Monday, March 23, 2015

Technology in the Business World

Introduction

            Do you have an Apple product at home? No, I don’t mean the fruit! I mean products like an iPhone by Apple that lets you send text messages, e-mails, make phone calls, and is our alarm clock, reminder, dictionary, newspaper, television, and many more all coalesced into one device.  Aren’t you surprise? There is no time to waste.  As our business grows, we have to stay one step ahead of the competition and catch up with technology as it is advancing fast.  As a matter of fact, what we learn in college and universities will eventually expire by the time we graduate.  As we are living in the business world, we will have to keep ourselves up to date with the most recent technologies available and make good use of them.  Technology over the years had benefit us to stay ahead with ease; but it is we who are using these technology that have difficulty keeping up. 
            Have you ever imagined what will the world be like without technology? In the modern era, technology had brought consumers with so much comfort in their daily lives.  Technology is truly an investment because it is very efficient, hassle-free, and saves up lots of space because everything is shrinking in size with the presence of Nanotechnology.  Ten and thousands of products were actually invented in the 21st century itself.  These technologies affect the business world tremendously from all aspects in various industries.  With advancement as fast as lightning, businesses worldwide would have to adapt and change their infrastructure in order to keep up.  For instance, many Airlines started using online check in system and we are able to see many self-service payment counters in grocery stores like Safeway.  Business should also send their workers for training more frequently to update them on the new features of a certain program.  Once the workers had learnt those skills, the productivity of the business will surely boost the company’s profit as technology is so call ‘a shortcut to success’. 
            Without any further ado, none of the following will eventually happen without the presence of the God of technology world – the Internet.  Internet is like oxygen of the technological world, we cannot see it but it is what keeping them connected and to stay function.  Internet is that important and without Internet connection, a country will surely be bankrupt.  Due to the powerful need of Internet to run a country and businesses, there are presences of the Internet war.  A war without nuclear, and weapons but is able to damage a country’s economy badly.  Hackers of foreign countries could break highly secured codes and firewalls to shut off power lines like what happened in Brazil in 2007 in which Rio was in darkness for two days (Perera).  In a business perspective, the businesses in Brazil are actually shut down for 48 hours.  They are not able to connect to any other countries and no income will be generated in which caused a downfall in their economy at that time. 
            In this particular paper, I will be introducing some very interesting technological advancement that enhanced the business world.  I will focus in some common business industries and focus my research on them.  Technological advancement do result in pros and cons in each different industry regarding how technology effects on them.  In most cases, I will be comparing the pros and cons of technology affecting the industries listed.  Will the future technology effects the working environment or will it benefit the society? Let’s take a look in the research below. 



Business Communications



            “The number of Americans working from home has soared 41% in the last decade (Jane Fox).”  The presence of these advanced technologies have a lot of benefits to the society today.  Many individual businesspersons use the opportunity to work from home through the Internet.  Applications invented such as Skype or FaceTime allows the individual to connect and set up conference calls from any part of the world.  This application is free for all users as long as there is presence of the Internet.  This is very convenient and helps save traveling time and costs in which will be very expensive. 
            Working from home benefits a family in many ways in which parents are able to keep an eye on their children and spend more time with them.  From the pie chart below, we are able to view the benefits of working from home.  For instance, my aunt works from home daily for a logistics company and have conference calls everyday from several different countries like China, Germany, Hong Kong to list a few.  Self-discipline in the other hand is strongly needed to work from home as technology cannot make you discipline.  The survey was done by Microsoft Whitepapers, Work without Walls and is summarized in the chart below (Kruse). 
Figure 1: How is working from home benefits the employees (Kruse). 

            With such convenience and beneficial, international connections and communications in business are not hard to bond at all.  Businessperson is able to have connection with their international partners through a computer screen and e-mails to stay connected and work anywhere they want to.  Paychecks are also not to be worried as e-banking is now all over the world.  Even working from home with an international country, the money will be transferred to your account in days and we need not to worry if the money will be transferred by going in and out the bank.  Moreover, with the ease of reach of the Internet, businesses and entrepreneurs are able to advertise about their businesses with ease.  They will not have to hire some professionals to help them create and ad but to advertise them via social networks or craigslist and many other websites available. 


Factory Industries


            Robotics has been part of the most successful technological advancement in the 21st century.  Many factories had actually replaced workers with machines that are able to produce more goods in a more efficient time.  Assembly lines in many factories had evolved from 90% human labor and 10% robotics to 10% human labor and 90% robotics.  This occurrence had effected many structural unemployment and our caused our economy to be unstable.  Developing and developed countries slowly get rid of factory assembly lines workers due to the benefits technology had brought into production.  With this being said, factories owners are very wealthy as the products are produced more efficiently in a shorter amount of time; the workers in the other hand still have low wages.  Some workers will then resign as they feel that it I unfair to work for such low wages. Those jobs are then pushed to another foreign country, mostly in developing and underdeveloped countries for cheaper labor prices (Bade).  Child labor is a big issue currently as it is ethically wrong and their wages are very low.    
Figure 2: Evolution of an assembly line of a car factory.

                       

            Factories in the past years have boost the amount of products produced exponentially with the help of technological advancement.  According to Bade and Parkin, after the recession in 2008, the world economy boost up again and factory industries are the first industry that is stable throughout the recession because they mainly produce goods that we need to survive (Bade).  Even though robotics had taken many workers’ place in the factory, a healthy economy needs to consist of 5% unemployment rate.  Unfortunately, people have to be unemployed to have a healthy economy.  Without technological advancement, the world would be in scarcity and the demand would be always be higher than its supply which may be a disaster as people will be aggressive and fight for what they need and want.  Thankfully, technology had created enough goods for everyone within a short amount of time to keep the society in good standing.  

Health Industry


            Technology growth made healthcare very easy and fast to many people in the society now.   With such advanced technology, many discoveries could be made and many lives would be saved.  Better medical equipment are produced throughout the century and they are now more high tech in which some are even able to scan your whole body and give you a detailed report just about anything.  Just to name one, medical equipment such as the CT scan is able to scan a patient’s anatomy, tumors and fractures without having any tactile to the patient’s body.  Other than fancy modern medical “marvels”, according to an article from Forbes, there are five ways that technology is transforming health care today (Lee):
·      Crunching data to offer a better diagnosis and treatment
·      Helping doctors communicate with patients
·      Linking doctors with doctors
·      Connecting doctors and patients
·      Helping patients stay healthy
 
Figure 3: A CT Scan and the results.
           
            Other than creating medical equipment, with the help of technology in the health industry also enhances doctors’ and scientists’ in their research process.  It enables researchers to look into more detailed information in objects that are a thousand times smaller then what we can see through our naked eyes.  The cloning technology is also becoming more successful in the sense that it is able to clone another part of our human organ to perform an organ transplant.  The first animal successfully cloned in the world was Dolly the sheep in which died after 8 years since it was created in 1997 (Wade).  After that experiment, scientist began to clone human body parts with animals DNA to have spare organs to help save more live during organ failures.  Furthermore, pigs’ hearts are also used as substitute to replace a failed human’s heart thanks to technology; as scientist had found and made some biological changes in genes of the pigs to have more similar genes with a human in order for the pig’s hear to function properly in the human’s body and to prevent rejection.  Some experiments are already successfully performed such as

Text Box: Figure 4: Human ear grown on a mouse.Text Box: Figure 5: Dolly the world's first cloned animal.growing human ears onto a mouse.  Scientist also believes that in the future, they are able to grow artificial livers on animals to be used on humans for any organ failures instead of having to find an organ donor (Artificial). 

 

Agricultural Industry


            Do you remember the days when your grandmother told you that their family and ancestors worked in the paddy field handpicking the ripen grains and then hand sifting the grains to get rid o any unwanted particles? Those are no longer needed at all.  Machines are now able to that all in one go in split seconds.  Thanks to technology again, the grain and wheat production has grown rapidly since the millennium.  It helps farmers in so many ways in which they are able to have more crops then they used to have.  As time passes, most farmers around the world had sifted themselves from traditional farming to modern farming (Motes).  Modern farming, according to Dr. William is defined as:
“In modern agricultural systems farmers believe they have much more central roles and are eager to apply technology and information to control most components of the system, a very different view from that of traditional farmers. In contrast to the isolation inherent in traditional arrangements, modern agriculture tends to see its success as dependent on linkages—access to resources, technology, management, investment, markets and supportive government policies (Motes).”
Whereas in traditional farming, Dr. Williams said that it is mostly farmed using natural resources such as rainfall, hand pick, animals used to plow land, and natural fertilizers.  It is definitely healthier but it is not enough to provide the society with sufficient food and it takes very long to harvest.  Therefore, to have a big population, scientist used technology to invent harvest machineries and chemical fertilizers and pesticides to ease the process.  With this, it leads the society with one question “Is it healthy?”  
            Animals like buffalos and cows are no longer involved in modern farming as the plowing trucks took over jobs in a much more efficient ways that really boost the economy and the society would not have to fear of scarcity as they used to have.  The only negative effect with technology in this field would again be structural unemployment.  Machines are able to work more efficiently and save costs in which owners will not have to hire less workers to harvest the produce.  This will cost many people to loose their jobs and many would be unemployed.  But in the economic point of view, 5% unemployment rate = full employment which is healthy to the world economy. 

 


Art, Music & Film Industry


            Technology is advancing everyday and Internet users have more access to more information daily.  With such technology advancements, it actually brings more negatives effect to this industry compared to other industries discussed above.  It is upsetting that Internet users take advantage of the Internet and do not care about how will it affect the industries.  Copyright materials are downloadable anywhere online for free without having to pay a single cent to the people behind producing it.  Let us take a closer look on the advantages and disadvantages on what technological advancement had to do with these business industries. 

Text Box: Figure 6: Process of MoCap
            In the art industries such as dance, performing art and visual arts, technology advancements open many doors to more creative and unique ideas put together accentuating this art form into a whole new level.  MoCap (Motion Capture) is a new technology introduced in 2007 for animation movies.  It is a suite with many sensors on the joints to capture movements and then converted into animations (Bregler).  Dancers are often hired to dance in these suits for a certain character of a cartoon like Barbie and the 12 Dancing Princes.   If you watched America’s Got Talent Season 9, there were some amazing dances performed by Blue Journey[1] in which technology is largely incorporated into their dance performance. 
           
            3D printers are also invented and stabilized in the year 2012 which allows artist to use technology to sculpt their design from the computer screen into a three dimensional functional product.  This printer will boost the economy in many ways as it is efficient.  Replacement parts that are broken or rarely found could be created on a computer screen and be printed out with plastic resins in an instant.  According to Richard A. D’Aveni[2], China’s economy will not be facing any downfall but as the 3D printer takes hold, workshops in China will loose much of its workforce.  “China will have to give up on being the mass-manufacturing powerhouse of the world. The strategy that has given it such political heft won’t serve it in the future (D’Aveni).”

           
            Music and the film industry, in the other hand, is not as lucky as many other art industries listed above.  With the easy access of songs, music and movies online, internet users are able to download many of the medias with just one click without a single cent.  The singers, songwriters and composer are not doing charity for the society but it is their business instead.  Many of them lost a large amount of money in this scenario.  With illegal downloading, the music industry lost about $3.5billion in five years.  It is still declining each year with about 2.1% decline rate; but, economists believed that with future technological enhancement with copyrights, the amount will soon be accelerating (Owsinski).  In the film industry, Rose[3] says that “loss of

revenue is of concern to networks and film company masters because it is illegal, cutting into profits and virtually unstoppable due to advanced technology.” Piracy and illegal downloading also boost while technology is advancing affecting big loss in the film industries.  Due to these loss, the US had set laws to people convicted of copyright infringement will be imprisoned up to 5 years, fined up to $250,000 or both.  It is actually impossible to catch a victim because there are close to 361 million Internet users worldwide (World Internet Users) and most downloaders are anonymous (Strauss). 




Conclusion


            Technological advancement surely brought many benefits to the society and economy in the business world.  Without these advancements, we would be left behind and we will not have access to almost any and everything we are able to access today.  Technological advancement had brought the world with convenience; it is efficient, saves costs and saves lots of time.  The three big benefits of technological advancement had made the world a better place to live in today.  According to Moslow’s hierarchy of needs, our human need is like a pyramid shown below that will affect an individual and their personalities (Bade).  Technological advancement plays a big role in the base two levels of the pyramid in which will provide an individual with their psychological and safety needs.  This pyramid may be familiar if you had read The Fault in Our Stars by John Green or taken any economic classes. 
Figure 8: Maslow's Hierarchy of Needs.




Work Cited


"Artificial Liver 'could Be Grown'" BBC News. BBC, 25 Apr. 2002. Web. 25 Oct. 2014. <http://news.bbc.co.uk/2/hi/health/1949073.stm>.
Bade, Robin, Michael Parkin, and Raymond Bienvenu. "Chapter 2: U.S. and the Wolrd." Foundations of Macroeconomics. 6th ed. Montréal: Pearson, 2013. N. pag. Print.
Bregler, Chris. "Motion Capture Technology for Entertainment." In the Spotlight. IEEE SIGNAL PROCESSING MAGAZINE, Nov. 2007. Web. 28 Sept. 2014. <http://cims.nyu.edu/~bregler/Spotlight_mocap_IEEE.pdf>.
Corday, Robert. "The Evolution of Assembly Lines: A Brief History." Robohub. N.p., 24 Apr. 2014. Web. 26 Oct. 2014. <http://robohub.org/the-evolution-of-assembly-lines-a-brief-history/>.
Kruse, Kevin. "Top 10 Benefits of Working From Home (Survey Results)." Forbes. Forbes Magazine, 18 Dec. 2012. Web. 03 Oct. 2014. <http://www.forbes.com/sites/kevinkruse/2012/12/18/benefits-working-from-home/>.
Lee, Ellen. "5 Ways Technology Is Transforming Health Care." Forbes. Forbes Magazine, 24 Jan. 2013. Web. 16 Oct. 2014. <http://www.forbes.com/sites/bmoharrisbank/2013/01/24/5-ways-technology-is-transforming-health-care/>.
Motes, William C., Dr. "Modern Agriculture and Its Benefits – Trends, Implications and Outlook." Modern Agriculture and Its Benefits – Trends, (n.d.): n. pag. Global Harvest Initiative. Web. 26 Oct. 2014. <http://globalharvestinitiative.org/Documents/Motes%20-%20Modern%20Agriculture%20and%20Its%20Benefits.pdf>.
Owsinski, Bobby. "A Look Into The Music Industry's Crystal Ball." Forbes. Forbes Magazine, 31 Mar. 2014. Web. 28 Sept. 2014. <http://www.forbes.com/sites/bobbyowsinski/2014/03/31/a-look-into-the-music-industrys-crystal-ball/>.
Perera, David. "U.S. Grid Safe from Large-scale Attack, Experts Say." POLITICO. N.p., 10 Sept. 2014. Web. 03 Oct. 2014. <http://www.politico.com/story/2014/09/power-grid-safety-110815.html>.
Richard, D'Aveni A. "3-D Printing Will Change the World." Harvard Business Review. N.p., Mar. 2013. Web. 26 Sept. 2014. <http://hbr.org/2013/03/3-d-printing-will-change-the-world/>.
Strauss, Karsten. "TV and Film Piracy: Threatening an Industry?" Forbes. Forbes Magazine, 6 Mar. 2013. Web. 27 Sept. 2014. <http://www.forbes.com/sites/karstenstrauss/2013/03/06/tv-and-film-piracy-threatening-an-industry/>.
Wade, Nicholas. "The Clone Named Dolly." The New York Times. The New York Times, 13 Oct. 2013. Web. 24 Oct. 2014. <http://www.nytimes.com/2013/10/14/booming/the-clone-named-dolly.html>.
"World Internet Users Statistics and 2014 World Population Stats." World Internet Users Statistics and 2014 World Population Stats. N.p., 31 Dec. 2013. Web. 26 Sept. 2014. <http://www.internetworldstats.com/stats.htm>.






[1] Watch this video to see how technology is incorporated into dance: http://www.youtube.com/watch?v=NwK5BtkEL-4

[2]  Richard A. D’Aveni is the Bakala Professor of Strategy at Dartmouth’s Tuck School of Business and the author of Strategic Capitalism (McGraw-Hill, 2012).

[3] Jonathan D. Rose, intellectual property litigator with Bradley Arant Boult Cummings LLP in Nashville, Tenn.

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