2.5 Technological Factors

• Technological factors include innovation, research and development, and the competitiveness they foster
• One of the challenges of technological factors is the risk of cybersecurity
• Research and development are crucial for businesses to stay ahead in technological advancements.
• Match the technological advancement with its impact on business:

  Artificial Intelligence ↔️ Enhances efficiency

  Cloud Computing ↔️ Reduces IT costs

  Big Data Analytics ↔️ Improves customer segmentation

  Internet of Things ↔️ Optimizes operations
• Order the business functions by how technology impacts them, from highest to lowest priority:

  1️⃣ Operations

  2️⃣ Marketing

  3️⃣ Human Resources
• In marketing, technology improves customer loyalty and increases ROI
• Technology transforms business operations but presents challenges like cybersecurity risks and the need for employee training
• Technological factors include innovation, research and development, and competitiveness to enhance efficiency
• Technological factors enhance strategic benefits for businesses.
• Match the technological advancement with its description:

  Artificial Intelligence ↔️ Systems that automate tasks

  Cloud Computing ↔️ On-demand access to data

  Big Data Analytics ↔️ Analysis of large data sets

  Internet of Things ↔️ Network of connected devices
• Key technological advancements improve customer engagement and strategic decision-making.
• Technology enhances customer engagement, streamlines operations, and simplifies human resource management
• The formula for Return on Investment (ROI) is \text{ROI} = \frac{\text{Net Profit}}{\text{Total Investment}} \times 100</latex>.
• Match the business function with the impact of technology:

  Marketing ↔️ Increased customer reach

  Operations ↔️ Automated processes

  Human Resources ↔️ Remote work capabilities
• Order the steps of how technology drives competitive advantage:

  1️⃣ Enhances efficiency

  2️⃣ Improves customer engagement

  3️⃣ Supports strategic decision-making
• Technology drives competitive advantage by improving customer engagement and supporting strategic decision-making.
• Cloud computing reduces IT costs and increases scalability
• The Internet of Things (IoT) optimizes business operations
• Artificial Intelligence enhances efficiency and improves customer service
• Big Data Analytics supports strategic decision-making
• What are the three key drivers of competitive advantage according to the study material?

  Efficiency, engagement, decision-making
• Match the technology with its primary impact on business:

  AI ↔️ Improves customer service

  Cloud Computing ↔️ Reduces IT costs

  Big Data Analytics ↔️ Supports strategic decisions
• The Internet of Things (IoT) optimizes business operations
• Technological change presents both opportunities and challenges for businesses
• What are three challenges of technological change for businesses?

  High costs, cybersecurity risks, training
• Automation and streamlined processes contribute to enhanced efficiency
• Data security needs are a challenge for customer engagement
• Match the opportunity with its corresponding challenge:

  Efficiency ↔️ Technical glitches

  Customer Engagement ↔️ Data security needs

  Strategic Decision-Making ↔️ High costs
• What are three technologies that drive technological change in businesses?

  AI, Cloud Computing, Big Data
• Technological factors are aspects of technology that impact business operations
• Order the three primary technological factors:

  1️⃣ Innovation

  2️⃣ Research and Development (R&D)

  3️⃣ Competitiveness
• Cloud computing increases scalability and collaboration
• Big Data Analytics improves customer segmentation
• What is the Internet of Things (IoT)?

  Network of connected devices
• What is the primary goal of artificial intelligence in business?

  Automate tasks and decisions
• Cloud computing provides on-demand access to data and software over the internet
• Big data analytics supports strategic decision-making and improves customer segmentation.
• Match the technology with its impact on business:

  Internet of Things (IoT) ↔️ Optimizes operations

  Artificial Intelligence (AI) ↔️ Enhances efficiency

  Cloud Computing ↔️ Reduces IT costs

  Big Data Analytics ↔️ Supports strategic decision-making
• What is the role of AI in improving customer service?

  Automates tasks and decisions
• Cloud computing increases scalability and collaboration by providing access to data and software over the internet