Podcast
Questions and Answers
The use of Computer Aided Manufacturing (CAM) can increase product defects and returns.
The use of Computer Aided Manufacturing (CAM) can increase product defects and returns.
False
Investing in new technology and training for staff can help improve production efficiency.
Investing in new technology and training for staff can help improve production efficiency.
True
Staff are more likely to be unhappy if they can work remotely using laptops and apps.
Staff are more likely to be unhappy if they can work remotely using laptops and apps.
False
Quicker decision-making is facilitated by the availability of large amounts of data.
Quicker decision-making is facilitated by the availability of large amounts of data.
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Online marketing campaigns are always effective regardless of targeting.
Online marketing campaigns are always effective regardless of targeting.
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The cost of purchasing new technology can lead to financial strain on a business.
The cost of purchasing new technology can lead to financial strain on a business.
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Communications may pose a risk if files are not properly encrypted before sharing online.
Communications may pose a risk if files are not properly encrypted before sharing online.
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Websites provide limited flexibility for customers when making bookings.
Websites provide limited flexibility for customers when making bookings.
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Study Notes
Benefits of Technology for Businesses
- Finance: Using Computer Aided Manufacturing (CAM) can reduce product defects and returns, leading to cost savings.
- Production: Technology increases speed, quality, and efficiency, leading to economies of scale and lower costs per unit.
- Staff: Remote working using technology like laptops and apps allows for flexibility and improved staff morale. File-sharing also improves efficiency.
- Communications: Easy access to data enables quicker decision-making. Staff can be contacted easily through laptops and mobile devices.
- Marketing: E-commerce expands markets, websites promote offers, and online booking apps offer customer convenience.
- Security: Technology reduces the risk of data theft by employees or rivals. Less physical storage is needed, reducing costs.
- Customers: Easy communication channels like web forms and social media improve customer service. Online bookings offer greater flexibility and speed.
Disadvantages of Technology for Businesses
- Finance: Capital is required for technology purchases, installation, and maintenance.
- Production: Investing in new machines, technologies, and staff training is necessary.
- Staff: Technology can lead to job displacement (e.g., automated checkouts). Training costs also exist.
- Communications: Security measures are needed to protect data shared online.
- Marketing: Online campaigns like Google Ads can be ineffective if not targeted correctly. Website maintenance costs are also incurred.
- Security: Businesses need to invest in security and virus protection. Data breaches can damage reputation (e.g., Facebook).
- Customers: IT breakdowns (e.g., website crashing) can disrupt service and lead to negative customer experiences.
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Description
Explore the various benefits that technology brings to businesses, from improving finance and production to enhancing communication and marketing strategies. Discover how remote working and e-commerce can transform operations and customer relations, while also addressing security concerns. This quiz will test your understanding of how technology influences modern business practices.
