Advanced technologies can be applied in various ways to improve human capital management practices in an organization. They can make the communication of information easier, reducing mistakes and ensuring that initiatives take place smoothly. Long-distance communication tools, in particular, have become indispensable to most companies. They have proven particularly valuable in the current circumstances, enabling people to work from home without significantly disrupting the flow of operations. Such a result would not be possible before the emergence of the tools necessary, such as the Internet and videoconferencing software. More modern developments, such as augmented and virtual reality, can also be leveraged to improve human resource management in novel ways. The two items mentioned can help relay visual information to people in a more accessible manner, enabling them to experience an image that is easier to comprehend and closer to reality than many other modes of presentation.
From the viewpoint of the resource-based theory, technology, as applied to human resource management, is a resource that is valuable and difficult to imitate, though it is neither rare nor nonsubstitutable. When used correctly, it can generate substantial advantages for the company that employs it. However, most such technologies are typically based on a shared third-party foundation accessible to most competitors. With that said, technologies typically require experience and knowledge to maximize benefits, which makes their immediate adoption challenging. Moreover, the advantages they provide may often be found elsewhere, particularly for less integrated technologies, such as the aforementioned VR and AR applications. As such, companies should seek out new technologies and incorporate them into their operations at all levels while also learning from others’ examples to obtain substantial advantages.