Business Technology Importance

ROLE AND IMPORTANCE OF TECHNOLOGY IN DESIGN OF BUSINESS STRATEGY:

Technology and management of technology are critical for an enterprise for its successful operation on long-term basis. Technology management however a part of total management system. There are three basic consideration for starting any new firm based on technological innovation.

a) The idea for a technological innovation

b) A potential market.

c) Team work in both technological and business experts

The idea of a technological innovation should be based or linked with the potential market and the technology team seam should closely interact with the rest of the divisions of the enterprise leading to a successful logical conclusion in terms of processes to be developed as per the set objectives set at the beginning. This strategy is best reflected in the form of a ‘Business Plan” of an enterprise which needs to be prepared and approved before starting the new business.

The Business Plan : The business plan is a strategy summery of a new venture. Its purposes are

1. To ensure, by clear focus in strategy, that important points necessary to the success of any business venture have been considered and;

The role played by technology in simulation of growth and development in emerging markets is quite profound. It is significant in economic development hence is extremely important to understand. New technologies and smart applications have become prevalent. Without them, most business processes are stuck and corporations incur huge losses. How has technology played a key role in economic development and innovative technologies? The world we currently live in is very different from what it was 30 years ago. The first computers were large, slow and only used by a select few. There was no internet. A mouse was a domestic pest, a virus was treated with antibiotics, and a hard drive meant touring along an unpaved