4.13

• A business that can incorporate technological

  advances into its operation successfully will thrive.

  • Much of the current technology businesses use will

  be redundant in several years and some business

  models will become outdated by new technology.
• A significant change in business marketing has been the rise of social media

  advertising (SMA).

  • It is now important for business owners to develop a social media advertising

  strategy when establishing a business.
• The application of 3D printers has expanded from small-scale model replication

  in laboratories to the construction of entire buildings.

  • The potential of 3D-printer technology is limitless on a commercial scale

  • While robotics has been used in manufacturing for many decades, the significant

  improvement and more widespread application of robotics highlights the

  significant impact it has had on businesses.
• A business owner can now do

  everything on a smartphone, from

  viewing live security footage to

  email correspondence and web-

  based conferencing.

  • The cost of developing software

  has significantly reduced, with

  international outsourcing options

  also available.
• Improvements in technology have created the opportunity

  for flexible work options and enabled many professionals to

  conduct their work from home or other remote locations

  • This reduces overhead expenses associated with providing

  additional office space for the business and makes an

  international pool of workers available for a variety of roles.
• Technology has allowed businesses to establish improved customer databases consisting of

  large amounts of information about customers.

  • This is largely due to the amount of data that can be collected from an increasing number of

  internet searches
• Technology has allowed businesses to establish improved customer databases consisting of

  large amounts of information about customers.

  • This is largely due to the amount of data that can be collected from an increasing number of

  internet searches
• Globalisation has presented many opportunities

  as well as problems for businesses.

  • The removal of trade barriers has allowed

  Australian businesses access to a wider range of

  overseas suppliers and resources, customers and

  overseas retailers, as well as competitors.
• When establishing a business, a business owner may find it beneficial to

  develop contacts with overseas suppliers.

  • Australian businesses now have access to a global supply network that offers a

  wider range of more affordable raw materials and finished products.

  • As well as taking advantage of lower prices, the business owner may be

  able to source materials that are not available domestically
• Many Australian businesses have grown substantially as reductions in trade barriers have

  provided greater access to international markets.
• A business must adapt to the rapidly

  changing global environment in order to be

  successful.

  • The business world is experiencing rapid

  technological advancements in the areas of

  manufacturing, administration and

  marketing.
• A business can establish a customer

  database (an organised collection of

  information on existing and potential

  customers, including such details as their

  contact information, personal details,

  previous interactions with the business,

  buying habits and preferences). Using

  technology to establish a customer database

  has a number of benefits and costs.
• Globalisation has allowed Australian

  businesses to access a wider range of

  customers and suppliers. A business may

  choose to develop contact with overseas

  suppliers and/or overseas retailers. Both of

  these decisions have benefits and costs.