Technology is important in a variety of business sectors. As technology develops, innovative companies will look to have the latest technology to compete. It is often seen that small businesses will struggle to compete with larger companies if they do not implement the latest technologies. Thus technology can create barriers of entry for some industries.
Most large companies (depending on industry) will invest millions into developing their own new technology. For some businesses having your own technology is key to success, because one developed, the company can look to patent their own inventions and if the organization follows up by creating a demand for that invention, they look to make a lot of money.
Wars prove that technology is key to success. “In all of human history nations have strived to be the best armed and have superior technology” (Kessler, 2011).
In a more business related example, the technology for office equipment has developed immensely over the years. Back in the day offices used to occupy ‘Analogue Plain Paper Copiers’, then next came the ‘digital photocopier’, followed by colour copier scanners. Other technologies at the time included laser printing, faxing and scanning. Using all these technologies companies like Xerox, Cannon and Sharp have all developed a new age of printing technology, ‘MFD (Multi Functional Devices) Printing’. What these machines do is they make it possible for an office to do pretty much anything from; faxing, scanning, and copying, all from one device.
This may not seem as glamorous in comparison to other technologies, but nether the less, without the new technology offices all over the world would work less efficiently without their MFD’s! Current technologies are looking into linking these printing devices with the ‘internet interface systems’ and full ‘document management systems’ to more efficient and better productive machines for the future.
Reference List
Alex Kessler. 2011. The Triple Helix Online – Do better weapons win wars? The role of Technology in Warfare. [Online] Available from:
http://triplehelixblog.com/2011/02/do-better-weapons-win-wars-the-role-of-technology-in-warfare/
Accessed on 19/12/2011
Image available from:
http://www.alibaba.com/product-free/104679167/Konica_Minolta_Multifunctional_MFD_s_Printers.html
Accessed on 19/12/2011
http://www.xerox.co.uk/?CMP=KNC-XRX_KW_UK&DATE=03-02-2011&XOGlang=en_GB
Accessed on 19/12/2011
http://www.canon.co.uk/
Accessed on 19/12/2011
http://www.sharp.co.uk/gb
Accessed on 19/12/2011
DIT Documentation Team. 2010. Multi Function Devices: Printing, Photocopying, Scanning. Available from:
http://www.abdn.ac.uk/dit/documents/factsheets/fsgc18.pdf
Accessed on 19/12/2011
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