asserts that adoption of the new technology is essential for a business, as it ensures high turnover in terms of profit because it saves time among others. Thus, a company can provide smart phones to managers, which will facilitate easy monitoring of the business.