Literature Review: Management of Technology Innovations in the Business Environment
Management of Technology Innovations in the Business Environment The technology transformation, which began to take shape in 1980 with the development of the internet and innovation of mobile devices, has transformed the business environment significantly. Schatzberg (2018) defines technology as the employment of techniques, skills, procedures, and strategies in the production of commodities, as well as the achievement of set goals. These technological advancements have resulted in a competitive business landscape that is crowned by uncertainty, volatility, and turbulence (ŞAHİN and Topal, 2018, p. 1274). This results in the dynamism of the business environment and creates a need to manage the unpredictability resulting from these technology innovations employed in the business environment. It is important to first understand what technology management means in this context. Turulja and Bajgoric (2018) define technology management as the art of supervising workers across the technological continuum as well as managing the wide range of complicated technological breakthroughs. In today’s business world, the digital era has had a major impact on the business environment. Technology advancements have been made in every sector of business and managers have a task to comprehend the various technological innovations and how they affect business operations. In doing that, managers need to maximize the positive impacts of technology in business and find ways to mitigate the negative impacts of such technological innovations. This ensures that the ramifications of employing such technologies do not cause harm to the business. This paper aims at giving an insight into the major technology advancements witnessed in the business environment, and further discusses the positive and negative impacts of these technology innovations on the business environment. In a review of related literature, this paper outlines 4 R2001D10092536 appropriate strategies that businesses need to employ in the management of technology innovations, to achieve maximum benefits from technology advancements