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Word Count: 361
Webster Dictionary defines technology as the practical application of knowledge especiallyin a particular area These particular areas encompass every aspect of our daily lives Technology is responsible for all of the modern conveniences that we take for granted Wheelen and Hunger write that properly managing technology and innovation is crucial in a fast-moving interconnected world Technological advances have shortened the amount of time it takes to get a new product to the market According to the text in the past 10 to 15 years went by before products were replaced by new ones- now it only takes 4 or 5 years Companies must be innovative in research and development programs in order to gain any competitive advantage or maintain an already established advantage However a corporation must have the technological competence to make use of any innovative technology that their research and development programs develop The rapid development of technology in todays world does present a down side I think that many companies are in such a rush to bring a new product to the market that they do no properly test it first The american automobile industry is often plagued by costly re-calls on new models of cars SUVs and light trucks A second example would be pharmaceutical companies having to pull a certain drugs off store shelves because of safety issues A third example of a downside I would like to mention is from my workplace In 1994 Sears Auto switched from using hand-written repair orders to using computer generated sales tickets All tire and merchandise pricing is kept on the computer The big disadvantage to this system is when the computer servers go down work in the Auto Centers comes to a stand still All service and tire orders must be generated thru the computer system I think several other organizations encounter this same problem during their dailey operations After reading the Strategic Management text I have concluded that technology has
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