Home > Free Essays > Business > E-Commerce > Emerging Technologies for Business Purpose
Rate

Emerging Technologies for Business Purpose Research Paper

Exclusively available on IvyPanda Available only on IvyPanda
Updated: Sep 8th, 2021

Background

The use of modern technologies in business development and overcoming various obstacles, for instance, competition and not sufficiently high demand, is a common practice. The constantly updated sphere of innovation in the computer industry allows stakeholders to choose those products that are best suited for application in specific market conditions. Developers offer a large selection of software and various utilities that simplify business activities and facilitate more convenient control of overall operations. In this regard, it is necessary to consider the existing technologies that are used today to optimize entrepreneurial decisions and serve as effective support mechanisms. Today, for business purposes, various software components and applications are utilized to increase consumer activity, expand sales, and promote other significant objectives. The use of contemporary software makes it possible to organize activities in any business sector and increase the efficiency and quality of all associated procedures. Therefore, the assessment of the modern computer technology market and its role in conducting business is an essential practice for obtaining valuable information about new digital media and the principles of supporting business.

Evolution of Emerging Technologies for Business Purpose

The evolution of information technology (IT) in business may be divided into several stages that have their individual qualitative features. For instance, after the introduction of the digital methods of monitoring and evaluating business activities by using basic utilities, businesspeople were able to assess the success of specific development steps clearly. The main goal behind the emergence of information technology is the satisfaction of the individual and corporate interests of those involved in working in a market environment (Leitão et al. 13). The typical signs of the emergence and establishment of new resources are the formation of standards, agreements, and protocols in the field of computer development and telecommunications, Also, an emphasis on forming access to strategic information, for example, logistics, has influenced business. Work on the means of protecting and organizing the security of corporate information has become a prerequisite for developing the necessary software. Therefore, the gradual emergence of new digital resources is the result of increasing needs and natural progress.

Role of Information Systems in Emerging Technologies for Business Purpose

Currently, the main goal of promoting information technology in business is to create an IT of such a level that may allow solving any strategic tasks, implement process management systems, and support business decision making. The emergence of personal computers was a significant milestone in the development of IT. According to Rotolo et al., when creating new information systems, the main guideline is the possibility of the most comprehensive satisfaction of an individual user and supporting his or her decisions (1830). In this case, both centralized and decentralized data processing takes place, focusing on solving local problems and interacting with the database in the workplace. Today, utilizing IT in business is aimed at mass and operational data processing. This should help companies’ managers to make rational decisions, protect assets from potential danger in a changing market, and create conditions for competitive struggle and successful sales. All these factors have determined the evolution of technology for a business purpose and become prerequisites for the new stage of control over entrepreneurial activities.

The use of information systems in business creates conditions for managing and coordinating large amounts of data. As Rotolo et al. argue, this improves managers’ performance qualitatively and contributes to enhancing sales productivity (1832). By managing the continuous flows of information and timely receiving data from primary sources, a progressively developing company can make a breakthrough in any area of ​​business. Unlike firms that do not pay particular attention to IT development, successful organizations implementing appropriate software are able to anticipate the potential outcomes of specific solutions and regulate entrepreneurial activity confidently (Soto-Acosta et al. 298). Therefore, in the conditions of the urgent need to use modern and justified components to control business, work is underway to update the existing digital products. When using the example of three separate software systems, it is possible to consider how they affect the quality of business management, what advantages and disadvantages they have, and how functional they are.

Contemporary Software Systems for Business Purpose

In order to provide examples of relevant software, it is necessary to clarify which areas are in demand in the modern innovation industry in promoting digital technologies in business. Cloud systems, chatbot messengers, and artificial intelligence tools may be utilized as important mechanisms for performing essential functions in ensuring data integrity and efficient processing. The analysis of individual products from each of the considered areas will allow confirming the need and relevance of their implementation in the business management sphere.

Cloud Technology: Amazon Web Services

Amazon Web Services is special software that offers cloud storage services, which is in demand today and contributes to saving space on hard drives. The project began its activities in 2006, and, as its name implies, it is the product of the world-famous Amazon Corporation (“Amazon Web Services”). The tool is supported on all operating systems and allows utilizing both individual and corporate networks to access cloud storage. This technology makes it possible to download necessary digital materials in a special online database. Users access it and can use the information that they need at any time. In the context of business organizations, this functionality helps avoid the overload of internal servers and saves internal storage space. For instance, if a company needs to save large digital files or make room for new content, its employees may apply for Amazon Web Services as a platform to download such materials.

Payment for the services of such a technology is insignificant and fluctuates within a few dollars a month. Nevertheless, its functionality is useful in the context of business development since one of the main advantages of Amazon Web Services is economic efficiency. Also, it is essential to note such features as reliability, free and constant access to data, and unlimited storage space (“Amazon Web Services”). The most significant disadvantage of such cloud storage is a potential security threat caused by the increasing cyber-attacks (“Amazon Web Services”). However, when having appropriate software, for instance, advanced firewalls, such a threat may be avoided, and businesspeople can get a profitable and high-quality resource for successful work in the conditions of processing large amounts of data.

Artificial Intelligence: Watson

Another valuable tool for doing business in a modern market environment is an artificial intelligence program, in particular, Watson created by IBM specialists. This project was announced in 2014, and since then, it has been used in various operating systems – Linux, IOS, and Windows (“Enterprise-Ready AI”). Its application allows recognizing voice signals received in different languages ​​and process these requests, finding the necessary information. Watson’s opportunities help find answers to questions that users ask, which saves time searching and increases the efficiency of business solutions.

In addition to the digital sphere, Watson may be used in other areas due to the functionality of the program. The project has become the basis for related products utilized in the healthcare, telecommunications, and economic sectors (“Enterprise-Ready AI”). With regard to business, Watson can not only help in finding the necessary information but also speed up the software. This feature is the platform’s advantage and may be used, for instance, for more convenient control over supply chains by creating chatbots (“Enterprise-Ready AI”). According to the information provided in free access, the starting package of the program costs about $30, whereas the functionality of the aforementioned cloud service is less expensive (“Enterprise-Ready AI”). Some challenges may arise with interoperability, but in general, this mechanism is a valuable technology in the modern innovation field.

Chatbot Platform: Chatfuel

The global social network Facebook opens up good prospects for both friendly and business interaction. In order to simplify some procedures for communicating with potential customers, a special program called Chatfuel and based on this network may be used. For the first time, this project was introduced in 2015, and since then, it has been the leading platform in Facebook Messenger (“Increase Sales”). The main feature of this technology is that it allows exchanging the necessary data with customers without intermediaries, thereby speeding up interaction time. Unlike the aforementioned tools, this program may work without human participation, which is an advantage. According to the official data, the world’s largest corporations (Adidas, T-Mobile, and some others) utilize Chatfuel in their activities (“Increase Sales”). This means that, despite the fact that the platform is supported only on the basis of Facebook functionality, its capabilities attract many market participants.

Chatfuel allows running conversations with potential customers based on queries entered into the social network. This property is a successful marketing solution that may be used in modern business organizations. For instance, if a particular user reads car news too much, the chatbot can advise him or her of the desired online store. It is possible to assume many such scenarios due to the high functionality of Chatfuel. Unlike the previous technologies, the price of this platform depends on the starting package – $15 per month for the package “Pro” and $300 per month for the package “Premium” (“Increase Sales”). Perhaps, such a classification is a challenge for some growing companies because compared with the previous technologies, this program costs much. Nevertheless, its various advantages, for example, independent customer search, the high quality of correspondence, and the ease of use make it a valuable business tool.

Recommendations

Emerging technologies for business purposes can perform meaningful functions to simplify and accelerate certain processes, and the application of innovations allows supporting specific entrepreneurial projects. The evolution of these technologies is a natural phenomenon, and the role of information systems in this area is significant due to the basic algorithms embedded in the original digital programs. According to the review and comparison of the aforementioned business media tools, it can be noted that all three mechanisms perform different tasks but serve the same purposes of engaging and retaining customers. Based on the choice of the optimal program in terms of price and quality, the Watson technology by IBM seems the most useful application. At the same time, the other two projects have valuable properties, and their functionality can also help expand the sphere of the influence of a particular business and establish a successful business project.

Works Cited

TutorialsPoint, 2019, Web.

“Enterprise-Ready AI.” IBM, Web.

“Increase Sales, Reduce Costs, and Automate Support on Facebook.” Chatfuel, Web.

Leitão, Paulo, et al. “Industrial Automation Based on Cyber-Physical Systems Technologies: Prototype Implementations and Challenges.” Computers in Industry, vol. 81, 2016, pp. 11-25.

Rotolo, Daniele, et al. “What Is an Emerging Technology?” Research Policy, vol. 44, no. 10, 2015, pp. 1827-1843.

Soto-Acosta, Pedro, et al. “Emerging Issues on Business Innovation Ecosystems: The Role of Information and Communication Technologies (ICTs) for Knowledge Management (KM) and Innovation Within and Among Enterprises.” Baltic Journal of Management, vol. 13, no. 3, 2018, pp. 298-302.

This research paper on Emerging Technologies for Business Purpose was written and submitted by your fellow student. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly.
Removal Request
If you are the copyright owner of this paper and no longer wish to have your work published on IvyPanda.
Request the removal

Need a custom Research Paper sample written from scratch by
professional specifically for you?

Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar

certified writers online

Cite This paper
Select a referencing style:

Reference

IvyPanda. (2021, September 8). Emerging Technologies for Business Purpose. Retrieved from https://ivypanda.com/essays/emerging-technologies-for-business-purpose/

Work Cited

"Emerging Technologies for Business Purpose." IvyPanda, 8 Sept. 2021, ivypanda.com/essays/emerging-technologies-for-business-purpose/.

1. IvyPanda. "Emerging Technologies for Business Purpose." September 8, 2021. https://ivypanda.com/essays/emerging-technologies-for-business-purpose/.


Bibliography


IvyPanda. "Emerging Technologies for Business Purpose." September 8, 2021. https://ivypanda.com/essays/emerging-technologies-for-business-purpose/.

References

IvyPanda. 2021. "Emerging Technologies for Business Purpose." September 8, 2021. https://ivypanda.com/essays/emerging-technologies-for-business-purpose/.

References

IvyPanda. (2021) 'Emerging Technologies for Business Purpose'. 8 September.

More related papers
Psst... Stuck with your
assignment? 😱
Hellen
Online
Psst... Stuck with your assignment? 😱
Do you need an essay to be done?
What type of assignment 📝 do you need?
How many pages (words) do you need? Let's see if we can help you!