1.5.2 Technology and business

    Cards (54)

    • What is technology in a business context?
      Scientific knowledge for practical purposes
    • Social media is an example of technology that enhances communication in businesses.

      True
    • Match the business area with an example of technology used:
      Operations ↔️ Robotics
      Marketing ↔️ Social media
      Finance ↔️ Online banking
      Human Resources ↔️ Virtual training
    • What are the two broad categories of sources of technology affecting businesses?
      Internal and external
    • Government initiatives can include grants for cybersecurity compliance laws.
      True
    • Match the source of technology with its example:
      Internal Research and Development ↔️ Creating a proprietary CRM system
      External Suppliers ↔️ Purchasing SaaS accounting software
      Industry Collaborations ↔️ Joint ventures for technology development
      Government Initiatives ↔️ Cybersecurity compliance laws
    • Government initiatives include funding, grants, and regulations supporting technology adoption.
    • Match the impact of technological advancements with their examples:
      Efficiency and Productivity ↔️ Automation, robotics, ERP systems
      Communication and Collaboration ↔️ Email, video conferencing, social media
      Innovation and Competitiveness ↔️ 3D printing, artificial intelligence, e-commerce
      Data Insights and Decision-making ↔️ Business intelligence tools, data analytics, cloud computing
    • What are four key areas where technological advancements can significantly impact businesses?
      Efficiency, communication, innovation, data
    • What are some technological tools that enhance business communication?
      Email, video conferencing, social media
    • Automation, robotics, and enterprise resource planning (ERP) systems improve efficiency and productivity
    • Cloud computing has made data storage and processing more accessible and scalable
    • What are the four primary impacts of technological advancements on businesses?
      Efficiency, communication, innovation, data insights
    • Technology improves efficiency by automating and streamlining business processes
    • What is one way technology enables innovation in businesses?
      Developing new business models
    • What type of technology is used in business operations to reduce costs and increase productivity?
      Automation
    • Internal research and development involves a business's own activities to develop new technologies
    • What is an example of a government initiative that supports technology adoption in businesses?
      Cybersecurity compliance laws
    • External suppliers provide technology solutions and services to businesses.

      True
    • Enterprise resource planning (ERP) systems can integrate and optimize various business functions to reduce costs.
      True
    • Emerging technologies like 3D printing and artificial intelligence can help businesses stay competitive in the market.
    • Enterprise resource planning (ERP) systems can improve business efficiency by integrating and optimizing processes.
    • Emerging technologies like 3D printing and artificial intelligence enable businesses to develop innovative products, services, and models
    • Cryptocurrencies facilitate more secure financial transactions in businesses.
      True
    • Technology refers to the application of scientific knowledge for practical purposes.
      True
    • Business intelligence tools, data analytics, and cloud computing provide valuable insights
    • What is one challenge businesses face when implementing new technology?
      Cost of implementation
    • Technological obsolescence refers to the rapid aging of existing systems and infrastructure.
      True
    • Data privacy concerns arise from collecting and storing customer data without adherence to data protection laws.

      True
    • Providing ongoing support is a key component of effective change management strategies.
      True
    • Robust security measures, such as firewalls and encryption, help protect against cyber threats
    • Enterprise Resource Planning (ERP) systems are used to integrate and optimize business processes
    • Match the area of business with an example of technology used:
      Operations ↔️ Enterprise resource planning (ERP) systems
      Marketing ↔️ Social media platforms
      Finance ↔️ Online banking
      Human Resources ↔️ Applicant tracking systems
    • Increased reliance on technology exposes businesses to cyber threats like data breaches and hacking
    • Technological obsolescence occurs when rapid advancements make existing systems and infrastructure outdated
    • Businesses should conduct thorough assessments of their technology needs
    • Match the area of business with a technology example:
      Operations ↔️ Automation and robotics
      Marketing ↔️ Social media platforms
      Finance ↔️ Online banking systems
      Human Resources ↔️ Applicant tracking systems
    • Data analysis and business intelligence tools provide businesses with valuable insights
    • Cryptocurrency is an example of technology used in the finance area of business.

      True
    • What is an example of an external supplier providing technology solutions to a business?
      IT consulting firm