Technology management concepts and practices

Technology Management

The rapid technological advancements that have characterized the modern society have contributed to increased automation, especially in the business sector. The modern business world is experiencing increased automation and technological advancements because businesses are constantly seeking for measures to enhance their profitability and competitive advantage. In a survey conducted on the financial services industry, Fleming (2016) states that companies in this sector are facing increased automation, which could generate an upheaval for the industry and its employees. Financial services companies are increasingly adopting and introducing technology for their business processes to achieve greater accuracy and efficiency across all their operations. While these advancements could cause an industry upheaval, they help companies enhance their efficiency by improving functionality and reducing inefficiencies in operations.
As technological advancements continue to change business operations, its important for businesses to establish suitable measures for automation of their functions and technology management. The first step towards grasping automation in light of increased technological advancements is establishing organizational goals. Similar to establishing a new business endeavor/enterprise, successful automation processes require determining clear goals on what will be accomplished by the technology (Forrest, 2016). As shown in the article, establishing clear goals help in determining the specific inefficiencies to be addressed or functions to be carried out by the technology. Once these goals are established, the second step is to determine the appropriate technology depending on what will be automated. This also requires identifying the specific business processes to be automated and how the selected technology will automate them in an effective manner. The third step I would utilize is to develop a team that will handle the automation process and communicate the vision to the team and the entire workforce. This helps in creating buy-ins towards the successful implementation of the automation. Upon implementation, the final step would be to evaluate the effectiveness of the automation in achieving the established goals and making regular improvements. This helps in ensuring that the automation is implemented in line with the desired goals and improved to address emerging customer needs.
These steps are good for business because they will help ensure that the automation is carried out in an effective manner. While there are various technological solutions that are available in the market, the adoption of these solutions require suitable approaches in order to avoid any potential pitfalls (Forrest, 2016). The previously described steps are good for business because they will help ensure the most suitable technology is adopted for a business and the use of an appropriate framework for implementation and evaluation in order to meet business needs. Therefore, these steps are useful and necessary towards effective technology management that enhances the accuracy and efficiency of a business across all its operations.
Based on the numerous benefits of automation on financial services companies, constant application of automation is a favorable development for both business and society because of the ever-changing societal needs and demands. For businesses, constant application of automation is crucial towards meeting the ever-changing needs of customers and streamlining operations. In this regard, business enhance their efficiencies and productivity through constant application of automation towards value addition. On the other hand, the needs and demands of the society continue to change, particularly because of technological advancements. In this case, automation provides a suitable platform through which these needs and demands can not only be identified but also addressed. Therefore, constant application of automation contributes to numerous benefits for both business and the society.
References
Fleming, S. (2016, May 5). Financial Services Companies Braced for Automation. Financial Times. Retrieved August 4, 2017, from https://www.ft.com/content/577216d8-0802-11e6-a623-b84d06a39ec2
Forrest, C. (2016, November 1). Five Best Practices for Bringing Automation to your Organization. Retrieved August 4, 2017, from http://www.zdnet.com/article/five-best-practices-for-bringing-automation-to-your-organization/