Question

Read the extract provided below and answer the question that follows:

During the past twenty (20) years, modern technology has played vital roles in every management discipline. This trend has been appropriately called the "Fourth Industrial Revolution" or "4IR". A thorough and in-depth knowledge of current technology and the attainment of appropriate technological skills are essential for organisations to stay competitive and relevant together with attaining a sustainable competitive advantage during the 21st century. To remain at the cutting-edge of business, and to remain relevant, every modern managerial discipline has been subjected to, influenced by and benefitted from both the impact and influence of 4IR technology, and its associated skills.

Fictitious extract Debate the influence and roles performed by technology in both modern management and business practices, pertaining to the following aspects of business:
Finance.

Answer 1

Technology serves as a critical catalyst in the finance sector of management and business by automating processes, creating advanced analytical tools, and facilitating global transactions. It has transformed production, distribution, and market competition while emphasizing the importance of R&D in fostering innovation and addressing the challenge of uncertain investment outcomes.

Step-by-step explanation:

Technology has had a transformative impact on modern management and business practices, especially within the realm of finance. The evolution from physical to digital products, such as the transition observed in the music and film industries, has significantly reduced manufacturing costs and revolutionized distribution channels. The influence of technology manifests in several roles and aspects in finance:

• Automation of financial processes using computerized systems, reducing the need for manual labor and enhancing efficiency.
• Technological advancements enabling the creation of sophisticated financial analysis tools, facilitating better decision-making based on real-time data.
• Improved electronic communication allowing for more efficient and cost-effective global financial transactions.

Additionally, the rapid development of online industries has opened up new financial markets, influencing how businesses operate and compete. The role of research and development (R&D) cannot be overstated in fueling technological progress that drives financial innovation, but the high costs and uncertain outcomes make R&D investment a significant challenge. The nature of competition may also pivot under the influence of technology, influencing company size and market dominance, as implied by diverging trends involving firms like Microsoft and Amazon.