Business environment is encountering changes rapidly over the past few decades due to various reasons; one of which is technological up gradation and innovation (Ahmad et al., n.d.). In order to sustain in such a dynamic environment, the companies operating globally have continuously concentrated on modifying strategies and have integrated technology in their business process. Technology can be defined as the persistent application of information for production, designing, utilizing products and services in various industries (Floyd, 1997). Employment of technology requires adequate knowledge regarding its functionality; hence “technology is all about knowing how to apply knowledge” (Floyd, 1997).
Presently, technologies are extensively used in the value chain of companies worldwide. These technologies bring commercial benefits to the companies through process and product innovation. Technology assists the companies in differentiating products from their competitors. Customers seek for those products, which will satisfy their needs and gives emphasis on differentiation switches. Hence, the companies need to differentiate its products from their competitors in order to sustain in the market in long run. In order to do so, the companies use technologies to develop their products, which are easy and reliable to maintain as well as cost effective. Application of technologies also helps in reducing costs of the companies. It reduces reliance on labor force in a company and simultaneously cuts down its cost. Technology provides new business opportunities to the companies by meeting threats of substitution (Floyd, 1997). Summarizing the above mentioned points it can be stated that technology supports a company to meet its business objectives. Hence, the companies need to adopt strategic processes in order to survive in the competitive environment. Technologies play significant role in the success of a company and helps in functioning of the business (Floyd, 1997). Therefore, it is important to research on technology strategies that help the companies to achieve their business objectives.
It is very important to establish and maintain connection between application of technologies and achievement of business objectives as it represents a continuing challenge for the companies. For achieving the business objectives, strategic processes and its understanding are vital for the companies’ as a result they should give emphasis on technological functions. Such strategic process takes considers designing of particular framework, which guides a company and enable them to examine the technological needs in the daily operation. Hence, it is crucial for the managers to understand and be aware of strategic importance of technologies for delivering competitive advantage and value to their companies. Here, understanding indicates that the managers should decide take right decision regarding the implementation of technological resources, which has the ability to support objectives of the business. The managers should be aware of strength and weakness of the companies that will enable them to take strategic decisions regarding technological priorities.
According to Floyd (1997), there are several approaches in particular to decide, which technologies can support the business objectives. There are different methods for analyzing strength and weakness of companies with respect to technological matters. He has also explained that there are different approaches for analyzing the corporate technological priorities and for making strategic decisions for gauging the strength of the company.
Research objectives are formulated in order to decide the main goal of the research paper. It aims at clarifying the types of information and research that are required for the accomplishment of its goal. After ascertaining the purpose of research, objectives are formulated for highlighting the subjects that are needed to be covered. Subjects and questions are the main factors that can determine research objectives. Regardless of the industry, the researchers should make an idea of the information that is required for answering the research objective. Thus, research questions are formulated before collection of data (LabSpace, 2014).
The objective of this particular research is to discover the effect of new technology on operation of a company and how it helps to achieve the business objectives. The main focus of the research is on the following:
The research paper explains the link that exists between a company and its technological resources and how it contributes to the success. In order to do so an integrated plan is developed that can link business objectives and technology strategies.
After ascertaining the research objective, questions are formulated, which will help the researcher to accomplish the desired goal. The research objective for this topic is as follows:
The above mentioned questions are formulated in order to study the chosen the topic. The answers to this research questions are obtained with the help of particular research approach.
There are four types of research approaches such as qualitative, quantitative, pragmatic and participatory approach. Quantitative research is linked with post positivist or positivist paradigm. It comprises collection and conversion of data into numbers so that calculation can be done in order to get a result and draw conclusions.