What Are Technological Factors?

Technological factors are variables which relate to the existence, availability, and development of technology. This could include things from computational power to engine efficiency.

 

   How Do Technological Factors Affect Business?

New technologies can be used very effectively to counter inflation and recession. New machines can reduce production costs

 The increasing computing and processing capabilities of personal computers is enhancing the efficiency and effectiveness of businesses. Advances in information technology has made it possible to plan truly global supply chains, in which manufacturing and warehousing are distributed throughout the world depending on where these activities can be performed best.

Companies will be able to make better products at lower cost, and will be able to distribute them economically when supply chains become global. An economy’s ability to generate wealth will be largely dependent on the speed and effectiveness with which they invent and adopt machines that improve theirproductivity.

  General examples of Technological Factors affecting business include:

§  The existence of 3D technology

§  Computer calculation speed/power

§  The ability of computers to create truly ‘random’ numbers

§  Engine efficiency

§  Internet connectivity                                                   

§ Wireless charging

§  Automation

§  Security in cryptography

                   §  Let’s look at how these can affect business in some more depth:

§           §  Automation — The automation of many unskilled tasks can allow companies to replace human production lines with entirely machine ones. This can reduce costs for manufacturers, distributors, supermarkets, and many other different businesses. On the flip side, the gradual increase in job automation might not be such a great thing for job search firms.

    §  Internet connectivity —  It’s undoubtable that in recent years global internet connectivity has been on the rise. This presents an even larger market for many companies who use the internet to connect with their customers. On the flip side though, a global rise in internet connectivity might mean less interest in traditional communication means, which is a negative consequence for some — telephone service providers will have to change their offerings to stay relevant, while paper-and-ink printing companies might receive less business.

          Technological Factors Affecting Apple

§  Competitors find little struggle in recreating many of Apple’s products.

§  Growing demand for mobile technology will make the personal computer a less attractive product.

§  Apple’s quite restricting native Operating Systems can limit the scope of what is possible on their devices.

§  Growing numbers of cybercriminals could jeopardize Apple’s reputation for safety and security.

  Conclusion

In conclusion, technological factors are one of many external factors that can affect businesses, and are an integral part of analysis. They can be defined as factors which relate to the presence and development of technology, on either a local or global scale. There are many different examples of technological factors which affect business, visible in companies from Apple.