Business Environment and Strategic Management.pdf - 1 BUSINESS ENVIRONMENT AND STRATEGIC MANAGEMENT 2 Abstract The following report highlights the

Business Environment and Strategic Management.pdf - 1...

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1 BUSINESS ENVIRONMENT AND STRATEGIC MANAGEMENT
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2 Abstract The following report highlights the process innovation aspect of British automobile manufacturing firm Lotus with the help of new technology adoption. It has determined the incorporation of technological advancements in the present business environment. It was observed that although technology is proving to be a beneficial aspect for business houses, there exist some major challenges in context of diffusion of technology such as human capital alignment with technological development.
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3 Table of ContentsIntroduction .....................................................................................................................................4Role of Technology in Organizations and Industries .....................................................................4Factors Influencing Diffusion of Technology.................................................................................6Process Innovation in Lotus ............................................................................................................9Process Requirements ...................................................................................................................11Corporate Objectives and Technology Needs for Lotus ...............................................................13Technological Advancement and Support ....................................................................................14New Technology Selection for Process Innovation ......................................................................15Factors Influencing Implementation of Selected Technology ......................................................17Critical Analysis of Technological Support for Organizational Development .............................19Conclusion ....................................................................................................................................20Reference List ...............................................................................................................................22
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4 Introduction In the words of Jayawickrama and Yapa (2013), technological development has transformed the world into a compact place where networks and channels influence the activities of societies and organizations. This statement shows the influence of technology in the modern day scenario. Hosman (2011) noted that beginning from operational to planning tasks, every function of organizations is being performed with the help of technological means. The dominance of technology in the organizational process has been termed by Fazlollahtabar (2012) as the biggest phenomena since the Industrial Revolution. All these observations indicate the need of the corporate firms to incorporate technological tools for ensuring sustainable business growth and development. This report focuses on the need for implementing and adapting to technological resources in the contemporary scenario for organizations. The paper specifically focuses on the process innovation aspect in British automobile firm Lotus with the help of new technology adoption. Role of Technology in Organizations and Industries Technological development as per the observation of Fazlollahtabar (2012) has taken place in every sphere of human life. Beginning from the daily household activities to major economic and corporate activities is being performed with the help of technological resources. According to Hosman (2011), the growth of Information and Communications Technology (ICT) has contributed majorly in organizational development. New tools and techniques of information sharing and communication and nullified the influence of geographical borders and the cost of operations of the firms in a significant manner. Internet based platforms such as cloud computing or remote devices such as Smartphone’s or tablets have enabled business personnel to engage in
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5 their corporate responsibilities from any corner of the world (Kanet and Stößlein, 2010).
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