Asslam o Alikum
Technological environment Features.
Technological environment refers to the state of science and technology within the country and related aspects such as rate of technological progress, institutional arrangements for development and application of latest technology, etc.
According to the well-known economist J.K. Galbraith, technology means, “systematic application of scientific or other organized knowledge to practical tasks”.Technology comprises of both machines (hard technology) and scientific thinking (soft technology) wont to solve problems and promote progress. It consists of not only knowledge and methods required to hold on and improve production and distribution of goods and services but also entrepreneurial expertise and professional know how. Technology includes inventions and innovations.
The main features of technological environment are as follows:
Technological environment may be a component of macro or indirect action environment.
Technological environment changes in no time .
Technological environment affects the way in which the resources of the economy are converted into output.
Technological environment is self-reinforcing. An invention in one place results in a sequence of inventions in other places.
1) Pull of Technological Change
Technological change generally refers to the advancements within the production and manufacturing process of different goods and services. So it's when we improve the way products are made or services are delivered. In these times there's always a new invention or better technology around the corner.
This technological both benefits and harmfull in business.there's always the advantage of assessing the technological environment and embracing the new technology.
But at the identical time, such changes if not adopted by the companies can make them obsolete and out of fashion very quickly.
2) Opportunities from New Innovations
There are numerous concepts, products, services, etc that are unexplored in the market. The advancements in technology mean that there's the possibility of a new invention every single day.
And firms need to be alert about their technological environment to smell out a great opportunity. If the firm can maximize a new invention or product, it can become a pioneer within the industry.y
For example, see the boom within the smartwatch and fitness tracker market. It all started back in 1998. Such new products enter the market per annum . And to capture this market a firm has got to be aware of its technological environment.
3) Risk of Technological Environment
With opportunities come threats. If the corporate does not keep a track of the new innovations and advancements in the industry, they risk being out of date. If a business cannot adopt a replacement technology it can be forced out of the competition. there's also the ever-present risk of new innovations and entrants to the market.
4) Role of Research and Development
The other important aspect of the technological environment is the role of the R & D of the country. Technology and business are very interdependent. the advantages of all the R&D a country does reaches the public via the businesses.
Technological Environment
Matters to be considered while assessing the technological environment:
Production technology and knowledge technology does the company employ.
The important is each technology to the firm.
There an external technology that the corporate depends on? What is the reliability of such technology.
It has been the extent of investments in technology. the investment within the design or the implementation or the maintenance.
The technological investments should be withdrawn or limited.
The extra technological requirements to meet with the goals and vision of the company both in the short and the long run.
Special Thanks
@siz-official
@suboohi
@cryptokraze
@faran-nabeel
Best regards by