Digital Growth Timeline
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rismail_DigitalGrowthTimeline_101220.doc.docxDigital Growth Timeline 1
Digital Growth Timeline 5
Technology in Business: Digital Growth, Advanced Technology, and Big Data in Departmental
Rawda Ismail
Rasmussen College
Author’s Note
This paper is being submitted on October 9, 2020, for Jennifer Gossett Strauss Section 01 CBE Sociology in the Digital World.
Technology in Business: Digital Growth, Advanced Technology, and Big Data in Departmental
Stores
Digital Growth
There has been a steadily increasing growth in the technology world. Businesses have had to strategically position themselves to adapt to the growing and changing technology to cope in an exceedingly competitive environment. Many company ventures in the market place use state of the art information technologies. All businesses need to develop ways in which to take advantage of the opportunities created by the growing technology. A breakdown of retail sales data shows why Amazon is leading the stock market. I've used Amazon because it's the most profitable leader in online shopping. One of the companies that exploit opportunities and business ventures to create growth and sustainability is Amazon, Inc. Amazon was founded in 1994, and has chosen to take its business online and develop an international strategy that will turn the company into a technological business focal point that serves consumers by offering various products and services. These strategies have made Amazon a top leader in online shopping and retailers with revenue of US$ 95.988 billion as of 2020. While retail stores have seen a jump in sales, their market share of the digital shopping sphere lags Amazon significantly. Amazon makes up roughly 42% of the market, while Wal-Mart, the second largest player, occupies around 6% of the market. Amazon will net profit of almost $10 billion in US ad revenues this year, representing nearly 8% of the digital ad market. Now that Amazon’s ad business is more significant, growth is decreasing, but we can expect to gain an increase in shares through the end of our forecast period in 2021.
Examples of Applicable Technological Advances
Various examples of technological advances may be used in departmental stores as well as online retail shopping, one of them being an electronic point of sale terminal for faster calculation of the costs of goods bought. Such a system may effectively be enhanced to accept both credit and debit cards for payment purposes in addition to cash payments. An inventory management system may be linked with the point of sale terminal to effectively monitor stock levels in the departmental stores and act as a guide to the making of purchases. An 8.7% of month-over-month has increased in online shopping. With much of the nations under shelter-in-place orders during April, many consumers are increasingly turning towards electronic shopping retailers like Amazon for their online shopping needs. Other retail stores are also noticing an increase in online orders, but Amazon’s marketplace share, as well as the one-stop to go site, is always the consumer's first choice. Amazon’s largest product selection, low prices, and reliable delivery as essential factors that will make it a benefit of e-commerce quick increase in sales. As the corona virus pandemic took hold in the United States in March, Amazon hit an all-time high of $3,575 in April, and shares have gained nearly 35% this year, compared with the S&P 600′s 13.7% decrease.
Possible Advantages and Disadvantages of Advanced Technology
The application of advanced technology poses numerous benefits to departmental stores, one of them being the faster customer service and the subsequent customer loyalty due to the convenience of the services. The other merit is the enhanced accuracy as a result of the use of the point-of-sale terminals, a scenario that lowers the losses that would result from inaccuracy and increased customer complaints (Luftman et al., 2017). Certain limitations, however, are also realized as a result of use of the systems, one of them being high cost of acquisition and installation of the systems. Moreover, installation should be accompanied by training of the employees on the use of the efficient use of the systems.
Big Data and its Use in the Business
Big data refers to extremely large sets of data that are collected from the operations of a business by the use of computerized systems and may be analyzed computationally to reveal interesting trends, particularly in human resource behaviors. The trends and patterns obtained may effectively be used in the making of appropriate decisions that support the operations of the business (Wamba et al., 2017). Big data may be used in the business to reveal the profitability of different items offered for sale to know the areas to give emphasis. It may also give appropriate formulas for inventory management based on the demand of different commodities.
Possible Advantages and Disadvantages of Big Using Data
The adoption of big data would present numerous benefits to the organization, one of them being the cutting of business costs through the comparison of costs and exploration of probable ways of implementing cuts. The other one is increasing the efficiency of the organization due to the possibility of the identification of the nature and role of the various operations and their contribution to the overall profitability (Wamba et al., 2017). A limitation, however, may be that the user level algorithms only present the economic and business situations without providing explanations for their occurrence. Moreover, security concerns limit access to the data and caution is exercised in the transfer of the data from one computer to another. The caution limits its profitability and use.
Advantages of Updating Technology and Business Practices
Upgrading technology will be advantageous to the business in multiple ways, one of them being the increased possibility of enforcing the security of the systems. The other one will be the compatibility of the new system to the new software with improved functionality. It may also reduce the likelihood of crushing the old systems due to age, a situation that may lead to confusion and the slowing down of the operations of the organization. Furthermore, it may increase productivity due to increased accuracy and speed of service, making it possible to serve many customers within a given period of time. Technology is always growing, with new software constantly emerging to solve problems and inefficiencies that companies are unaware of. Business leaders can sometimes feel an overburden in the face of so much of enormous changes. There’s often a desire to stay with the same current technology and processes. I think that the current affairs threaten innovation, and existing businesses and companies put themselves in jeopardy of failing. By expanding in cutting-edge technology, you’re investing in growth. And you’re certifying employees to keep up and get ahead in a fast-paced world.
References
Luftman, J., Lyytinen, K., & Zvi, T. B. (2017). Enhancing the measurement of information technology (IT) business alignment and its influence on company performance. Journal of Information Technology, 32(1), 26-46.
Wamba, S. F., Gunasekaran, A., Akter, S., Ren, S. J. F., Dubey, R., & Childe, S. J. (2017). Big data analytics and firm performance: Effects of dynamic capabilities. Journal of Business Research, 70, 356-365.
