Business Environment And Strategic Management Essay

Business Environment And Strategic Management - Essay Example However, Nafeeseh and Al-Mudimigh (2011) argued that although technology has increased the utility and performance of the corporations, there also exists noteworthy threats regarding the security and privacy of information shared over internet platforms. Kanet and Stà ¶ÃƒÅ¸lein (2010) observed that because of extensive competition in the international marketplace firms are trying to reduce their operational expenditure and generate a cost competitive advantage. In this context, application of technology has improved the performance of the firms by reducing the manual work capital and time required for completing the operational activities of business houses. For instance, with the help of production equipment firms can accelerate their production process and also reduce the number of man-hours required. Similarly, ICT has helped in connecting the functions of the organizations with each other with aspects such as Enterprise Resource Planning (ERP), Customer Relationship Management ( CRM), etc (Qutaishat et al. 2012). The changes in the business environment have been largely accredited to the technological changes taking place in the world. Hosman (2011) considered that technological inclusion in business firms is taking place at a rapid pace which has increased the frequency of changes being incorporated in the work structure of firms and can also hamper the performance and productivity of the business houses. There are arguments and counter-arguments regarding the role of technology in the corporate world.