Assessing greater use of digital technology

Digital technology

refers to digital devices, systems, and resources that help create, store, and manage data.

Automation

-use of automatic equipment in the production of products and services

-In other words it is the use of technology to replace a human input into a business,

E-commerce

means the business of buying and selling goods and services on the Internet

There is pressure on small businesses to have an e-commerce site to stay competitive

Big Data

means just that, large amounts of information that is collected by companies through social media, loyalty cards and their own records

Many companies have huge amounts of structured and unstructured data spread over different systems so the analysis of data needs to be integrated

Data mining

is the process of looking at the big data and attempting to find patterns or relationships, trends and correlations between the data

value of digital technology

-Reduce the time to market for new products and services

-Increase the productivity of employees and processes

-Acquire new technology skills more quickly

-Improve data handing within the organisation

-Optimise use of resources

-Gain competitive advantage

Impact of technology: On HRM

has had a positive impact on Human Resource departments all over the world

New technology and the Internet brings the opportunity for better communications in recruitment

Impact of technology: On Finance

function of businesses by offering:

-Advanced analytics for finance to speed up decisions

-Data visualisation tools to improve communication

-Automation to improve finance processes such as Payroll

Impact of technology: On Production

-Robotics and automation are already extensively used in the car manufacturing industry, to replace hazardous jobs such as welding and painting (fumes)

-It is just one way that businesses can achieve higher levels of productivity and efficiency which will have a positive impact on profits

Impact of technology: On Marketing

making campaigns more personal and immersive for customers:

-Worldwide half a billion customers watch videos on Facebook a day

-More than 6 billion customers have mobile devices

-It is estimated that 2.14 billion customers will buy products online