Technological Changes All: Understand how technological changes have impacted upon businesses Most: ExpLain how business have adapted to the pressures of technological changes in society

Technological Factors Computers, software and machinery New innovative processes in sales, distribution and delivery services

Technological Changes to Production / operations: EPOS & EFTPOS Electronic Point of Sale – Barcode - Records the product electronically - Lots of information about the product - Record stock levels and sales Electronic Funds Transfer at Point of Sale - EFT (Electronic Funds Transfer) makes payments between account holders via a debit or credit card. BACS (Bankers Automated Clearing System) used to pay employees money into their accounts and set up Direct Debits. Improvement the transference of money

Technological Changes to Production / operations: CAD / CAM / CIM Computer Aided Design - Enhances design of products - Easily allows modifications of designs and products – Prototypes can be put through simulations Computer Aided Manufacture - Enables a product to be designed on the screen and manufactured through the computerised system Computer Integrated Manufacturing - This combines CAD & CAM. Enables increased efficiency of the production process. - Production can quickly be stopped and started - Production can be modified. Advances in manufacturing and production – 3D printing

Global Connectivity Use of internet has become a social movement – utility – ‘ a human need’ Increased communications for isolated communities to allow access to worldwide markets. Changed business working practices – employment hours / ‘business 24/7’ Consumers not restricted to one local marketplace or opening hours

Social networking Social Networking Increased marketing profiling Cheap marketing Access to consumers in their home environment Access to customers friends and family – networks Data Mining – the ability to track interactions and patterns of consumers and identify trends allows decisions to be made that are individually customer focused

Business responses The adoption of technology has changed the way business operates - disruptive technology Creates innovation and progression in industry achieving efficiency and productivity. Technology creating new industries – sunrise industries Technology leading to the collapse of traditional industries and jobs – sunset industries