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Innovation and Change II Essay Example
- Category:Management
- Document type:Math Problem
- Level:High School
- Page:1
- Words:433
A. Why is Technology Important in Business
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Technology has significant impact on the business performance. Despite the size of the business, technology has tangible and intangible benefit that will aid raising more money as well as generate the outcome to the client’s needs since, it affect the firm’s capacity to communicate with client which is mandatory in today business world. Presence of company’s website will facilitate easy access to company’s product by customers and thus, the communication will improve the company’s corporate image (Constantine Andriopoulos).
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Technology as well aids the business comprehend its cash flow requirements as well as upheld delicate resources like time as well as physical space. The store inventory technologies let the business owners comprehend the manner to which business is manage utmost in to control, the inventory holding cost (Mayle).
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Technology also creates a team dynamic within a business since workers at diverse localities have superior associations. Where the business manager may communicate with shipments director at diverse localities, tension and destruction are probable to exist. Many business operations are susceptible to threat on security as well as damage and consequently technology may be employed to safeguard the financial data (Mohini Singh). A business has the technological capability to research latest chances will stay ahead of its competitor. In order to exist in a competitive world, it should expand as well as purchase latest opportunities, technology permit a business to virtually tour into latest market devoid of cost of an administrative jet.
B. Potential Risk
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Potential Risk |
Consequence |
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System Malfunction |
Delayed business operation and loss of information |
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Security risk |
Access of vital information by hackers and hence loss to the school |
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Resistance to change |
Loss to the school due to heavy capital venture on technology |
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Maintenance cost |
The cost of maintaining the system might be high hence affecting net profit |
C. Cost Benefit Analysis
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Risk Exposure*Consequence*Likelihood |
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Consequence |
Insignificant |
Moderate |
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Very High |
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Moderate |
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Very High |
Moderate |
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Implementation |
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Potential RISK |
Jan-April |
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System Malfunction |
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Security risk |
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Resistance to change |
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Maintenance cost |
D. Make resources
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Potential Risk |
Types of resource for Implementation |
Responsibility level management |
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System Malfunction |
Replacement with new ones |
Upper level |
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Security risk |
Change of password and use CCTV |
Top level |
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Resistance to change |
Educational training from expert |
Lower level |
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Maintenance cost |
Expert updates and maintenance |
Middle Level |
Works Cited
Constantine Andriopoulos, Patrick Dawson. Managing Change, Creativity and Innovation. New York: Cingage Learning, 2008.
Mayle, David. Constantine Andriopoulos, Patrick Dawson. London: John Wiley &Son’s, 2006.
Mohini Singh, Dianne Waddell. E-business Innovation and Change Management. New Yorl: Cingage Learning, 2004.
Poole, Marshall Scott. Handbook of Organizational Change and Innovation. Sydney: Springer, 2004.