Sitting
on an operating table in an Asian hospital and receiving a surgical procedure
from a doctor in the United States might sound absurd, but such procedures
actually happen via robots and other technological mediums. Technology has
advanced to influence just about everything in the modern world. More
specifically observed are the changes that technology has caused in the world
of business. As the digital revolution has evolved, practices of business and
services have followed suit. Most certainly, digital technology has provided
new channels and opportunities for business transactions, however, challenges
in adaptation and competitiveness have proven to be a major participant in
today’schanging field of business.
Digital
technology has had an impact in the business world as it has become more
readily available to consumers. The accessibility of this
technology once was limited to designated locations where internet connection
and computer convenience were possible. Over time, mediums of technology have
developed from specific locations to usability directly in consumer homes and
hands. In the past few years, sales of
digital devices such as computers, ipads, and smart phones, have drastically
increased. “The
ubiquity of Wi-Fi and 3G networks, as well as the number of devices available
to access these networks, ensures that consumers can quickly and easily access
the Internet, regardless of space, time, or location” (Grewal4). Along with the
increasedconsumers’ accessibility, the convenience of the internet has also
enabled traditional business to expand.
New channels, such as electronic commerce,
have created a new type of business playing field that has transformed the way
of doing business. “E-commerce
is defined as buying and selling products/services over the Internet and the
use of computer systems to improve overall company efficiencies” (Oudan
19). One current example of an electronic commerce company is Amazon. This
company has emerged to be a main-stream source of business transactions.
Amazingly, the sales made for Amazon are without any physical store locations
or face-to-face buyer/seller interaction. All sales revenue comes from business
transactions over the internet. The reason companies, such as Amazon, use
electronic commerce and other digital-mediated services is possibly
because “of cost reductions . . . flexibility and convenience [for the customer]
. . . [and] the increase in availability” (Schumann 137).Although companies
have been able to access more channels to reach out to consumers, accompanying challenges
have threatened almost every business in operation.
Consumers’ability
to both access product informationand communicate with others quickly by
digital medium has forced businesses to compete at a higherlevel. One of the
challenges businesses face is that “. . .
consumers have a powerful new tool: computer software programs and web services
to appraise the quality of goods and services” (Chitakornkijsil 121). The use of computer programs and internet
sources can cause a business to rise or fall very rapidly because reviews of
service provided are posted online and readily available. Another challenge
businesses face is creating value in price because of the ease in accessing
prices all around in comparison. Finally, the use of social media is a
challenge for businesses becauseconsumers are able to quickly converse with
others; they can be influenced strongly by others’ opinions and experiences.
Businesses now have to learn to adapt and create methods of success.
Businesses can prevent
digital setbacks by learning customer values in the modern world of digital
technology.In public and private domains, a shift in customer values has
surfaced because of the self-service technology that has been available.
Critical to business practices and processes is to understand “the new values
of choice, control and convenience” (Griffy-Brown 32).To
their advantage, businesses can use the internet to track information about
consumer search tactics, spending, and even referral habits(Grewal3).
Vast
change has met the business world and challenged companies’ status-quo
practices. Further research and learning from others will aid business
individuals, present and future, in finding success. Although challenges have
risen, opportunities have as well. When properly educated and practices of the
digitized economy obtained, people in today’s business world will overcome
challenges easier, and technology will be accepted as a gateway to continual
opportunity.
References
Chitakornkijsil, P. (2012). MORAL
MEANING IN GREEN MARKETING AND SOCIALLY RESPONSIBLE MARKETING. International
Journal of Organizational Innovation (Online), 4(3), 113-128.
Grewal, D., Roggeveen, A. L., Compeau,
L. D., & Levy, M. (2012). Retail value-based pricing strategies: New times,
new technologies, new consumers. Journal of Retailing, 88(1), 1-6.
doi:10.1016/j.jretai.2011.12.001.
Griffy-Brown, C., Chun, M.,
&Koeppel, H. (2011).Using customer-facing technology to create new business
value: Insight from the public and private sector into the changing value
equation.Journal of Technology Management for Growing Economies, 2(2),
21-33.
Oudan, R. (2010). Strategic
decision-making in the emerging field of E-commerce. International Journal
of Management and Information Systems, 14(2), 19-26.
Schumann, J. H., Wünderlich, N. V.,
&Wangenheim, F. (2012). Technology mediation in service delivery: A new
typology and an agenda for managers and academics.Technovation, 32(2),
133-143. doi:10.1016/j.technovation.2011.10.002.
