EXTERNAL INFLUENCES Technological Change Economics and Business P Oldfield 2013.

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Presentation transcript:

EXTERNAL INFLUENCES Technological Change Economics and Business P Oldfield 2013

Introduction Change provides new opportunities but creates fear. Change provides new opportunities but creates fear.

Major Implications for: Introduction Marketing – new products, updated, customers wider choice. Production – increased efficiency.

Introduction Finance – extra short term costs but long term gains. Human resources – improved conditions, new practices. Major Implications for:

Computer Aided Design (CAD) Designs viewed in 3D, altered quickly, cheaply. Cuts down lead time and development costs. Opportunities upon the Firm New Products

Computer Aided Design (CAD) Competitive – product reaches customer more quickly. Product life cycles shorter. Opportunities upon the Firm New Products

Rapid pace of change, plus increased reliability: Customers more trusting of new technology - more willing to purchase new products, update. Opportunities upon the Firm New Products

Growth in the sales of extended warranties. May be greater margins on these than original product! Opportunities upon the Firm New Products

Computer Aided Manufacture (CAM). Allow firms to: Manufacture products in shorter times with improved quality, reliability – may lower prices for consumers. Opportunities upon the Firm New Production Methods

Computer Aided Manufacture (CAM). Allow firms to: Provides greater flexibility – different versions of same product can be made in same production run eg cars. Opportunities upon the Firm New Production Methods

Computer Aided Manufacture (CAM). Allow firms to: Allows Just-in-time production to take place – reduced stockholding costs. Opportunities upon the Firm New Production Methods

Computer Aided Manufacture (CAM). Allow firms to: Involves use of Robots – more accurate than humans and don’t get tired. Opportunities upon the Firm New Production Methods

Many people fear / resist change – may not be able to see the benefits, perceive change to involve: Threats upon the Firm General

Threats upon the Firm General Risk / uncertainty. Loss of job, livelihood. Skill obsolescence.

Threats upon the Firm General Loss of status. More work, greater pressure. Loss of job interest. Inability to perform preferred tasks.

Threats upon the Firm General Inability to cope with new responsibilities / new skills. Changes to work group / social relationships. Disruption of habits, regular routine.

Threats upon the Firm The Pace of Change Cheaper products but obsolete more quickly: Timing of new machinery / computers, therefore, critical.

Threats upon the Firm Raising Finance Investment in new technologies riskier than others: Providers of finance - require higher, faster returns. Technology businesses - volatile - investors particularly wary.

Threats upon the Firm Customer perceptions Fear of new products: not tried, well tested. Need to spend money on marketing and promotion.

Threats upon the Firm Human Resource Issues Resistance. New technology may be: misunderstood, perceived as unnecessary, result in job losses. Resistance. New technology may be: misunderstood, perceived as unnecessary, result in job losses.

Threats upon the Firm Human Resource Issues Training (Re-training). Operators - must use new machinery, make new products. Sales force - need wider product knowledge. Training (Re-training). Operators - must use new machinery, make new products. Sales force - need wider product knowledge.

Threats upon the Firm Human Resource Issues Working practices. Job re-defined - employees need to be flexible, adaptive. Use of Internet - home-working, hot-desking - more flexibility. Working practices. Job re-defined - employees need to be flexible, adaptive. Use of Internet - home-working, hot-desking - more flexibility.

Threats upon the Firm Human Resource Issues Redundancy. Technology replaces people. Employees feel insecure. Careful management of change required. Redundancy. Technology replaces people. Employees feel insecure. Careful management of change required.