Technological Status

ENVIRONMENTAL ANALYSIS

Technological Status

"Technology, general term for the processes by which human beings fashion tools and machines to increase their control and understanding of the material environment. The term is derived from the Greek words tekhnç, which refers to an art or craft, and logia, meaning an area of study; thus, technology means, literally, the study, or science, of crafting" [Encarta Encyclopedia,2001] . In business, technology is often associated with machines, equipment, software and methods that are oftenly related to production. While it is so, they are also used to describe processes and methods such as marketing technology (multi-level marketing technology and internet web marketing) or financial technology ( computerized accounting system).

In this time characterized by fast development of technologies and their introduction for use in industries, the ability of the enterprise to acquire and employ improved technologies provide them with superior advantage. Improved technologies would have effects on product quality, production volume/outputs, product/service delivery and should eventually reduce costs thus making it more competitive.

A thorough understanding of the status of technologies used in the industry shall provide the enterprise the proper information which can aid in the enterprise's decision. The information can include what the technologies are, who supplies the technologies, what are the comparative costs, what are the comparative qualities and extra capabilities. It is important to know these sets of information since acquisition of technologies specially for small and medium sized enterprises is relatively expensive.

Some examples of these technologies that are now generically used by business enterprise would include internet web marketing - where an enterprise can sell to the global markets; cellular phone technology - where the enterprise's executive can be contacted to make decisions even if he is out their in the golf course in Boracay. Computer simulation programs can do designs and test quality without destruction; lathe can do machining very fine settings to the levels of microns;