January 2020
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It’s a crucial decision to select the technology for any business. One of the major reasons behind this is technology is becoming obsolete very fast. So, there are chances that the money which you are going to invest in the current technology today, may be a waste after a year or so. Moreover, only selecting the right technology for your business is not sufficient, but proper usage of that technology is also of utmost importance. Otherwise that technology will be only on paper and not in practice.
Afterall whatever technology you will choose; it should be capable enough in problem solving or performing specific function which should lead to increase the effectiveness and efficiency of your overall business. As an entrepreneur, one must know how to go from pain to gain with the proper selection and usage of technology for the business.
Here, it may be possible that some organisations are Initiators and some are Followers in the same industry. It means that there will be a particular organisation which will be the first to implement that particular technology depending on its requirements, urgency and funds.
e.g. Cloud Computing
On the other hand, other organisations will wait and watch for the results of that technology from the organisation which is using that technology. Based on the results, they will decide whether to go for that technology or not.
Scope of using internet-based technology for business:
As per the following diagram, we can see the huge number of internet users world-wide which shows there is a lot of potential for using internet-based technology such as Artificial Intelligence, Machine Learning, IoT – Internet of Things, Cloud Computing, Web Sites, Different Apps, Online Payment, Social Media Marketing, etc which will definitely help in boosting the business and take the competitive advantage over others.
Factors affecting Selection of Technology:
Selection of technology is important decision for any business. Following are some of the factors on which selection of technology is available:-
- Purpose: -
One should be very clear about the selection of technology for his/ her business. He/s he should ask the questions such as do we need automation? If yes, then in which area? What Value it will bring to the business?
- Process: -
Before adopting any technology, it’s necessary to write down the entire process with all details so that one should not miss any point.
- Feasibility: -
Feasibility study should be done before finalizing. It will assist in deciding whether a project is worth the investment.
e.g. ERP Implementation may not be feasible for small organisations.
- Volume of Data: -
Size of the data in GBs (Giga Bytes), TBs (Terra Bytes) matters especially in internet-based technologies because accordingly the other requirements should be made like speed of internet connection such as 10 Mbps (Megabits per second), 20 Mbps, etc.
- Real Time Data: -
If it’s a real time data such as Stock Market, Air Traffic Control Systems, Networked Multimedia Systems will require special system requirements.
- Security: -
If it’s a bank, then security of data of the account holders is of top most priority. Because nowadays, bank should take maximum precaution to avoid the hacking, Phishing and other cybercrime cases.
- Data Retrieval System: -
Only storage of data is not sufficient. Rather, it should be easily accessible to the concerned authority whenever needed. So, it can be cloud based or data can be saved on your own server. But the retrieval time should be minimum.
- Data Migration: -
If you are shifting from old to new storages system, then data migration will become one of the important issues because every organization will require its old and existing data of its business.
- Data Analytics Report: -
Is your software system is giving you Data Analytics Report which will empower the employees and management as well to make data driven decisions based on evidence and analytics.
- Statutory Requirements: -
Legal and ethical issues should be considered regarding the usage of technological resources. Even for MS Office, Windows Operating System, Anti-Virus, etc, license is required. Same is applicable for other softwares as well.
- User Friendly: -
Whichever technology you are going to adopt, it should be easy to understand and use keeping in mind the end user and the existing technology, if any. Otherwise, they may not accept that easily.
- System Integration: -
With system integration, we can ensure that the entire process right from the manufacturing to the availability and sale of final product is seamless.
Prof. Sandeep Moghe
Assistant Professor,
DR V N BRIMS, Thane
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