Conduct research related to business in your field of study and identify three emerging technologies that could be applied in some way within the business. In a word document, create a chart that summarizes the following information. When creating the chart, be sure to include a title and proper labels on rows and columns to ensure that readers can understand the information being presented.
Name of each emerging technology Description of the role of the technology within the business organization. Description of how the technology could change business operations. Description of how the technology could change the way employees work. Description of how the technology could change customer interaction or the customer experience. Description of how the technology could help business organizations gain competitive advantage. Description of how the technology could help the organization meet goals more quickly or efficiently.
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Name of each emerging technology
Block-chain, robotics and artificial intelligence.
Description of the role of the technology within the business organisation.
The business organisation is a quick service retail restaurant, which already has a lot of systems and processes in place as maintaining order service time is critical for the establishment. Technology is used to increase the shelf life of unfinished foods, which is mainly in the storage domain. Modern cooking technology is leveraged to enable quick servicing of orders, along with modern CRM software to track and manage inventory and order processing.
Description of how the technology could change business operations.
Block-chain:
- Will help in improving tracking of raw material and other supplies, which can be further improved to enhance quality
- Since block chain can also help with commodity management, it can help the company source better supplier or can enable them to directly purchase from farmers
Robotics
- Potential to revolutionise the food production industry, which would provide better quality, efficiency and prices.
- Some systems can be created to automate process like food assembly, cleaning, chopping ingredients etc.
Artificial Intelligence
- Developing recipes by combining recurrent neural networks which finds a non obvious connections between ingredients, how to pair unique ingredients and what are their effects on each other.
- Using machine learning and AI to create research on consumer’s sensory perception of flavor and predict consumer preference
Description of how the technology could change the way employees work.
From the above points, it can be inferred that the technologies mentioned would make certain jobs obsolete as they will no longer be necessary. The remaining jobs which would still be relevant, would require a high degree of specialisation and expertise. There will be a low degree of actual physical labour involved in these jobs, and will mostly revolve around monitoring the systems and processes, along with the jobs that require a human touch for customer engagement.
Description of how the technology could change customer interaction or the customer experience.
The technology will be leveraged to enhance customer interaction and customer experience. All three technologies mentioned above have the potential and scope to achieve that, be it AI to predict changing consumer tastes and habits or block-chain, which can enhance consumer interaction and keep a track of habits and preferences.
Description of how the technology could help business organisations gain competitive advantage.
As mentioned above, the technologies can be leveraged to improve a lot of processes and create capabilities that will automate internal and external processes. There would be a very low dependence on employees, which is sure to increase operational profits as there would be low number of salaries and wages to be paid. New improved product range can be introduced based on research through AI, which would suit consumer choices, this has the potential to increase repeat business and improve brand loyalty. These factors would be vital in providing the organisation with a vital competitive advantage.
Description of how the technology could help the organisation meet goals more quickly or efficiently.
Enhanced processes would significantly turn around order processing time, enabling optimum quality and would also position the business to serve their customers in the best way possible. These are some of the key goals associated with a business, which can lead to a successful organisation.
Conduct research related to business in your field of study and identify three emerging technologies that...
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