Technology - An Ultimate Solution

Technology - An Ultimate Solution

-Dr. Lalit Kumar Setia*

Earlier it was considered that creativity and innovations change the manager's functions and ensure success and in the era of technology, now nothing is considered more than technology. Even the creativity and innovations are being derived through use of technology. In my own words, "Technology is the ultimate solution to various major problems of the world". The mobiles & laptops are now being equipped with new recognition tools to protect data and other information.

e-Business:

The recent privacy concerns after the leakage of data of Facebook; everyone is now seriously taking the issues of data protection. There are applets which gave facility for opening lock of mobiles through face recognition, finger recognition or eyes recognition. The manufacturers and traders are taking support of automation technologies and robotics to streamline their work by using networks & virtualization. But technology is a two way sword if it is utilized effectively then there will be cut in the cost of production and other operations of business and if it is misused then the scams can hurt the companies like Punjab National Bank faced scam due to misuse of SWIFT passwords and the Rotomac suffered a loss of Rs. 3600 crores due to misuse of technological systems. The supervision of employees and customers have become easier with using CCTV cameras and the marketing in business seems useless without using data acquisition (SCADA) systems. The human-machine interfaces (HMIs) IT systems have proved their utilities in modern world of e-business. 

Automation for effectiveness and efficiency:

The strategy has greatly influenced from technologies and the key performance indicators (KPIs), key cost factors, process flow etc. have been analyzed with the help of softwares and decisions are being effectively implemented through Systematic Application Products (SAPs). In Bengaluru, during February of 2019, the land conversion that is "Change of Land Use (CLU)" is made online to combat corruption in cases of CLU. A lot of cases had been detected for illegal conversations of Agricultural land for non-agricultural purposes. 

Diplomas and Degrees by Business Schools:

The problems having long historic impact upon businesses; have been sorted out through technological advancements. Automatically managed softwares and patches have made the whole business faster and efficient. The future of whole world depends upon effective and efficient use of technology & it is not possible without deploying the experts of technology.

The business schools have been working to propose advanced diploma and degree for sharpening the technical skills of youth and people working in organizations. With the large number of technological projects being implemented in around the world, there is an acute shortage of manpower of conventional skills including engineers and programmers. The public sector executives including administrators in developed (United States, Russia, Japan, China etc.) and developing economies like India, Bangladesh, Sri Lanka etc.; have started to deploy IT-experts for supporting government departments, politicians, and public sector undertakings (PSUs) in utilizing the resources more effectively.

Laptops and Desktops are being obsolete: 

The fast advancements in technological environment, will soon made Java, Classical application design (CAD),  Relational Data Base Management Systems  (RDBMS), and even the Private data centers out from being used in businesses. The Laptops and Desktops will become a part of history. The people equipped with certain advanced skills will rule the world and the skills will include use of Cloud Computing, VDA, Artificial Intelligence, IOT, Cognitive Computing, Big Data, Data Analytics, No-SQL Computing, Android application platform, and Automation. There is need to frame new syllabus of all subjects from primary to higher education around the world.

Artificial Intelligence at Work Environment:

Google, Microsoft, and other companies of Information Technology are coming with solutions to work problems with Artificial Intelligence at workplaces. Recent launch of Microsoft Teams, Microsoft Azure, Microsoft Inspire are the signs of new work environment. According to the changing work environment, everyone should update the knowledge, sharpen the skills and be prepared to accept the change. 

All the best! Please leave your comment in the comments box. 

*Copyright © 2017 Dr. Lalit Kumar. All rights reserved.

Previous Topic : Questions on Commerce - Most Important

Next Topic :
Performance of Public Sector Undertakings and Public Sector Reforms

You might be interested to reading the following: 

1. Financial Terminology for Finance Officers      

2.  Example of Banking Frauds in Routine Life     
3. Why Liquidity is must for an Economy?      
4. Questions on Commerce - Most Important 

You may also like:

1. Role of Clerks in Financial Administration

2. All about Cryptocurrencies including Bitcoin

3. Corruption and Public Financial Management

4. Effective Administration of Accounts - A solution to get rid of Economic Crimes

5. Economic Problems of the United States

6. Public Sector Reforms : Solution for Revival of Public Sector Undertakings

7. Duties of a Clerk in Government Departments or Public Sector Entities

Social Responsibilities of Business

Social Responsibilities of Business

By Dr. Lalit Kumar Setia |  @drlalitsetia  |  drlalitsetia@gmail.com  |  December 28, 2017 12:12 a.m. PST

The business gets support from the society and a successful business should give returns to the society in various forms. Because business operates in society and it can’t exist and grows unless it; it becomes must to care for the society. It is required to meet different needs of the society. For meeting these needs, business has certain social responsibilities to discharge. “Cooperate Social Responsibility (CSR)” is defined as considering the impact of the company’s actions on society. A newer concept, "Social Responsibility”, is defined as the ability of a cooperation to relate its operation and policies to social environment in ways that are mutually beneficial to both the company and society. Social responsibilities of business are different for different sections of society, which include responsibilities towards

(a)  Employees: 

It is well known proverb “charity always begins at home”. A business should ensure the happiness and satisfaction of its employees. It can be done by providing healthy working conditions (resistant to fire and earthquake), offering new opportunities for economic growth, giving free medical services to the family members of employees, and enhancing the skills of employees.

(b)  Consumers: 

The business should understand the needs of its customers and offer free services to the loyal customers so that strong relationships can be built up. The fake promises and commitments should not be made, indeed be extra careful by fulfilling their needs in advance.

(c)  Government: 

The rules and regulations meant for the companies should be strictly followed with timely payments of taxes. The business should also try to earn incomes from abroad so that the balance of payments of nation can get adequate support. On the basis of its experience, business should contribute to give necessary advisory services. Even during the emergencies and natural calamities, the businesses should contribute in national relief funds, and financial assistance to the victims.

(d)  Society as a whole: 

As business depends upon society for various inputs including men, machine, money, and market; the business should spend a part of its profits for direct benefits to the society like establishment of educational institutions, rehabilitation of the population displaced due to starting new business units, preservation of natural resources etc.

Responsibilities towards employee

1.                 Fair wages and regular payment.

2.                 Good working conditions and safety 

3.                 Reasonable working standards and norms

4.                 Labour welfare services,- Health, education, recreation and accommodation

5.                 Training and promotion

6.                 Recognition and respect for hard work, honesty, sincerity and loyalty

7.                 Efficiency of redressing employees grievances.

Responsibilities towards customers

1.                 Providing goods and services at a reasonable price

2.                 Supply goods and services of promised quality, durability and services.

3.                 Supply social harmless products.

4.                 Offering an efficient consumer redressal mechanism

5.                 Resisting profiteering and black marketing.

6.                 Improving product quality towards R & D.

Responsibilities towards government

1.                 Regular payment of taxes.

2.                 Resisting bribing, bureaucrat and administers.

3.                 Cooperating with go of in up gradation of environment.

4.                 Cooperating with go of in social values.

Responsibilities towards society as a whole

1.                 Prevention of environmental pollution.

2.                 Preservation of ethical and moral values.

3.                 Making provision of health education and cultural services.

4.                 Minimizing ecological imbalance.

*Copyright © 2018 Dr. Lalit Kumar. All rights reserved.

You might also be interested in reading the following:

1. Duties of a Clerk in Government Departments or Public SectorEntities  

2. Social Responsibilities of Business  

3. Effective Administration of Accounts - A solution to get rid ofEconomic Crimes  

4. Untold story of IL&FS  

5. Purchase Procedures including Government e-Marketplace andCombating Corruption 

6. Government Accounting and Audit Mechanisms

Business Environment : Meaning and Components

Business Environment: Meaning and Components

-Compiled by Dr. Lalit Kumar Setia*

What is Business Environment?

Generally, Business refers to those activities that are related to the buying and selling of goods. Business Environment consists of all those factors that have a bearing on the business. The survival and success of a business firm depend on its strength, resources at its command, including physical resources, financial resources, human resources, skill and organisation and its adaptability to the environment and the extend to which environment is favourable to the development of the organisation. The survival and success of a fir, thus, depend on two sets of factors, viz., the internal factors the internal environment and external factors- the external environment. 

Factors affecting Business Environment:

Some of the external factors have a direct intimate impact on the firm (like the suppliers and distributors) of the firm. These factors are classified as micro environment also known as task environment and operating environment. These are other external factors which effect an industry very generally (such as industrial policy, demography factors etc.). They constitute what is called macro-environment, general environment or remote environment.

Hence business environment has three components.

-                    Internal environment

-                    Micro environment/task environment/operating environment

-                    Macro environment/general environment/remote environment

Internal Environment

The important internal factors which have a bearing on an organisation include:

a)    Value system: 

The value system of the founders and those at the helm of affairs has imported bearing on the choice of business, the mission and objective of the organisation, business policies and practices.

b)    Mission and objectives:

 The business domain of the company, priorities, direction of development, business philosophy, business policy etc. are guided by the mission and objectives of the company e.g. Ranbaxy’s thrust in to the foreign markets and development have been driven by its mission “to become a research based international pharmaceutical company.”

c)    Management Structure and Nature: 

The organisation structures the composition of the Board of Directors, experts of professionalization of management etc. are important factors influencing business decisions. Some management structures and styles delay decision while some others facilitate quick decisions making. 

d)    Internal Power Relationship: 

Factors like the amount of support the top management enjoys from different levels of employees, shareholders and board of directors have important influence on the decisions and their implementation.

e)    Human Resources: 

The characteristics of the human resources like skill, quality, morale, commitment, attitude etc. could contribute to the strength and weakness of an organisation.

Company Image and Brand Equity: 

The image of the company matters while raising finance, forming, joint venture or other alliances, soliciting marketing intermediaries, entering purchase or sale contracts, launching new products etc.

Micro Environment: 

The micro environment consists of the actors in the company’s immediate environment that affects the performance of the company. These include the suppliers, marketing intermediaries, competitors, customers’ etc.

Suppliers: 

Supplier supply the inputs like raw materials and components to the company. For the smooth functioning of business, it is important to have a reliable source of supply of raw material and components.

Marketing intermediaries: 

Marketing intermediaries are the firms that aid the company in promoting, selling and distributing its goods to final buyers. Marketing intermediaries include middlemen such as agents and merchants like: help the company find customers or close sales with them “, physical distribution firms which assist the company in stocking and moving goods from their origin to their  destination such as advertising agencies marketing research firms etc and financial intermediaries which finance marketing activities and insure business risk.

Competitors: 

The firm’s competitors include not only the other firms which market the same or similar products but also all those compete for the discretionary income of the consumers. An implication of these different demands is that a marketer should strive to create primary and selective demand for his products. 

Customers: 

The major task of a business is to create and sustain customers. A business exists only because of its customers monitoring the customer sensitivities, therefore, prerequisite for the business success. A company may have different categories of customers like individuals, households, industries and other commercial establishments, and government and other institutions. With the growing globalization, the customer environment is increasingly becoming global. Not only the markets of other countries are becoming more open the Indian market is becoming more exposed to the global competition and the Indian customer is becoming more “global” in his shopping.

Macro Environment: 

The macro environment consists of the societal forces that affect all the sectors in the company’s macro environment namely, the demographic, economic, natural, technological, political and cultural forces. These environment forces are beyond the control of a firm, its success will depend to a very large extend on its adaptability to the environment.

Socio-cultural Environment: 

The buying and consumption habits of the people, their language, beliefs and values, customs and traditions, tastes and preferences, education etc are the constituents of Socio-economic environment.

For a business to be successful, its strategies should be the one that is appropriate in the Socio-cultural environment. The marketing characteristics of the market e.g. Nestle, a Swiss multinational company brews more than forty varieties of instant coffees as per different national tastes.

Natural Environment: 

Difference in geographical conditions between markets may sometimes call for changes in the marketing mix, geographical and ecological factors also influence the location of certain industries, climate and weather conditions affect the location of certain industries like the cotton textile industry. Topographical factors may affect the demand pattern. For example, in hilly areas with a difficult terrain, jeeps may be in greater demand than cars.

Demo-graphical Environment: 

Demographic factors like the size, age composition, sex composition etc of the population, family size, educational levels, language, religion etc are all factors which are relevant to business.

The occupational and spatial mobility of population have implications for business if labour is easily mobile between different occupations and regions, its supply will be relatively smooth and this will affect wage rate.

Technological Environment: 

Technological developments may increase the demand for some existing products. For example, voltage stabilizers help increase the sale of electrical appliances in market characterized by frequent voltage fluctuations in power supply. However, the introduction of TVs, refrigerators etc. with build-in-voltage stabilizers adversely affects the demand for voltage stabilizers.

Political Environment: 

Political and government has close relationship with the economic system and economics policy. Certain changes in government policies such as the industrial policy, traffic policy, fiscal policy etc. may have pro focused impact on business. In may countries with a view to protecting consumer business. In many countries with a view to protecting consumer interests, regulations have become stronger. Regulations to protect the purity of the environment and preserve the ecological balance have assumed great importance in many counties.

*Copyright © 2017 Dr. Lalit Kumar. All rights reserved.

You might be interested to reading the following: 

1. Financial Terminology for Finance Officers      

2.  Example of Banking Frauds in Routine Life     

3. Why Liquidity is must for an Economy?      

4. Questions on Commerce - Most Important