Few weeks ago, I attended a lecture series on Technology Entrepreneurship and the speaker is the President and owner of a big corporation in the country. The company was established on 1999 as a family owned corporation. They started as a small business enterprise until more people needed their products and services.
The speaker discussed about the paradigm shift. A paradigm is a point of view. In business, this paradigm shift is of great significance especially nowadays that the trend in technology is changing fast. Just like the beeper industry. It was the usual means of communication wherein you will call an operator to type your message and that message will be sent to the beeper of another person. The industry needed more and more manpower as it grew. However, more or less than two years after, Nokia 5110 emerged and so the other cellular phones with text messaging followed. The beeper industry later died because of this paradigm shift.
The speaker also mentioned the needed technology in communication, in advertising, in products and services, and in accounting. In communication, text messaging and electronic mail are the fastest nowadays. They have their yahoo group to connect with their dealers easily. However, letters and personal visit are also needed. In advertising, they have their own website and they can get more and more orders and inquiries through their site. For their products and services, it is indeed important to update these with the new trends and latest technology. As much as possible, be the first to produce the latest products before any other competitor gets in line. And for their accounting, they were slow before in auditing their sales, costs, and revenue and it usually took three months before they could produce the records. And if certain failure occur or any loss, it could not be mended that easily. That was why they invested into the system of auditing wherein they use programs to do the records fast and efficient with less error.
Indeed, technology has of great importance in business especially nowadays.