technology

• electronic point of sale (EPOS)

  allows companies to gather information on customers buying habits such as regular purchases and any effect the change of price or promotion would have on sales, expensive to set up, can be used alongside customer loyalty cards to monitor consumers buying habits, information collected can be used to target promotional campaigns to the appropriate customers
• online survey

  easy to develop, cost effective, can be sent directly to customer via email, results can be analysed using software so customer buying habits or the effectiveness of company marketing strategies can be monitored
• databases


  store customers' information, can be searched to find customers with specific characteristics for target marketing or promotional campaigns, information can be merged with advertising materials to be sent out to customers, also store employees' information, reports can be automatically generated to aid in staff management
• advertising on the internet

  cost effective, wide audience, can target specific market segments by using customer browser histories
• e-commerce

  buying and selling of goods online, marketing department can use e-commerce to reach the global market who will be able to shop 24/7
• social media

  can be used to interact with customers, products can be advertised any time to a wide range of customers, allows customers to respond to adverts and ask questions to the company
• QR code

  enables the customer to access the goods quickly and easily, increasing sales
• SMS texts

  can be used to alert customers of promotions
• self checkout systems

  speed purchasing process
• digital screens

  to display eye-catching adverts
• technology in management of marketing

  internet, e-commerce, social media, databases, SMS texts, EPOS, self-checkouts, digital screens
• computer aided design (CAD)

  computer system is used to create or modify a design to simulate a it in a 3D environment allowing the designer to have an idea of how the finished product will look leading to more accurate design processes so less wastage, changes can be made without redoing drawings or rebuilding prototypes so time is saved
• computer aided manufacturing (CAM)

  uses machines controlled by computers in the manufacturing process to reduce risk of human error and ensures consistency across all products produced, allows the business to save on labour costs and operate 24/7, expensive and production is reliant on the technology not breaking down
• robots

  reduce labour costs, carry out repetitive work, used in conditions where employees would not be allowed to work for health and safety reason, reduce the need for supervision and can reduce wage costs
• technology in management of operations

  IT, internet, EPOS, barcodes, QR codes, spreadsheets, CAD, CAM
• video conferencing

  can be used to conduct interviews, saves the company time and money on travel and still allows the interviewer to see the candidate’s appearance and body language, reliant on secure internet connection
• hiring on the internet

  can be used by candidates to complete online application forms, speeds up the recruitment process and save money for the organisation, advertise jobs online which increases the number of potential applicants
• hiring with electronic testing

  used to help in the selection process, candidates can complete online tests anywhere, electronically marked, can be used to compare potential employees’ abilities
• presentation software

  can be used to help present training courses
• virtual learning environment (VLE)

  allows employees to access training materials online or through specific industry software packages anywhere, employees can undertake training at a time or place of their choice, saves the company time and money on travel or employing specialist trainers, reliant on secure internet connection
• e-diary

  can be used to schedule meetings and appointments, staff can access other employees’ diaries to see their availability
• technology in management of people

  internet, video conferencing, electronic testing, presentation software, VLE, e-diary
• spreadsheets

  produce graphs and charts of financial information, formulae function within the spreadsheet can be used to carry out instant calculations accurately, spreadsheet templates for financial statements saves time, spreadsheets can be easily amended or edited
• SAGE

  software package used by many businesses to manage and process financial information, finance department can use it to generate invoices + manage payroll + complete tax returns
• BACS payments

  allow a company to transfer money securely and quickly between bank accounts, used by the finance department to pay staff wages suppliers
• electronic funds transfer point of sale (EFTPOS)

  electronic method of paying for goods exactly where you purchase them, done through debit / credit card + contactless + app payments
• internet banking

  transferring funds can be done instantly and conveniently as they are completed through phone apps or computers, saves the company time as it reduces the need for employees to take trips to the bank, increased computer security is required to safely process information, banking can only be processed if technology is working
• technology in management of finance

  spreadsheets, presentation software, email, SAGE, BACS payments, EFTPOS, internet banking