EVALUATION OF THE EFFECTS OF TECHNOLOGICAL ISSUES ON BUSINESSPOLICY IntroductionThe scope or spheres within which an organization's management can make decisions aredefined by its business policy (Wheelen, Hunger, Hoffman & Bamford, 2017). It allowslower-level management to contend with concerns and issues without having to consult top-level management any time a decision needs to be made. Organizational governance isdetermined by business policy, which lays out broad established general rules for theorganization's growth, which is realized by management and business practice (Štrukelj andGajšt, 2019; Belak and Duh, 2012; Štrukelj, 2015).Since the value of integrating social responsibility, corporate ethics, and sustainabilityprinciples into organizational activities is so important, it is crucial to innovate its businesspolicy and management with regards to that. To do so, companies must innovate theirbusiness policies/governance, as well as management and practice. Organizational policy isimportant for achieving firm success and corporate ethics. It is regulated by organizationalowners who decide business policy/governance orientation. Sustainable business policy isrealized by fair, responsible (top, mid, and front line) management and practice (Štrukelj andGajšt, 2019).The significance of the corporate governance developments and the subsequent businesspolicy advancement is outlined by the way that the future enhanced business policy (itsgovernance, management and practice) is affected by (Štrukelj, 2015): intangible impactfulfactors, e.g., existing organisation vision and business policy, and other delicate values andthe subsequent philosophy, culture, business morals, standards, and interests, and Substantialpersuasive factors, e.g., corporate qualities, shortcomings, opportunities and threats. Technology and its challenges can be said to be a tangible influential factor of business policyand policy in general. Technology is the sum of techniques, skills, methods, and processesused in the production of goods or services or in the accomplishment of objectives. Althoughtechnology has multiple effect on the economic advancement of businesses and institutions,undoubtedly making our lives easier. Technology innovation is not slowing down which hasbrought about issues such as cyber security, employee work arrangement, privacy ofcustomers, increase in the rate of obsolesce etc. hence, the need to manage the threats andopportunities of technology needs to be dynamic by corporations.
