Question

what are some trends happening with technological forces in our larger economy? what are the positives and negatives?

Answer 1

Humans have developed tools and technology to assist in the pursuit of our goals. Large shifts in technology have resulted in large shifts in social structures, and how individuals both contribute to society and make a living. The Industrial Revolution, for example, brought large-scale changes to our socio-economic structures and the kinds of work people did.

People around the globe are more connected to each other than ever before. Information and money flow more quickly than ever.Global Manufacturing
Global Manufacturing
Goods and services produced in one part of the world are increasingly available in all parts of the world. International travel is more frequent and international communication is commonplace. Globalization is an economic tidal wave that is sweeping over the world. It can’t be stopped, and there will be winners and losers. But before drawing any conclusions on how it affects the U.S. economy, consider some of the general cons and pros of globalization.

Today, technological advances are rapidly making it possible to automate much of the work currently carried out by humans. This applies to both blue-collar jobs, through robotics and the Internet of Things, and white-collar work, through artificial intelligence. The wide applicability of these technologies has led to broad concern about the destruction of jobs. Technology is a set of tools that we use in different ways to increase efficiency. The Industrial Revolution destroyed some jobs but created many more. It also increased the aggregate wealth of society and began to create a middle class who could enjoy health, education and other benefits that previously had been available only to the wealthiest. It can be challenging to predict the kinds of jobs that this new revolution will create and in what quantities, which makes the situation seem worse than it actually is.

For many, this picture is overly optimistic. The new jobs require a completely different skills set – you can’t turn an assembly plant worker into a data scientist overnight, if at all. The Industrial Revolution played out of several decades and yet still caused massive social upheaval, unrest and widespread deprivation for many. The digital revolution may happen much faster, across large areas of a complex, interconnected economy that has very tight in-built feedback loops.

Others are concerned that this time is different and that we are facing a permanent reduction in the need for human labour. The extent to which we replace or transform jobs, or the extent to which this is a transitional shift or a permanent change, is not predefined. We have a choice over how we want to use technology, over which path we take and over which scenario emerges.

Today, we are in the midst of a business revolution. Driving the transformation of business are three core technology trends, which have become top buzzwords in the business world: mobility, cloud computing and big data. SAP conducted a LinkedIn survey to find out what business people think about these three top trends. I will discuss the results below.

Mobility

The proliferation of mobile devices, apps and operating systems, has got almost every company considering how to they can take advantage of expanding mobile technology. The growing consumerization of IT and BYOD (Bring Your Own Device) trend is bringing mobile devices and consumer apps into the enterprise, increasing workers’ productivity and enabling them to respond quickly to market changes and opportunities as they arise.

Mobility also lessens equipment costs and provides employees with a sense of employment and freedom with their increased access to information. As a result, workers are performing more tasks outside the office than ever before. According to the survey, 33 percent of business people spend 11 to 20 percent of their time working outside of the office, while 28 percent spend over 51 percent of their time.

However, while businesses are enjoying the benefits of workers’ increased mobility, there are challenges associated with it. One major concern for IT departments is the security of company information. This concern can be resolved by developing and enforcing policies and standards for device management.

The second challenge is the impact that mobility has on employees, who often struggle to maintain a work-life balance. BYOD has extended the work day, such that we are no longer witnessing the standard 9:00 to 5:00 work hours. For example, one participant stated, “I work at home…so it is easy to work all the time.” Another claimed, “I clicked over 51% cause I need to sleep at some point and I usually do that at home.”

Big Data

The volume of data available to enterprises today is overwhelmingly large and growing dramatically every year. The frequency that data changes and the dissipate sources of the data, like mobile devices and social media, is creating an overflow of unstructured data. Behind this massive amount of data is essential insight about customers, operational costs and other key aspects of business.

Businesses who exploit this data by analyzing it quickly and comprehensively are able to make more informed decisions faster and build competitive advantages. How do you process the hundreds of billions of rows of data? In-memory computing helps businesses manage, process and analyze the vast incoming, very complex, data.

By harnessing big data through analytics, businesses experience several benefits that are key to businesses’ success. The biggest benefit, according to 26 percent, is better information and greater operational efficiency. The second most valued benefit of big data is remaining competitive (24%). As one respondent puts it, “Information is knowledge, knowledge is power.”

Cloud Computing

Cloud computing is helping businesses across industries and of all sizes compete at a higher level. With cloud computing, traditional, lofty on-premise software and systems that require huge investments are no longer necessary.

The cloud enables companies to share, store and consume resources easier, at a lower cost and with greater flexibility. It also allows for high-performance infrastructures to be available on mobile devices, earning widespread adoption.

Cloud computing has also allowed for more efficient and effective business processes. For example, current in-memory computing technology has driven down transaction times from something that might have taken 45 minutes to six seconds.

Many businesses are already taking advantage of cloud computing and are reaping the benefits. According to SAP’s survey, 28 percent of business people find elasticity and scale to be the greatest advantage of cloud computing. Additionally, 22 percent say ROI or cost efficiencies and increased access to information are the top benefit.

the advantage of cloud computing
The tremendous benefits offered are inspiring more and more companies to adopt cloud solutions and propelling the growth of the cloud computing. According to a Gartner forecast, the cloud market is expected to grow 25% year over year.

Which of the three trends is having the greatest impact?

Forty-one present cite cloud computing as the trend that is having the biggest on impact on businesses, followed by mobile (25%) and big data (18%).

the technology trend having the biggest impact
With these three building blocks, businesses are running better than ever before, experiencing increased agility, productivity and efficiency while cutting costs. Many companies have begun to leverage these technologies to drive innovation.

One great example of this is SAP. SAP has not only uses cloud computing, big data and mobility to drive its own innovation, but is helping other companies become best-run businesses through the technologies.

The Disadvantages of Globalization

• Multinational corporations are accused of social injustice, unfair working conditions (including slave labor wages and poor living and working conditions), as well as a lack of concern for the environment, mismanagement of natural resources and ecological damage.
• Multinational corporations, which were previously restricted to commercial activities, are increasingly influencing political decisions. Many think there is a threat of corporations ruling the world, because they are gaining power due to globalization.
• Opponents say globalization makes it easier for rich companies to act with less accountability. They also claim that countries’ individual cultures are becoming overpowered by Americanization.
• Anti-globalists also claim that globalization is not working for the majority of the world. During the most recent period of rapid growth in global trade and investment, 1960 to 1998, inequality worsened both internationally and within countries. The UN Development Program reports that the richest 20 percent of the world's population consume 86 percent of the world's resources, while the poorest 80 percent consume just 14 percent.
• Some experts think that globalization is also leading to the incursion of communicable diseases. Deadly diseases like HIV/AIDS are being spread by travelers to the remotest corners of the globe.
• Globalization has led to the exploitation of labor. Prisoners and child workers are used to work in inhumane conditions. Safety standards are ignored to produce cheap goods. There is also an increase in human trafficking.
• Social welfare schemes or “safety nets” are under great pressure in developed countries because of deficits and other economic ramifications of globalization.

The Positive Side of Globalization

Globalization has a positive side as well. Supporters of globalization argue that it has the potential to make this world a better place to live and will solve some deep-seated problems like unemployment and poverty. The marginal are getting a chance to exhibit in the world market.

Here are some other arguments for globalization:

• The proponents of global free trade say that it promotes global economic growth, creates jobs, makes companies more competitive, and lowers prices for consumers. It also provides poor countries, through infusions of foreign capital and technology, with the chance to develop economically by spreading prosperity creates the conditions in which democracy and respect for human rights may flourish.
• According to libertarians, globalization will help us to raise the global economy only when the involved power blocks have mutual trust and respect for each other’s opinion. Globalization and democracy should go hand-in-hand. It should be pure business with no colonialist designs.
• Now there is a worldwide market for companies and consumers to access products from different countries.
• There is a world power that is being created gradually, instead of compartmentalized power sectors. Politics are merging and decisions that are being made are actually beneficial for people all over the world.
• There is more influx of information between two countries.
• There is cultural intermingling. Each country is learning more about other cultures.
• Since we share financial interests, corporations and governments are trying to sort out ecological problems for each other.
• Socially we have become more open and tolerant toward each other, and people who live in the other part of the world are not considered aliens.
• Most people see speedy travel, mass communications and quick dissemination of information through the Internet as benefits of globalization.