technology

• How has technology evolved since the Stone Age?

  From flint tools to computers and robots
• What impact has technology had on businesses?

  Changed the way we live our lives
• What did mass production methods do in the 1920s?

  Reduced the price of goods like cars
• What consumer durables became affordable by the 1950s?

  Cars, washing machines, and fridges
• How does technology in production improve efficiency?

  By reducing prices and increasing output
• What is Computer-aided design (CAD)?

  An interactive computer system for design
• How does CAD assist design engineers?

  By solving design problems and generating graphics
• What is the significance of reducing time from design to production?

  Increases business competitiveness
• How long did it take to produce a car in the 1970s?

  Five years
• How quickly can companies like Kia and Honda produce a car now?

  In 14 months
• What advantage does CAD provide in design variations?

  Allows infinite variations to be tested
• How does CAD help in identifying design problems?

  Identifies issues early to prevent costly reworks
• What is Computer-aided manufacture (CAM)?

  Use of computers in production processes
• What is an example of CAM in vehicle production?

  Robotic welders
• How does CAM improve packaging in supermarkets?

  Sorts vegetables by size and shape automatically
• What is a benefit of using CAM in small businesses?

  Minimizes waste in material cutting
• What can computer modelling be used for?

  To simulate wear and tear or energy output
• How does computer modelling help businesses?

  Allows testing of various 'what if' scenarios
• What defines a robot in manufacturing?

  How it is controlled, not its appearance
• What can robots do in manufacturing?

  Check fill levels and sort products
• How do robots improve efficiency in bakeries?

  By slicing cakes more accurately than humans
• How does IT increase productivity in businesses?

  By streamlining processes and improving relations
• What role does marketing play in IT?

  Helps gather customer profiles for targeted marketing
• How does the internet benefit businesses?

  Expands market reach and reduces advertising costs
• What is a benefit of targeted marketing?

  Generates potential sales automatically
• How has the digital revolution affected businesses?

  Increased use of social networking for marketing
• How does communications technology improve service standards?

  Allows flexible location for customer service
• What are the advantages of using technology in businesses?

  • Improved quality of products
  • Faster innovation and testing
  • More effective marketing and sales
  • Less dependency on labor
  • Increased productivity
  • Reduced waste and costs
  • Improved communications
• What are the potential costs of using new technology?

  • High initial investment costs
  • Risk of technology not working
  • Job losses for unskilled workers
  • Need for retraining existing employees
  • Potential for decreased employee morale
• What is the difference between CAD and CAM?

  CAD is for design; CAM is for manufacturing
• How is technology used in finance within businesses?

  By modeling cash flow for efficiency
• How is technology used in marketing within businesses?

  To gather customer data for targeted campaigns
• What is the impact of robotics on job security?

  May lead to job losses for some workers
• How has Amazon incorporated technology into their business?

  Utilizes various technologies for efficiency
• Discuss the statement: 'Improved technology will always benefit businesses and their stakeholders.'

  • Benefits: Increased efficiency, reduced costs, improved quality
  • Drawbacks: Job losses, high initial costs, potential for decreased morale
• Technology's Impact on Stakeholders

  Affects customers, employees, suppliers, investors, and shareholders through improvements in communication, productivity, convenience, and accessibility
• Benefits of Technology in Operations

  Automatic repetitive tasks, improves data accuracy, supports scalability, enhances decision-making, reduces costs, and provides a competitive advantage
• Examples of Technology in Operations

  ERP systems, CRM software, supply chain management, and cloud computing