Digital Technology
Digital technology refers to the use of digital systems, tools, and processes to create, store, and manage data and information. It encompasses a wide range of technologies such as computers, software, internet, and mobile devices, which enable businesses to streamline operations, improve efficiency, and reach customers through digital channels. Embracing digital technology is essential for staying competitive and adapting to the evolving business landscape.
6 Key excerpts on "Digital Technology"
eBook - ePub- Richard Busulwa, Nina Evans(Authors)
- 2021(Publication Date)
- Routledge(Publisher)
...from each customer’s unique setting or environment, device, timing, etc.), rather than restricting them to what is defined by the business’s traditional infrastructure 2. Digital business has also been defined more simply as the use of digital technologies to enable major business improvements, such as enhancement of customer experience, operations optimization, and creation of new business models 3. Gartner’s Jorge Lopez proposes that what makes digital business different from prior terms such as e-business, for example, is the presence and integration of connected and intelligent things with business processes and people 4. He adds that once objects (“things”) start to negotiate amongst themselves, as well as communicate with business processes and people, an entirely new world of potential becomes possible 5. In the past, people were required to be proxies for objects at certain stages (e.g. turn them on, sense for them, transfer data to / from them, perform actions that required intelligence); but, increasingly, human proxies are required less and less, as things become more intelligent (e.g. using data analytics, artificial intelligence), become better able to sense (e.g. using a vast array of sensors) and become better able to communicate (e.g. exchange information with other things, processes, and people via the cloud). In addition, things are also becoming better able to take physical action (e.g. using robotic and drone capabilities); and becoming more autonomous (e.g. aware of themselves and others, aware of the environment around them, and able to independently determine the optimal actions to take) 6. Karel Dörner, a Senior Partner at McKinsey & Company, proposes that the promise of digital business is a universe of applications and digitized assets that almost automatically work together to deliver value and yield competitive advantage 7...
eBook - ePubConflict Management in Digital Business
New Strategy and Approach
- Fahri Özsungur, Fahri Özsungur(Authors)
- 2022(Publication Date)
- Emerald Publishing Limited(Publisher)
...Especially with the developments in information and communication technologies such as the internet, the concepts of digitalization, speed, and competition have started to be used very often. This rising digital trend has increased the density of information, and the concept of big data has become one of the main determinants of competitive strategies and strategic decisions of organizations. The ever-changing conditions of the twenty-first century have forced businesses to think strategically and to comply with the rules and processes of strategic management. As it is experienced in every change and transformation, if organizations cannot keep up with this transformation and change, they are exposed to entropy over time and may experience great problems in maintaining their existence. For this reason, businesses constantly monitor changing terms and conditions and develop positions following changing strategic rules and methods. Although there is no common definition in the literature on the concept of strategy, it is generally stated that it includes a projection for the future rather than the current situation of the enterprise. In this respect, it is an important concept in terms of revealing the long-term roadmap of the organization (Dinçerden, 2017). Today, businesses and their management styles are changing thanks to the integration and adaptation of technologies and combinations such as the internet of things (IoT), artificial intelligence (AI), big data (BD), cloud computing (CC), virtual reality (VR), robotics, cybernetic physical systems (CPS), nanotechnology (NT) and additive manufacturing (3D) to production, and production concepts and possibilities such as smart factory, advanced manufacturing, and lights out manufacturing (Çark, Yıldız, & Karadeniz, 2019). Digitization is not only about transferring data to an electronic platform but also about finding new ways to use and develop these platforms effectively...
eBook - ePubDigital Business Models
Driving Transformation and Innovation
- Annabeth Aagaard, Annabeth Aagaard(Authors)
- 2018(Publication Date)
- Palgrave Macmillan(Publisher)
...Such data can be applied by companies to target customers more effectively, to make better pricing decisions and demand predictions, and to optimize assortments, production and logistics. Thus, Big Data is employed for user-centric, knowledge-driven product development (Johanson et al. 2014). The use of digital technologies and digitalization in innovation is central for digital business model innovation (DBMI) and the disruptive business innovation tendencies of this decade (2010s)—and likely also for decades to come. Consequently, Nambisan et al. (2017, p. 224) conceptualize digital innovation as “the creation of (and consequent change in) market offerings, business processes, or models that result from the use of digital technologies.” Consequently, digital innovation management refers to the “practices, processes, and principles that underlie the effective orchestration of digital innovation.” Digitalization affects entire ecosystems, their business models (BMs) and the underlying business functions of a company’s value chain. By digitalizing business functions, data can be provided to enhance and develop each of these functions—and thereby the entire value chain. In practice, this is seen in the dramatic shift in focus toward marketing online, on social media and via mobile marketing, and a waning focus on traditional advertising. Stronger interactions are created and data is continuously collected from existing and potential customers through social networks. The online environment renders assortment and pricing decisions easier and much more flexible. Logistics and logistics streams are key to competitive delivery and services, and the marketing and logistic functions therefore need to cooperate more effectively to deliver superior customer value—and at a lower and more competitive cost...
eBook - ePubManagement and Information Technology in the Digital Era
Challenges and Perspectives
- Nawal Chemma, Mohammed El Amine Abdelli, Anjali Awasthi, Emmanuel Mogaji, Nawal Chemma, Mohammed El Amine Abdelli, Anjali Awasthi, Emmanuel Mogaji(Authors)
- 2022(Publication Date)
- Emerald Publishing Limited(Publisher)
...Technology has become an integral part of our everyday lives. It has been integrated into different sectors, including education, finance, education and health (Dwivedi et al., 2022 ; Sharma, Soetan, Farinloye, & Noite, 2022 ; Soetan & Kieu, 2020). Technological innovates that has been supported by global economic growth, combined with explosive Digital Technology proliferation, the emergence of fast internet access, faster computer processing power and big data for analytics and insight (Abdulquadri, Mogaji, Kieu, & Nguyen, 2021 ; Adeyanju, Ajilore, Ogunlalu, & Onatunji, 2022). The digital era has been marked by the emergence of various digital technologies playing a crucial role in shaping and regulating multiple operations. ITs are among these initiatives. They have escalated the use of computers for data collection, storage and processing to serve various functions (Dwivedi et al., 2022 ; Mogaji & Nguyen, 2021 ; Soetan & Kieu, 2020). IT is the essential vehicle for information management, and enterprises have successfully employed computers as an information resource management tool since the 1960s. Information is now widely recognised as a critical organisational resource I, and it, like all other resources, must be efficiently managed to meet corporate goals and objectives. However, there have been growing challenges around understanding and adopting technology for business operations. Mogaji and Nguyen (2021) explored the attitude of managers to Artificial Intelligence (AI) and highlighted the limited understanding of digital technologies' practical and technical implications. Information management systems, in general, can be considered information systems because they control data flow, databases and technological data processes. Although IT management is concerned with exploring, analysing and managing IT as a technological resource, IT management also aids in the design, development and deployment of IT products and services (Gupta, 2010)...
eBook - ePubTechnology and Data Management for Entrepreneurs
An Instant Guide
- Guy Rigby(Author)
- 2011(Publication Date)
- Harriman House(Publisher)
...Technology and Data Management For Entrepreneurs “The real problem is not whether machines think but whether men do.” — Burrhus F. Skinner Working quicker and smarter We live in a world that has seen computing power double every two years for the past 50. As the power increases, device size decreases. As access to data proliferates, so too does the speed at which it can be transmitted. Our world is now digital, virtual, global and mobile – all thanks to technology. For most businesses, these advances in technology represent both an opportunity and a threat. While technology enables us to compete on a global and increasingly level playing field by giving us sophisticated tools and solutions that only larger corporations used to have, it also allows our competitors to do the same. Our competitive advantage may therefore be dependent on how well we choose, and use, technology. On the downside, technological transformation means that there’s an increasing dependency on fully functioning systems, exposing us to downtime, data loss and potential business disruption. There is also a human impact, with more and more communication taking place electronically, rather than face-to-face or on the phone. Offices are now full of people who sit in front of their screens from morning until night, often sending emails rather than speaking even to their nearest neighbour. On the plus side, technology enables our businesses to automate, access new markets, cut operating costs, save time and improve overall performance. We are therefore more agile, embracing more flexible working models for the benefit of our staff, customers and trading partners...
- Peter Ekman, Peter Dahlin, Christina Keller, Peter Ekman, Peter Dahlin, Christina Keller(Authors)
- 2021(Publication Date)
- Routledge(Publisher)
...Around the turn of the new century and following the financial crisis, many organisations became strongly cost-oriented and resulted in digitalisation being considered primarily as a cost rather than a strategic benefit and source of competitive advantage. For instance, Nicholas Carr’s (2003) article, entitled “IT Doesn’t Matter,” also published in the Harvard Business Review, argues that organisations should not seek to be IT leaders; rather, they should invest in already well-established IT solutions and adopt a “follow, don’t lead logic.” In the past few decades, we have witnessed consolidation of global IT firms, greater reliance on cloud solutions and virtualisation and increased sophistication of technologies being adopted and used in organisations. These changes can be described as the result of digital transformation. Digitalisation can be defined as “a sociotechnical process of applying digitising techniques to broader social and institutional contexts that render digital technologies infrastructural” (Tilson et al. 2010: 749). Legner et al. (2017: 301) distinguish between digitalisation and digitisation: “While digitization puts emphasis on digital technologies, the term dig italization has been coined to describe the manifold sociotechnical phenomena and processes of adopting and using these technologies in broader individual, organizational, and societal contexts.” Various forms of digitalisation have been steadily implemented since the global recession around the millennium. The importance of digitalisation has been underlined and the process has intensified during the Covid-19 pandemic, as a result of the restrictions on social interaction and travel (Financial Times 2020). Evidence of digitalisation can be seen almost everywhere, but its long-term effects remain difficult to fully grasp. It is not difficult to see that digitalisation has changed our everyday lives through the provision of new innovative services (Barrett et al...
